Union Budget

2017-18..
Presentation by:-
•Pranath
•Sonu
•Balaram
•Nayana
•Nitin
Budget-

Budget is an estimate of costs, revenues,

and resources over a specified period
reflecting a reading of future financial
conditions & goals.
Union Budget:-
 Also referred as Annual Financial Statement.
 Based on Article 112 of Constitution of Indian
Government
 Announced by Finance Minister in month on
February every year.
 Interim Budget
 Includes Expenditure & Receipts.
Highlights
 Growth of GDP by 3.4%
 Economies expected in 1.9% growth.
 Decline in deficit by 1%.
 3.6% increase in global FDI.
 GST & Demonetization.
 Digital transaction, Farmers,Pregnant
women, poverty alleviation.
 TEC India.
Demonitisation:-
 Bold & decisive measure to curb tax evasion.
 Eliminate corruption, black money & terror
funding
 Generate long term benefits
 Pace of remonetisation
 The surplus liquidity in banking system
 Announcement made by Hon prime minister on
31st Dec
Road Map and Priorities
 TEC INDIA
 TEC India seeks to-
-Transform the quality of governance.
-Energise various section of society.
-Clean the country from corruption and
non transparent political funding.
10 distinct themes to foster this broad
agenda
Farmers:-
 Target for agricultural credit in2017-18.
 Farmers will also benefit from 60 days
interest waiver.
 To ensure the flow of credit to small
farmers.
 Govt to support NABARD.
 Coverage under fasal bima yojana
scheme.
 New mini labs in Krishi Vigyan Kendra.
 Youth:-
 Innovation fund for secondary education proposed
to encourage.
 SWAYAM platform, levaraging IT, to be launched.
 PMKK to be extended.
 SANKALP to be launched.
 STRIVE will also be launched in 2017-18.
 Incredible India 2.0 campaign will be launched.
The Poor & The
Underprevileged:-
 MSK will be set up.
 Maternity benefit scheme.
 National Housing Bank will refinance individual
housing loans.
 Action plan to eliminate Kla Azar.
 Action plan to reduce IMR.
 To create additional 5000 PG seats per annum.
 2 new India Institutes of Medical Science to be
setup.
 Infrastructure:-
 For transportation sector as a whole, including rail,
roads, shipping.
 For 2017-18, the total capital & development
expenditure of railways has been pegged.
 For passenger safety, RRSK will be created.
 Unmanned level crossing on Broad guage lines
will be eliminated by 2020.
 In next 3 years the through put is proposed to be
enhanced by 10%.
 Railway line of 3500 km will be commissioned.
 500 will be made differently able friendly.
Financial Sector:-
 Foreign Investment promotion board to be
abolished in 2017-18.
 An expert committee will be constituted.
 Bill relating to curtaile menace of illicit deposit
schemes will be introduced.
 A mechanism to streamline institutional
arrangement for resolution of disputes in
infrastructure related construction contracts.
 CERT- FIN will be established.
 Govt will put in place a revise mechanism &
procedure.
Digital Economy:-
 125 Lakh people have adopted the BHIM App.
 Aadhar pay will be launched shortly.
 A mission will be set up with a target of 2500 Cr
digital transactions.
 A proposal to mandate all govt receipts through
digital means.
 Bank have targeted to introduce additional 10
Lakh new POS terminals by March 2017.
 Proposed to create a payments regulatory board
in RBI.
 Public Services;-
 The govt E Market place.
 To utilize the head post offices as front offices.
 A centralized defenses travel system has been
developed.
 Web based interactive pensions disbursement
system will be established.
 To rationalise the no of tribunals and merge
tribunals whenever appropriate.
 Commemorate both Champaran & Khordha
revolts appropriately.
 Housing & Real Estate
Sector:-
 Accounts with avg deposit size of 3.31 Cr.
 Scheme for profit linked Income tax deduction for
promotion of affordable housing.
 Restriction in Municipal limits.
 Reduction in holding period.
 Joint Development Agreement signed for
development of property.
 Exemption from capital gain tax.
 Stimulating Growth:-
 Concessional withholding rate of 5% charged on
interest.
 For the purpose of carry forward of losses in
respect of startups.
 MAT Credit is allowed.
 In order to make MSME Co’s more viable.
 Allowable provision for NPA of banks incresed.
 Basic Customs Duty on LNG reduced.

 Promoting Digital Economy:-
 Scheme of Presumptive income for small &
medium tax payers.
 No transaction above Rs 3Lakh would be
permitted in cash.
 Miniaturized POS card reader for m-POS, micro
ATM standards version 1.5.1, figure print readers/
scanners & iris scanners & on their parts &
components.
 Ease of Doing Business:-
 Scope of Domestic transfer pricing restricted.
 Threshold limit for audit of business entities for
income scheme increased.
 FPI category 1 & 2 exempted from indirect transfer
provision.
 Commission payable to individual insurance
agents exempt.
 Advance tax can be paid in one installment.
 Time period for revising tax return is being
reduced to 12 months.
 Personal Income tax:-
 Existing rate of taxation for individual assesses
reduce to 5%.
 Surcharge of 10% of tax payable on categories of
individuals whose annual taxable income is
between 50 Lakh & 1Cr.
 Simple 1 page form to be filled as income tax
return for the category of individuals.
 Appeal to all citizens of India to contribute to
nation building by making a small payment of 5%
tax.
 GST:-
 The GST council has finalized its recommendation
on almost all the issues based on consensus on
basis of 9 meeting held.
 Preparation of IT system for GST is also on
schedule.
 The extensive reach out efforts to rade & industry
for GST will start from 1 April 2017.
 RAPID:-
 RAPID- (Revenue, Accountability, Probity,
Information & Digitization).
 Maximize efforts for E Assessment in coming year.
 Enforcing greater accountability of officers of tax
dept for specific act of commission & omission.