- FIRSTS
- This was the first time The Budget was declared on 1st February
- First joint budget Railway and Union Budget
- First Paperless budget
- First budget that does away with Plan and non-planned expenditure
- DIRECT TAX
- Individuals:
- Income upto 2.5 Lakhs – Nil Tax
- Income above 2.5 Lakhs to 5 Lakhs – tax reduced to 5% from 10%
- Income above 50 Lakhs – 10% surcharge
- Corporates:
- Companies with annual turnover of upto Rs 50 crore – 25% Tax
- MAT credit allowed for a period of 15 years instead of 10 years
- MIS on Tax Returns Filed:
- Total number of people filing tax returns – 3.7 crore
- Income below 2.5 lakhs – 99 lakhs
- Income between 2.5 lakhs to 5 lakhs – 1.95 crore
- Income between 5 lakhs to 10 lakhs – 52 lakhs
- Income above 10 lakhs – 24 lakhs
- Out of the 76 lakh people with income above 5 lakh, 56 lakhs are salaried class
- ACTIONS POST DEMONITIZTION
- From 8th November to 30th December 2016
Deposits between Rs 2 lakhs to Rs 80 lakhs – 1.09 crore accounts; Average Deposit – Rs 5.03 lakhs
Deposits above Rs 80 lakhs – 1.48 lakh accounts; Average Deposit – Rs 3.31 crore
- Banks have targeted to introduce 10 lakh new PoS terminals by March 2017 and 20 lakh Aadhar based PoS by September 2017
- 125 lakh people have adopted the BHIM app so far.
- A Mission will be set up 2,500 crore digital transactions for 2017-18
- EASE OF DOING BUSINESS
- Foreign Investment Promotion Board to be abolished in 2017-18
- Foreign Portfolio Investor (FPI) Category I & II exempted from indirect transfer provision.
- Assesses with receipts upto Rs 50 lakh are given a benefit of paying advance tax in one instalment instead of four under the presumptive taxation scheme
- Political Funding
- Maximum donation of Rs 2000 in cash from one person
- A donor could purchase electoral bonds from authorised banks against cheque and digital payments only which are redeemable only in the designated account of a registered political party.
- Disinvestment
- The shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges.
- The government will continue to use ETF as a vehicle for further disinvestment of shares.
- Divestment of PSUs target – Rs 72500 crores
- Industry Specific
- Low Cost Housing given the status of Infrastructure
- 100% village electrification by 1st May 2017..
- To make India a global hub for electronics manufacturing a provision of Rs 745 crores
- Proposed to set up strategic crude oil reserves at 2 more locations
- Rs 10,000 crore for recapitalisation of banks
- Expenditure
- Total Expenditure – Rs 21.47 lakh crores
- MMREGA – Allocated Rs 48,000 crores
- PMGSY – Allocated Rs 19,000 crores
- Railway Budget – Rs 1.31 lakh crores
- Highways – Rs 67,000 crores
- Defence – Rs 2.74 lakh crores excluding pension
- ECONOMIC INDICATORS
- Fiscal Deficit – Seen at 3.2% (17-18) & 3% (18-19)
- Current Account Deficit – 0.3% (16-17) 1st Half