New Delhi (TH Correspondent): The Union minister Sh. Arun Jaitly presented the Union Budget 2017-2018. Hello I am Mohit Bhardwaj and going to share the key factors of this budget. When you see the Budget of this year which is presented by Hon’ble Sh. Arun Jaitly there are 10 sectors where he focuses: The rural population, The farming sector, The youth, The Poor and Underprivileged health care, Infrastructure and Construction, The financial sector for stronger institutions, Speedy accountability, Public services, Prudent fiscal management and Tax administration for the honest.
While Presenting the Union Budget 2017-2018 What Jailty Said:
- Demonetization is supposed to have a transient impact on the economy.
- Due to demonetization, economy will be boosted and make great impact on the lives of people.
- It is a bold and decisive measure that will lead to higher GDP growth.
- The effects of demonetization will not spill over to the next fiscal.
Union Budget 2017-2018 for Farmer’s Perspective:
- Sowing farmers would feel secure against natural calamities.
- Total amounts of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
- NABARD‘s fund will be increased to Rs. 40,000 crore.
- Central Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
- A well managed micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
- Irrigation corpus increased Rs 40,000 crore previously it was Rs 20,000 crore.
- Dairy processing infrastructure fund will be initially created with a corpus of Rs. 2000 crore.
Important Points About Rural population:
- The Indian government targets to bring 1 crore households out of poverty by 2019.
- For the period 2017-18, 5 lakh farm ponds will be taken up under the MGNREGA.
- Over Rs. three lakh crore will be spent for rural India. MGNREGA to double farmers’ income.
- The participation of women in MGNREGA enhanced up to 55%.
- Space technology will be used in a great way to ensure MGNREGA works.
- The Indian government proposes to complete one crore houses for those without homes.
- The Indian government will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana (PMGSY) in 2017-18.
- India on the way to achieve 100% rural electrification by March 2018.
- Swachh Bharat mission has made tremendous progress, for example: sanitation coverage has gone up from 42% in Oct 13 to 60% now.
What the Main things in this Union Budget for Youth:
- The Central government will introduce a system of measuring annual learning outcomes and come out with an innovation fund for secondary education.
- The main focus will be on 3,479 educationally backward blocks.
- Institutions will be identified based on accreditation.
- Skill India mission was launched to maximize potential. Will set up 100 India International centres across the nation.
- Courses and Curriculum on various foreign languages will be introduced
Step for the poor and underprivileged health care:
- Five hundred crore allocated for Mahila Shakthi Kendras.
- Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person.
- A Total amount of Rs. 1,84,632 crore allocated for women and children.
- Owing to surplus liquidity, banks have started reducing lending rates for housing.
- Elimination of tuberculosis by 2025 targeted.
- Health sub-centres, numbering 1.5 lakh, will be transformed into health wellness centres.
- 2 AIIMS will be set up in Jharkhand and Gujarat.
- Will undertake structural transformation of the regulator framework for medical education.
- Allocation for Scheduled Castes is Rs. 52,393 crore
- Aadhaar-based smart cards will be issued to senior citizens to monitor health.
Infrastructure and Indian railways:
- A total allocation of Rs. 39,61,354 crore has been made for infrastructure.
- The Total allocation for Railways is Rs. 1,31,000 crore.
- No extra service charge on tickets booked through IRCTC.
- Raksha coach with a corpus of Rs. 1 lakh crore for five years (for passenger safety).
- Unmanned level crossings will be eliminated by 2020.
- 3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
- Mobile SMS-based ”clean my coach service” is put in place.
- Coach mitra facility will be introduced to register all coach related complaints.
- By the end of 2019 all trains will have bio-toilets.
- 500 stations will be made differently-abled friendly.
- Railways to partner with logistics players for front-end and back-end solutions for select commodities.
- 64,000 crore allocated for highways across the nation.
- High speed Internet to be allocated to 1,50,000 gram panchayats.
- New Metro rail policy will be announced with new modes of financing.
- A strategic policy for crude reserves will be set up.
- 1.26,000 crore received as energy production based investments.
- Trade infra export scheme will be launched 2017-18.
Funding of political parties:
- Political Parties may receive the maximum amount of cash donation Rs. 2,000 from any one source.
- Indian Political parties will be entitled to receive donations by cheque or digital mode from donors.
- The defence sector gets an allocation of Rs. 2.74,114 crore.
- Nations’s tax to GDP ratio is not favourable.
- Out of 13.14 lakh registered companies, only 5.97 lakh firms have filed returns for 2016-17.
- Proportion of direct tax to indirect tax is not optimal.
- Individuals numbering 1.95 crore showed an income between Rs. 2.5 lakh to Rs. 5 lakh.
- Out of 76 lakh individual assessees declaring income more than Rs. 5 lakh, 56 lakh are salaried.
- Only 1.72 lakh people showed income of more than Rs. 50 lakh a year.
- Between November 8 to December 30, deposits ranging from Rs. 2 lakh and Rs. 80 lakh were made in 1.09 crore accounts.
Personal income tax
- Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh is reduced to 5% from 10%.
- All other categories of tax payers in subsequent brackets will get a benefit of Rs 12,500.
- Simple one page return for people with an annual income of Rs. 5 lakh other than business income.
- People filing I-T returns for the first time will not come under any government scrutiny.
- Ten % surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain
About the Author of this Article: Mohit Bhardwaj is SSC CGL 2015 Qualifier Working in Incom Tax Department Gujarat
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