HIGHLIGHTS OF GENERAL BUDGET 2017-18 PRESENTED BY FINANCE MINISTER ARUN JAITELY.
- Lower Tax for income below five lakh rupees and medium & small enterprises; 10 percent surcharge on income over 50 lakh to one crore.
- No change in the service tax and some modifications in the Customs duty and Excise duty.
- No change in the rail fare or freight rates, no new trains; Bio-toilets in all trains in two years; Greater private participation in Metro Rail.
- Scheme to cleanse political funding; Maximum cash donation limited to 2,000 rupees.
- Aadhar Enabled Payment System, Aadhar Pay to be launched.
- Cash transactions limit fixed at three lakh rupees to curtail black-money; Major steps to promote digital economy.
- Incentives to promote affordable housing and real estate; One crore houses for houseless in rural areas by 2019; Adequate credit to farmers.
- Higher allocation of nearly 4 lakh crore rupees for railways, metro rail, road development and other infrastructure projects.
- Measures to stimulate growth and longer tax exemption period for start-ups.
- New proposals to promote youth welfare and skill.
- Lower tax liability for banks on non-performing assets.
- Higher allocation to MGNREGA and other welfare Programmes.
- Smokers have to pay more; Pan masala to cost dear.
- cashless transaction devices and renewable energy equipment to cost less; Mobile phones to cost more.
- And, Fiscal deficit pegged at 3.2 percent of GDP are the highlights of the Union Budget including Railways for 2017-18.