Indian Union Budget 2017-18 by Arun Jaitley

Jaitley's budget presentation for 2017-18
                       Indian Union Budget 2017-18

The main agenda of Indian Union Budget 2017-18 is “Transform, Energise and Clean India “. Through this budget plan our Tech India seeks to Transform the quality of government and the quality of life of our people, Energise various sections of society, especially the youth and the vulnerable and enable them to unleash their potential, Clean the country from evils of the black money and non transparent political funding.

The 3 major reforms made to this India Union Budget 2017-18 plan are:

  • The budget presentation has been advanced to 1st, February 2017.
  • The merger of the railway budget with the general budget.
  • Planned and non planned classification of expenditure was done.

Budget presentation has been proposed by the finance minister under 10 distinct themes.

  1. Farmers, for whom the government has committed to double their income in 5 years. (Rs 10 lakh crores)
  2. Rural population, by providing employment basic infrastructure.
  3. Youth, to energise them through educational skills and jobs.(Rs 2,200 crores for skill development)
  4. Poor and under privileged, by strengthening the system of social security and health care and affordable housing.(Rs 1,56,528 crores)
  5. Infrastructure efficiency, productivity and quality of life.
  6. Financial sector, in growth and stability to strong institutions.
  7. Digital economy for speedy accountability and transparency.
  8. Public service effective governance and efficiency of service delivery through people’s participation.
  9. Crude and fiscal management to ensure optimal deployment of resources and preserve financial stability.
  10. Tax Administration, by “Honouring the Honest“.

The focus of government on all these themes especially highlights the tax administration by making changes in taxation.

  • Tax rate for for Individuals between Rs 2,50,001 to 5,00,000 income is reduced to 5 % from 10 %. While other tax slabs unchanged.
  • Cash transactions above Rs 3,00,000 are banned.
  • 10 % surcharge on people earning between Rs 50 lakh and Rs 1 crore.
  • 15 % surcharge on earnings above Rs 1 crore.
  • Corporate tax for enterprises with turnover up to Rs 50 crores is cut to 25 %

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