FM Arun Jaitley to present Union Budget 2017 today. CASANSAAR are providing you live updates of Union Budget 2017. JUST REFRESH THE PAGE (CLICK F5) FOR ALL LIVE UPDATES.
Lok Sabha adjourned after Arun Jaitley introduces Finance Bill
GST Council finalised its recommendations; implementation of GST likely to bring more taxes to Centre.
No change in excise and service tax rates due to upcoming GST
5% TDS On insurance agents removed.
CBEC will continue to strive to implement GST, GST council has finalised recommendations on all issues based on consensus
Income Tax Exemption Limit for Individuals
Rs. 2.50 lakh to Rs. 5 Lakh :- 5%
Personal income tax: tax rate reduced to 5% from 10% for those in Rs 2.5-5 lakh bracket
Surcharge of 10 per cent for those whose annual income ranges from Rs 50 lakh-1 crore. The surcharge of 15 per cent on incomes above Rs 1 crore will continue
Customs duty on LNG cut to 2.5% from 5%,
Corporation tax reduced to 25% for companies with revenues of less than Rs 50 cr a year
MAT not to be removed now, MAT to carried forward for period of 15 years instead of 10 years.
Holding period for long-term captial gains for immobile assets reduced from 3 years to 2 years; base year for indexation to be 2001.
Changes announced for capital gains tax in real estate, Affordable housing size for tax relief up by 30%: FM
Due to demonitisation, advance tax on personal Income tax increased by 34.8 per cent.
Net tax revenue growth at 17% in last two years, Committed to make tax rates reasonable, expand tax base: FM
Out of 3.7 crore who filed tax returns in 2015-16, only 24 lakh persons showed income above Rs 10 lakh
Of 76 lakh assesssees who declare income above Rs 5 lakh, about 56 lakh are salaried class: FM
We are largely a tax non compliant society, when many people evade taxes, burden falls on the honest
Political party funding. 1. Max cash donations rs 2,000 from any one source 2. Parties will be able to receive donations in cheque / digital 3. Donors can buy electoral bonds from banks in cheque/digital. Political parties will need to file income tax returns, says FM
The total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore, The defence expenditure, excluding pension, is at Rs 2.74 lakh crore. Revenue deficit stands reduced to 2.1% in FY18
Allocations for capital expenditure have been raised by 35% over last financial year, Revenue deficit stands reduced to 2.1% in FY18, says FM.
The merchant version of Aadhaar-enabled payment will be launched shortly for those without debit cards, mobile phones,
Chandigarh and eight districts of Haryana have been declared kerosene free, Select airports in tier-II cities to be taken up for operations, development on PPP mode
Amendement in payment and settlement act: Govt propose to create payment regulatory board.
Govt proposes to create integrated PSU oil major. Rs 2500 crore digital transactions targeted in FY18.
Capital and development expenditure pegged at Rs 1.31 lakh crore for railways in 2017-18 from Budget.
20 lakh Aadhaar-based swipe machines by 2020. So far, 125 lakh people adopted the BHIM app.
Govt proposes to create integrated PSU oil major. Propose to double the lending target of Pradhan Matri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18.
BHIM app will unleash the power of financial inclusion, Two new referral schemes to promote digital schemes.
Rs 10,000 for re-caliberation of banks, more funds to be allocated if required
IRCTC will be listed on stock exchanges, Railway CPSE's such as
IRCTC, IRCON to be listed.
Airport Authority Act to be amended to monetise airport land.
Railway lines of 3,500 km to be commissioned in 2017-18. FIPB to be abolished in 2017-18.
Increasing India's strategic oil reserves was long-pending move, especially since crude oil prices hit $40/bbl in 2015.
Proposal: Railways to implement end-to-end connectivity for some commodities with the help of logistics firms. Impact: Logistics stocks rally; Allcargo Logistics, Gati, VRL Logistics up nearly 1%
Five special tourism zones to be set up in partnership with states. Selected airports in Tier 2 to be taken up via PPP mode.
Bharat Net allocation set at Rs 10,000 cr, Allocation for highways raised to Rs. 64,000 crore.
All coaches of Indian Railways will have biotiolets by 2018. Railways will implement end-to-end transport solutions for certain logistics.
Service tax on tickets booked through IRCTC to be withdrawn, says FM
A new metro rail policy will be announced, this will open up new jobs for our youth, Rail safety fund with corpus of Rs 100,000 crore will be created over a period of 5 years.
Govt proposes to invest Rs 1.31 lakh cr in the railways through 2017-18, Railway capex fixed at Rs 1.31 lakh crore, says Jaitley. Titagarh Wagons, Texmaco Rail, Kalindee Rail Nirman shed up to 3%.
Capital outlay for the Railways raised from Rs 1.21 lakh crore in 2016-17 to Rs 1.31 lakh crore. This includes an allocation of Rs 55,000 crore from the government.
