Budget 2017 : Union Budget 2017-18 Top Highlights & Key Features
The much anticipated Union Budget for the year 2017-18 is now announced by the honourable Finance Minister of India – Mr. Arun Jaitley. Here is top highlights & key features of budget 2017-18..[…]
Here are the highlights of the Union Budget 2017:
Tax Slab: there is a huge change in tax slab. An exemption have been given to tax assesses. Amendments are explained below
5 Lakh Income – 5% Tax
5-10 Lakh Income – 20% Tax
10 Lakh & above – 30% Tax
For Women & Senior Citizens
3-5 Lakh Income – 5% Tax
5-10 Lakh Income – 20% Tax
10 Lakh & above – 30% Tax
Redemption of Tax: for small scale enterprises redemption have been provided. Now tax rate has been reduced by 5%.
Surcharge: along with tax charges a tax assess will have to pay surcharge of 10%. This will be applicable to person earning Rs.50 Lakh to 01 Crore.
Other Taxes: A company which is engage in a business having turnover of Rs. 50 Crore or more will have to pay 25% tax.
POS Machines: after demonetization there is a boom in the demand of cashless modes of transaction. To provide an ease to people government has decided to establish Aadhar Card based Payment machines. Till March around 10 lakh POS machines will be installed in required areas.
Yojana: it has been announced that Rs. 4,500 Crore will be allotted for Dindayal Antyodaya Yojana. Rs. 1,84,632 for Mahila Bal Vikas Yojana & Rs. 2,74,114 Crore for Raksha budget.
Education: To improve Medical Services in India, it has been decided that 5000 seats of Post Graduate in Medical will be increased. There is also a plan under which 350 new online courses will be started. For this National Examination Agency ca be established.
Welfare Schemes: It has been presented in Budge that by the year 2019, houses will be given to around 1 Crore people. Electricity Connections will be provide to every village of India by the year 2018. Changes can be made in housing scheme. For farmers Loan facility of Rs. 10 Lakh will be given.
Others: here are some other announcements under Budget 2017-18.
Cash Transaction of Rs. 3 lakh or more is restricted. Political Parties can accept a donation of Rs. 2,000/- per head only. Donors can buy bonds if there is any donation more than Rs.2,000. These Bonds will be issued by RBI.
Aiims in Jharkhand & Gujarat: 2 new Aiims hospitals will be established in selected areas of Jharkhand & Gujarat.
assport facility in Post Offices: it has been announced that now consumers can get their passports issue in post offices. This plan is in consideration. It may be implemented soon.
Centralized Travel System: a well-planned centralized traveling system will be established only for Troopers, Martial.
Key features of Budget 2017
Here are some key features of Budget 2017-18 and the things which have been announced.
- Union Budget 2017-18 gave a focus on major factors which includes Double income of Farmers in next 5 years, Improving Rural Infrastructure, Benefits to the poor, More Advanced Infrastructure, Employment opportunities, Increase in Digital Economy, Financial Sector, Public Service, Prudent Fiscal Management and Tax administration.
- Crop insurance of Rs.9 Lalh for farmers.
- Tax Rate Reduced to 5% on income from Rs.2.5- 5 Lakh could be expexted as most desirable annoincement in Union Budget 2017
- Mahila Shakti Kendras will be set up in rural areas in 14 lakh ICDS centres, Rs. 500 crore is allocated for establishment of these kendras.
- Relaxation in income Tax for MSME’s. 2.5% Reduction in Custom duties on LNG
- Rs.64000 crore allotted for building National Highways.
- Under PMAY-G Pradhan Mantri Awas Yojana Gramin scheme Rs. 23000 crore allotted.
- Rs.1900 crore allotted for PMGSY- Pradhan Mantri Gramin Sadak Yojana.
- Rs.100000 cr. allotted as Rail Safety fund for safety of passengers. Development of stations having lift ans escalators. 35000 Km railway lines will be commissioned.
- 5 lakhs ponds to be constructed to avoid drought in prone areas in 2017-28.
- AIIMS will be established in Jaharkhand and Gujarat
- For youth and educational departments, Reforms made in UGC, 350 courses to be made online and establishment of 100 India International Skill Centres.
- National Testing Agency will be established to conduct competitive examinations for higher education.
- IMF estimated that GDP grows 3.1% in year 2016 while it increases to 3.4% in 2017 which is a good sign of Indian Economy.
- Agricultural loan of Rs.10 Lakh fixed for 2017-18 session.
- Rs.2000 crore allotted to NABARD for up-gradation of milk processing units.
- New-micro irrigation Fund of Rs.40,000 crore allotted for various schemes in agriculture sector. Insurance under Pradhan Mantri Fasal Bima Yojana increased by 40%.
- Development of 50 thousand gram panchayats in rural areas will be made poverty free with a mission to eradicate poverty in 1 crore households by 2019 under mission Antoyadya in Union Budget 2017.
- Amount of Rs.48000 crore allocated to MNREGA poilcy i.e. an increase of Rs.10cr. from last year with use of space technology.
- Rs.52393 crore alloted for welfare schemes of SC-, ST-31920, Minorities-4,195 crore.
Overall impact of the 2016-17 budget
Union Budget 2017 Covers all important sectors like agriculture, rural development, health issues, infrastructure, education, employment opporunities, Schemes Under Pradhan Mantri Yojana, Transport, Tourism, Technology. One of the major feature in Union Budget 2017 is the government agenda for TEC India- Transform, Energy and Clean India.
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