Here are the Key Highlights from Arun Jaitley’s Union Budget 2017
- Existing tax rate for individuals in Rs. 2.5-5 Lakh income bracket reduced to 5% from 10%.
- 10% surcharge on individual incomes between 50 lakhs and 1 crore. 15% surcharge on individual incomes above Rs.1 crore remain.
- No service charge on railway tickets booked through IRCTC
- No cash transactions above Rs. 3 Lacs
- Referral and cash back schemes to promote BHIM mobile App
- Aadhaar Pay to be launched for people who don’t have mobile app or smartphones
- To use head post-office for passport services
- Govt recruitment: To introduce two-tier exam system
- Total budget expenditure: Rs21 trillion
- Rs3,000 crore to implement various budget announcements
- Fiscal deficit for FY18 pegged at 3.2% of GDP
- Revenue deficit for FY18 at 1.9%
- Political funding: Maximum amount of cash donation that can be received is Rs2,000; political parties can receive donations by cheques or digitally; amendment proposed to RBI Act to issue electoral bonds; every party has to file returns within specified time
- LNG: Reduce customs duty to 2.5%
Important highlights of budget 2017 & its impact on online trading
Closing Remarks :-
It is said when my goal is in sight, the winds favour me and I fly. There is no other day more appropriate than this: FM Jaitley
This budget will also have an impact on the stock market so be careful while doing online share trading.
Also Read: Did the US default in 1971
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