Railway related stocks see profit booking. Kalindee Rail, Texmaco, Titagarh Wagons slip up to 2.3%. At least 25 stations redevelopment contracts to be awarded in 2017-18
Rail safety fund with corpus of Rs 100,000 crore will be created over a period of five years. steps will be taken to launch dedicated trains for pilgrimage and tourism.
Innovation fund to be created for secondary education.
National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies.
For senior citizens, Aadhar cards giving their health condition will be introduced,
Will eliminate tuberculosis by 2025. Two new AIIMS Hospitals to be set up in Jharkhand and Gujarat,
Govt plans legislative reforms to simplify existing labour laws -- wages, industrial relations, social security and safety. Govt plans to increase additional 5,000 post graduate seats per annum.
Budget allocation for welfare of women and children under various ministries increased to Rs 1,84,632 crore
Participation of women in MNREGA increased to 55 per cent from 45 per cent
Focus in rural spending-MNREGA fund targets achieved for last year, Rs 48,000 crores- highest ever allocations.
Will complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses, Open defecation free villages are now being given priority for pipe to water supply.
'Sankalp' for skill strengthening of youth. For youth, proposed to introduce a system of measuring annual learning; Science to be given focus
FM Jaitley says innovation fund will be created for secondary education, Increased allocation of Rs 23,000 cr for PM Awas Yojana.
Allocation for rural sector for FY18 is Rs 1,87,200 cr, which is a record, and represents an increase of 24%: FM
Sanitation in rural areas has gone up from 42 per cent in October 2014 (launch of Swachh Bharat) to 60 per cent now.
Four state-run general insurance companies are in for a bumper revenue growth next year as the Fasal Bima Yojna allocation is raised to Rs 13,240 crore next fiscal, from Rs 5,500 crore now. ODF villages given priority for piped drinking water.
Pace of construction of roads has increased to 133km/day in FY17. Irrigation fund hiked to Rs 40,000 crore; Jain Irrigation, EPC Industries gain up to 5%. well on our way to achieving 100% rural electrification by May 1, 2018: FM
FM sticks to some traditionalisms: agricultural nationalism. Assistance of upto Rs 75 lakh for cleaning and packaging of farmer produce.
Arun Jaitley raises credit to farmers to 10 lakh crore. In the current fiscal year, the government's agriculture credit target is Rs 9 lakh crore.
Target of agricultural loans to farmers set at record Rs 10 lakh crore in 2017-18
Dairy processing infrastructure fund will be set up under NABARD, with fund of 8,000 crore
Fasal Bima Yojana Coverage Will Be Increased To 40%
Participation of women in MNREGA has increased from 40% to 55%: FM
Agriculture sector expected to grow 4.6%, agriculture expenditure targeted at Rs 10 lacs crores, focus are credit agri disbursements
10 themes:Farmers,Rural infra and employment,Youth jobs and skills,Poor strengthening security,Infrastructure,Financial sector,Digial economy,Public efficiency governance reforms,Fiscal discipline,Tax stability,
Issuance of soil health cards have gathered momentum, will setup a mini lab in krishi vigyan kendras. Government has continued with a steady path of fiscal consolidation:
Rs 3,00,000 cr spent in rural sector every year. We will bring 1 cr households out of poverty and 50,000 gram panchayats to be made poverty free: FM
My approach in preparing the Budget is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence, says FM
With better Monsoon, agriculture is expected to grow at 4.1 per cent in current year. Uncertainty around commodity prices, especially around crude oil, one of the major challenges
Merger of the Railway Budget with the Union Budget is a historic approach.
Budget contains three major reforms: Budget advanced for early start of fiscal expending; merging of Rail Budget to main Budget; Done away with plan and non-plan expenditure
FM says "Spend more and maintain fiscal prudence". Does it mean Budget will avoid fiscal activism but have enough leeway to spend in populist steps? Tax administration will be honouring the honest: FM
Will continue with economic reforms, promote investment, Agenda for next year:
Transform, Energise and Clean India (Tech India):FM
Demonetisation and GST will have an epoch making impact on our lives, says FM Arun Jaitley while presenting budget
The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%,
Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many.
India is now the sixth manufacturing country in the world, up from ninth. India is seen as engine of global growth, have witnessed historic reform in last one year
International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017
We have moved from a discretionary administration to a policy-based administration
India is now the sixth manufacturing country in the world, up from ninth,
The focus will be on energising our youth, to reap benefits of growth and employment,
We have moved from a discretionary administration to a policy-based administration, says FM
The government is now seen as a trusted custodian of public money, I express gratitude to people for their strong support, says FM
Spring is a season of optimism, I convey my wishes to everybody; FM Arun Jaitley starts his buget presentation
FM Starts his budget.
Presentation of Union Budget 2017 will ago ahead as planned, says Speaker Sumitra Mahajan amid Congress demands that it be delayed by a day in view of sitting member E Ahamed’s demise.
FM Starts his budget.
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