15 Points On Union Budget 2017-18

Union Budget 2017-18 was presented by Finance Minister Arun Jaitley in Parliament (on February 1 2017) :

  1.  Tax rates halved to 5% for income of Rs 2.5-5 lakh, tax slabs unchanged. Also 10% surcharge on people earning between Rs 50 lakh-1 cr and 15% surcharge on annual income above Rs 1cr to continue.

  2.  Cash transactions above Rs 3 lakh to banned.

  3. Political parties barred from accepting cash donation beyond Rs 2,000 per individual. They can receive donations via cheques, electronic mode; electoral bonds to be issued by RBI.

  4. Aadhaar-based health cards for senior citizens; a schemefor them to ensure 8 pc guaranteed returns.

  5. Payment Regulatory Board to be set up within RBI to regulate digital payments.

  6. Legislative changes to confiscate of assets of economic offenders who flee country.

  7. Service charges on e-tickets booked via IRCTC waived and Duty exempted on POS machines and Iris readers for  encouraging digital payments.

  8. Tax benefits for Start ups to be for 3 out of 7 yrs.

  9. Two new AIIMS to come up in Jharkhand, Gujarat.

  10. Highest ever allocation of Rs 48,000 cr to MNREGA..

  11. 1 crore houses by 2019 for homeless.

  12. PM Awas Yojana allocation up from Rs 15,000 cr to Rs  23,000 cr.

  13. 100% village electrification to be achieved by May 2018.

  14. Rs 31,920 cr allocated for Scheduled Tribes, Rs 4,195 cr minority affairs, outcome based budgeting to start.

  15. Aadhaar enabled payment system for merchants shortly.

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