FLASH
Excise Duty on pan masala hiked to 9%; 8.3% on unmanufactured tobacco; Import duty on PCBs hiked
Budget 2017 - Service tax - Seeking Advance Ruling becomes expensive; Fee hiked from Rs 2500 to Rs 10,000 + time limit hiked from 90 days to six months + Research and Development Cess Act, 1986 to be repealed
Service Tax - Value of property not to be included in service portion of works contract for payment of service tax
Net revenue loss in income tax to be Rs 20,000 Crore in next fiscal
FM says not much change in indirect taxes as GST is on anvil
Income tax rate reduced to 5% for income above Rs 2.5 lakh but less than Rs 5 lakh + 10% surcharge levied on income above Rs 50 lakh + Simple one page income tax return to be prescribed
Ease of Doing Business - Domestic TP provisions eased + FPIs exempted from indirect transfer provisions of I-T Act + no TDS for insurance agents if income is below taxable limit + Scrutiny period reduced to 18 months
Ease of Doing Business - Domestic TP provisions eased + FPIs exempted from indirect transfer provisions of I-T Act
Political Funding - Only Rs 2000 in cash to be allowed + RBI Act to be amended to sell Electoral Bonds through banks
Limit of cash transaction reduced for various entities
Govt accepts SIT recommendation on disallowance of cash transaction above Rs 3 lakh
Customs duty on LNG reduced + Inverted duty structure problem addressed
NPAs provision hiked to 8.5% for banks
Tax benefits for MSMEs with turnover of Rs 50 Crore - Corporate tax rate reduced to 25%
Govt allows carry forward of MAT Credit for 15 years
Tax sops for start-ups extended for 7 years
Cost Inflation Index moved from 1981 to 2001
Affordable Housing - Real Estate Scheme period extended from 3 yrs to 5 yrs for availing tax benefits
Only 24 lakh taxpayers returned income above Rs 10 lakhs in 2015-16 + 1.72 lakh only showed income above Rs 50 lakhs
Revenue deficit down in current fiscal; fixed at 1.9% for next fiscal
Fiscal Deficit pegged at 3.2% for next fiscal
Govt tables Outcome Budget along with Budget documents
Defence gets Rs 2.74 lakh crore
2017-18 - Total expenditure to be Rs 21.4 lakh crore
Govt to amend laws to confiscate assets of economic offenders absconding from country
Govt to merge Tribunals to reduce total number
Govt to set up payment regulatory board within RBI; Amendments proposed in Finance Bill 2017
Digital Payments - Govt to introuce two new schemes
Rs 2.44 lakh crore earmarked for PM Mudra Yojana in next fiscal
Cyber Security - Govt to set up Computer Emergency Response System
Govt abolishes FIPB set up to process FDI proposals
Govt to launch Trade Infra Scheme to promote exports
Rs 10,000 Crore more allocated for providng high-speed broadband to Panchayats
Govt to amend AAI Act to involve private operators under PPP for tier-2 city airports manager
Govt to come up with New Metro Rail Policy to involve private investment
IRCTC not to collect service charge on e-tickets
FM provides Rs 55000 crore budgetary support for road, rail and civil aviation
Govt to introduce Sr Citizen Smart Health Card Scheme; LIC to come up special scheme
Govt to frame new rules of international standards for medical devices
Govt to launch Special Scheme like Textile for leather and footwear also
Govt to set up New Body to conduct all exams for higher education
Rs 23000 Crore earmarked for PM Rural Housing Yojana
Govt to formulate modern law on contract farming and to be circulated among States
Rs 48000 Cr earmarked for MNREGA Programme; Women now account for 55% of beneficiaries
e-Market to be extended over 500 APMCs to help farmers
Rs 10 lakh crore credit target fixed for farmers
FM lists out 10-point agenda - Tax Administration honouring the Honest is one of them
Merger of Rail Budget with General Budget stands guillotining of colonial practice
FM begins Budget Speech - FDI reserves grow to USD 361 billion by Jan 20, 2017
India moves from 9th to 6th largest economies in world
Budget Speech by Finance Minister
