- GST – No changes in service tax & excise duty as GST draft will be launching soon
- Fiscal Deficit – Seen at 3.2% (17-18) & 3% (18-19)
- Current Account Deficit – 0.3% (16-17) 1st Half
- FDI Investments – 1.45 Lakh Crores (16-17) 1st Half
- Direct Tax – Tax to GDP Ratio is very low
Income upto 2.5 Lakhs – Nil Tax
Income above 2.51 Lakhs to 5 Lakhs – Reduces to 5% Tax from 10%
Income above 50 Lakhs to 1 Crore – 10% surcharge
- Farmer – Double their income in 5 years
- Agriculture – 10 Lac Crores credit
- MNREGA – Allocation 48,000 Crores
- PM Gram Sadak Yojna – Allocation 19,000 Crores
- Sr. Citizen – 8% guaranteed pension for 10yrs by LIC of India scheme
- Rail Budget – 1.31 Lakh Crores, New Railway Line of 3500 kms, No service charge on IRCTC Ticket booking
- Highway – 67,000 Crores for National Highways
- Disinvestment – Continue through ETF’s and timely disinvestments of PSU’s,
Target 72500 Crores
- Banking – 10,000 Crores to PSU banks for Recapitalisation, Double landing targets to Bank 2.44 Lac Crores, 2.44 Lac Crores under mudra scheme
- Total Expenditure – Estimated at 21.47 Lac Crores
- Defence Expenditure – 2.74 Lakh Crores excluding Pension
- Long Term Capital Gain – For immovable property reduced to 2yrs from 3yrs
- Income Tax – Companies turnover less than 50 Crores will pay 5% less tax, Effective rate 25%
- Cash Transaction – No transaction over 3 lakes will be permitted in cash
- Infra – Insurance company has to invest 25% in Infra bonds
- New slab rate for income tax 2017-18 income:
- Till 2.5L – NIL
2.5L – 5L – 5%
5L – 10L – 20%
Over 10L – 30%
- Rebate of 87A reduced to 2.5K from 5K
