The Union Minister for Finance and Corporate Affairs, Arun Jaitley along with Other Ministers and the senior officials presented the General Budget to the President, Pranab Mukherjee, at Rashtrapati Bhavan, in New Delhi on February 01, 2017.

Feb 01, 2017:

  • Tax on income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent
  • All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board
  • 10% Surcharge on individuals with income between 50 lakh to 1 Crore, Surcharge for incomes > Rs 1 crore at 15% to continue
  • Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now
  • Basic customs duty on LNG to be reduced from 5% to 2.5%
  • Rate of growth in advance tax in personal income tax in last 3 quarters of this financial year is as high as 34.8%
  • Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, to strengthen MSME sector
  • Rs 7,200 cr revenue loss due to reduction in tax on smaller companies
  • Only 1.72 lakh people show income above Rs 50 lakh
  • 1.5 crore people show income between Rs 2.5-5 lakh; 52 lakh people between between Rs 5-10 lakh; 24 lakh above Rs 10 lakh
  • State run companies like IRCON and IRCTC to be listed in markets
  • Total expenditure in FY18 at Rs 21.47 lakh cr
  • Revenue Deficit target at 1.9% of GDP
  • Fiscal deficit pegged at 3.2 percent of GDP
  • Defence allocation of Rs 2.74 lakh crore
  • Thrust in budget are affordable housing, promote digital economy, bringing transparency in political funding
  • Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18
  • Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year
  • Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year
  • Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop
  • Amendment to RBI Act proposed to enable electoral bonds
  • Political parties will be entitled to receive donations in cheque or digital payment, every political party to file IT returns
  • Maximum amount of cash donation a political party can receive to be 2000 rupees from any one source
  • Head post offices to issue passports
  • Pradhan Mantri Kaushal Kendras to be extended to more than 600 districts across the country