Some Highlights of Indian Budget 2017-18

India’s Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget on wedney, 1 Feb 2017. Following are some highlights of this year’s budget:

  • Income Tax rate incise to 5% for persons having income ranging from Rs 2.5 lakh to Rs 5 lakh
  • 5 lakh health sub centers to be changed to Health Wellness Centers
  • Aadhaar based health cards will be issued to the senior citizens
  • unification of Railways Budget with General Budget conveys spotlight on a multi-modal approach for growth of railways, highways and inland water transport
  • Only temporary force on economy due to demonetization; long term benefit comprise of higher GDP growth and tax revenue
  • GDP will be larger, cleaner after demonetization
  • Finance Minister says Effects of demonetization not likely to drop over to the next year
  • Capital expenditure steered up by 25.4% in FinacialYear2018 over previous year
  • Total expenditure in FinacialYear2018 at Rs 21.47 lakh crore
  • Duty except on various POS machines and iris readers to support digital payments
  • Rs 7,200 crore returns loss due to drop in tax on smaller companies
  • Govt to set up a web-based interactive podium for defense pensioners
  • Import duty on aluminum ores and concentrates move up to 30% from nil now
  • definite revenue loss on tax proposals Rs 22,700 crore; gain from other resource mobilization is Rs 2,700 crore
  • Excise duty on pan masala include tobacco move up to 12% from 10%
  • Govt mulling prologue of legal changes to confiscate assets of offenders

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