Budget 2017 – Key Highlights

By February 2, 2017 Latest Updates No Comments

Here are the Key Highlights from Arun Jaitley’s Union Budget 2017

Union Budget 2017

  • Existing tax rate for individuals in Rs. 2.5-5 Lakh income bracket reduced to 5% from 10%.
  • 10% surcharge on individual incomes between 50 lakhs and 1 crore. 15% surcharge on individual incomes above Rs.1 crore remain.
  • No service charge on railway tickets booked through IRCTC
  • No cash transactions above Rs. 3 Lacs
  • Referral and cash back schemes to promote BHIM App

  • Aadhaar Pay to be launched for people who don’t have mobile phones
  • To use head post-office for passport services
  • Govt recruitment: To introduce two-tier exam system
  • Total budget expenditure: Rs21 trillion
  • Rs3,000 crore to implement various budget announcements
  • Fiscal deficit for FY18 pegged at 3.2% of GDP
  • Revenue deficit for FY18 at 1.9%
  • Political funding: Maximum amount of cash donation that can be received is Rs2,000; political parties can receive donations by cheques or digitally; amendment proposed to RBI Act to issue electoral bonds; every party has to file returns within specified time
  • LNG: Reduce customs duty to 2.5%

Closing Remarks :-

It is said when my goal is in sight, the winds favour me and I fly. There is no other day more appropriate than this: FM Jaitley

Also Read Did the US default in 1971

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