All such habitations are expected to be covered by 2019 and the allocation for PMGSY, including the State’s Share is ` 27,000 crores in 2017-18. This will facilitate greater private participation and investment in construction and operation. Budgeting is the process of creating a plan to spend your money. What is a Budget? e- NAM to be an integral part of the framework. Dedicated Micro Irrigation Fund in NABARD to achieve ‘per drop more crop’ with an initial corpus of ` 5,000 crores Coverage of National Agricultural Market (e-NAM) to be expanded from250 markets to 585 APMCs. will be counted. It is proposed to feed about 7,000 stations with solar power in the medium term, SMS based Clean My Coach Service has been started, ‘Coach Mitra’, a single window interface, to register all coach related complaints and requirements to be launched, By 2019, all coaches of Indian Railways will be fitted with bio toilets.
The Government presents it on the first day of February so that it could be materialized before the commencement of new financial year in April. Indirect transfer provision shall not apply in case of redemption of shares or interests outside India as a result of or arising out of redemption or sale of investment in India which is chargeable to tax in India, Commission payable to individual insurance agents exempt from the requirement of TDS subject to their filing a self-declaration that their income is below taxable limit, Under scheme for presumptive taxation for professionals with receipt upto ` 50 lakhs p.a. The 2017 United States federal budget is the United States federal budget for fiscal year 2017, which lasted from October 1, 2016 to September 30, 2017. Maximise efforts for e-assessment in the coming year, Enforcing greater accountability of officers of Tax Department for specific act of commission and omission. Budget at a Glance shows Budget Estimates in broad aggregates to facilitate easy understanding.
This is substantiated by increase of ` 1,32,328crores over RE (2016-17) while simultaneously conforming to the fiscal deficit target of 3.2%. Amendment to the Reserve Bank of India Act to enable the issuance of electoral bonds in accordance with a scheme that the Government of India would frame in this regard. The 30 Sq.mtr. Good quality higher education institutions to have greater administrative and academic autonomy.
For transportation sector as a whole, including rail, roads, shipping,provision of ` 2,41,387crores has been made in 2017-18. 500 stations will be made differently abled friendly by providing lifts and escalators. SANKALP will provide market relevant training to 3.5 crore youth, Next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE) will also be launched in 2017-18 at a cost of ` 2,200 crores, A scheme for creating employment in the leather and footwear industries along the lines in Textiles Sector to be launched, Incredible India 2.0 Campaign will be launched across the world to promote tourism and employment, Mahila Shakti Kendra will be set up with an allocation of ` 500 crores in 14 lakh ICDS AnganwadiCentres. In addition, the document contains the resource transfer to States and allocations on major programmes and schemes. advance tax can be paid in one instalment instead of four, Time period for revising a tax return is being reduced to 12 months from completion of financial year, at par with the time period for filing of return. As part of a sub mission of the National Rural Drinking Water Programme (NRDWP), it is proposed to provide safe drinking water to over 28,000 arsenic and fluoride affected habitations in the next four years. Preparation of IT system for GST is also on schedule. A new and restructured Central scheme with a focus on export infrastructure, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18, Foreign Investment Promotion Board to be abolished in 2017-18 and further liberalisation of FDI policy is under consideration. A Computer Emergency Response Team for our Financial Sector (CERT-Fin) will be established Government will put in place a revised mechanism and procedure to ensure time bound listing of identified CPSEs on stock exchanges. The document shows receipts and expenditure as well as the Fiscal Deficit (FD), Revenue Deficit (RD), Effective Revenue Deficit (ERD), and the Primary Deficit (PD).
In RE (2016-17), the total expenditure at ` 20,14,407 crore is more than the BE (2016-17) by ` 36,347 crore. This includes ` 55,000 crores provided by the Government, For passenger safety, a Rashtriya Rail SanrakshaKosh will be created with a corpus of ` 1 lakh crores over a period of 5 years, Unmanned level crossings on Broad Gauge lines will be eliminated by 2020. This benefit is also extended to Rupee Denominated (Masala) Bonds, For the purpose of carry forward of losses in respect of start-ups, the condition of continuous holding of 51% of voting rights has been relaxed subject to the condition that the holding of the original promoter/promoters continues. limit will apply only in case of municipal limits of 4 metropolitan cities while for the rest of the country including in the peripheral areas of metros, limit of 60 Sq.mtr. Allocation for Prime Minister’s Employment Generation Program and Credit Support Schemes has been increased three fold. The shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges. Pace of construction of PMGSY roads accelerated to 133 km roads per day in 2016-17, against an avg. An expert committee will be constituted to study and promote creation of an operational and legal framework to integrate spot market and derivatives market in the agricultural sector, for commodities trading. Sanitation coverage in rural India has gone up from 42% in Oct 2014 to about 60%. 125 lakh people have adopted the BHIM app so far. This spending plan is called a budget. Budget 2017-18 reflects Government’s firm commitment to substantially boost investment in Agriculture, Social Sector, Infrastructure and Employment Generation on the one hand and simultaneously sticking to the fiscal consolidation path on the other hand. Accordingly, the Fiscal Deficit target of 3.5% in 2016-2017 has been achieved without reduction in expenditure at the RE stage. During 2017-18, another 5 lakh farm ponds will be taken up, Women participation in MGNREGA has increased to 55% from less than 48%. In the next 3 years, the throughput is proposed to be enhanced by 10%. Maximum amount of cash donation, a political party can receive, will be ` 2000/- from one person. Interest taxable on actual receipt instead of accrual basis in respect of NPA accounts of all non-scheduled cooperative banks also to be treated at par with scheduled banks, Basic customs duty on LNG reduced from 5% to 2.5%, Under scheme of presumptive income for small and medium tax payers whose turnover is upto 2 crores, the present, 8% of their turnover which is counted as presumptive income is reduced to 6% in respect of turnover which is by non-cash means, No transaction above ` 3 lakh would be permitted in cash subject to certain exceptions, Miniaturised POS card reader for m-POS (other than mobile phones or tablet computers), micro ATM standards version 1.5.1, Finger Print Readers, / Scanners and Iris Scanners and on their parts and components for manufacture of such devices to be exempt from BCD, Excise/CV duty and SAD, Need to cleanse the system of political funding in India. Home » Arun Jaitely » Everything About Union Budget 2017 – Download PDF. A mechanism to streamline institutional arrangements for resolution of disputes in infrastructure related construction contracts, PPP and public utility contracts will be introduced as an amendment to the Arbitration and Conciliation Act 1996. Minister of Finance March 22, 2017 India’s Current Account Deficit declined from about 1% of GDP last year to 0.3% of GDP in the first half of 2016-17. In the last two and half years administration has moved from discretionary, favouritism based to system and transparency based. Innovation Fund for Secondary Education proposed to encourage local innovation for ensuring universal access, gender parity and quality improvement to be introduced in 3479 educationally backward districts. The document gives an illustrative account of sources of receipts, and their application through suitable charts, and graphs.
Effective Revenue Deficit is the difference between Revenue Deficit and grants for creation of capital assets. The Revenue Deficit for next year is pegged at 1.9% ,against 2% mandated by the FRBM Act.
This spending plan is called a budget. Transform the quality of governance and quality of life of our people; Energise various sections of society, especially the youth and the vulnerable, and enable them to unleash their true potential; andClean the country from the evils of corruption, black money and non-transparent political funding.