New Delhi: Highlights of the Union budget for 2017-18 presented by Finance Minister Arun Jaitley in parliament on Wednesday:
* Tax rates halved to 5% for income of Rs 2.5-5 lakh, tax
Slabs unchanged
* 10% surcharge on people earning between Rs 50 lakh-1 cr
* 15% surcharge on annual income above Rs 1 cr to continue
* Cash transactions above Rs 3 lakh to banned
* Corporate tax for SMEs with turnover up to Rs 50 cr cut
To 25%; 96% companies to benefit
* Customs duty of LNG halved to 2.5%
* Fiscal deficit pegged at 3.2% next year, 3% in FY'19
* Political parties barred from accepting cash donation
Beyond Rs 2,000 per individual
* They can receive donations via cheques, electronic mode;
Electoral bonds to be issued by RBI
* Aadhaar-based health cards for senior citizens; a scheme
For them to ensure 8 pc guaranteed returns
* FIPB to be abolished; further FDI policy liberalisation
* Government to have time-bound procedure for CPSE listing
* Railway PSUs -- IRCTC, IRFC, IRCON to be listed
* Payment Regulatory Board to be set up within RBI to
Regulate digital payments
* Negotiable instruments Act to be amended to deal with
Cheque bounce cases
* Legislative changes to confiscate of assets of economic
Offenders who flee country
* Demonetisation bold, decisive measure; to help GDP
Growth, taxes mop up to rise
* Effect of demonetisation not to spill over to next year
* GST, demonetisation 'tectonic changes' for economy
* Service charges on e-tickets booked via IRCTC waived
* Capital expenditure of Railway fixed at Rs 1.31 lakh cr
* Rail safety fund of Rs 1 lakh cr over 5 years, unmanned
Level crossing to be eliminated by 2020
* Budget based on 3 agenda -- Transform, Energise, Clean
India (TECIndia).
* 2 new schemes -- Referral Bonus for individuals, Cash
Back for merchants -- under BHIM app soon
* Aadhaar enabled payment system for merchants shortly
* Bill on curtailing menace of illicit deposit schemes in
Offing
* Fiscal deficit for this fiscal at 3.2%, down from budget
Estimate of 3.5%
* FRBM Committee recommends 3% fiscal deficit for 3 years
* Rs 10,000 cr to be provided to banks for recapitalisation
* Trade Infrastructure for Export Scheme (TIES) to be
Launched next fiscal
* Simple 1 page form to be filled by individuals having
Taxable income of Rs 5 lakh
* Excise duty on cigars, cheroots hiked to 12.5% or Rs 4006
Per thousand
* Excise duty on pan masala hiked to 9% from 6%; on raw
Tobacco raised to 8.3% from 4%
* Parts used for manufacture of LED lights to attract basic
Customs duty of 5% and CVD of 6%
* Solar tempered glass used for manufacture of solar
Cells/panels exempted from customs duty
* Customs duty on printed circuit board for manufacture of
Mobile phones hiked to 2% from nil
* Threshold for audit of businesses opting for presumptive
Income doubled to Rs 2 cr
* Under presumptive taxation for professionals up to Rs 50
Lakh advance tax can be paid in one instalment
* Scope of domestic transfer pricing restricted to entities
Availing profit linked deduction
* Presumptive tax would be 6% for SMEs with Rs 2 crore
Turnover opting for digital payment, 8% for others
* MAT credit will be allowed to be carried forward for 15
Years, as against 10 years at present
* Lending target under Mudra Yojana set at Rs 2.44 lakh cr
* Computer Emergency Response Team for Financial Sector to
Be established
* Extensive reach out programme for GST to be launched on
April 1.
* India a bright spot in world economic landscape, to be
Engine of global growth.
With PTI Inputs
