Here are key highlights of Union Budget 2017
Read the key highlights of India's Union Budget 2017-18 presented on February 1, 2017
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01:48 PM IST
Following are the highlights of Union Budget 2017-18, presented by Finance Minister Arun Jaitley in Parliament on Wednesday:
* Tax rates halved to 5% for income of Rs 2.5-5 lakh, tax Slabs unchanged
* 10% surcharge on people earning between Rs 50 lakh-1 crore
* 15% surcharge on annual income above Rs 1 crrore to continue
* Cash transactions above Rs 3 lakh to banned
* Corporate tax for SMEs with turnover up to Rs 50 crore cut to 25%; 96% companies to benefit
* Customs duty of LNG halved to 2.5%
* Fiscal deficit pegged at 3.2% next year, 3% in FY19
* Political parties barred from accepting cash donation beyond Rs 2,000 per individual
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* They can receive donations via cheques, electronic mode; Electoral bonds to be issued by RBI
* Aadhaar-based health cards for senior citizens; a scheme for them to ensure 8% guaranteed returns
* FIPB to be abolished; further FDI policy liberalisation
* Government to have time-bound procedure for CPSE listing
* Railway PSUs -- IRCTC, IRFC, IRCON to be listed
* Payment Regulatory Board to be set up within RBI to Regulate digital payments
* Negotiable instruments Act to be amended to deal with Cheque bounce cases
* Legislative changes to confiscate of assets of economic Offenders who flee country
* Demonetisation bold, decisive measure; to help GDP Growth, taxes mop up to rise
* Effect of demonetisation not to spill over to next year
* GST, demonetisation 'tectonic changes' for economy
* Service charges on e-tickets booked via IRCTC waived
* Capital expenditure of Railway fixed at Rs 1.31 lakh crore
* Rail safety fund of Rs 1 lakh crore over 5 years, unmanned level crossing to be eliminated by 2020
* Budget based on three agenda -- Transform, Energise, Clean India (TECIndia).
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