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Indian New Union Budget 2017 - 18 highlight update.




India New Budget 2017 - 2018


Key to Budget[English]
Budget Highlights
[English]
[In PDF]

Budget Speech[English]
Budget at a Glance[English]
Annual Financial Statement[English]
Finance Bill[English]
Memorandum[English]
Receipt Budget[English]
Expenditure Budget[English]
Customs & Central Excise Notifications

Budget changes in Custom Duty

Budget changes in Excise Duty

Budget changes in Service Tax
[English]
The Macro Economic Framework Statement[English]
The Medium Term Fiscal Policy Statement[English]
The Fiscal Policy Strategy Statement[English]


  • Substantial progress in ushering in GST regime.
  • GST council has finalised recommendations on all issues based on consensus.
  • CBEC will continue to strive to implement GST.
  • GST implementation to bring more taxes to states & centre.
  • Not proposing many changes to indirect taxes given GST roll-out plan.
  • Government will allocate Rs10,000 crore for Bharat Net project
  • To exempt some FPIs from indirect transfer provisions.
  • CBDT circular becomes null & void for FPIs.
  • Budget 2017: Infra gets Rs 3.96 lakh cr; increase of 79% from FY17 estimate
  • Govt proposes to invest Rs 1.31 lakh cr in railways in 2017-18
  • For quick refund of tax returns time-frame reduced to 12 months.
  • Govt trying to bring more people into tax net.
  • Reduce existing tax rate for income of Rs 2.5-5 lakhs to 5% from 10%.
  • Holding period for land & building will be reduced to 2 yrs from 3 yrs.
  • Instead of build-up area, carpet area will be counted for affordable housing.
  • Propose to make changes in capital gains tax for housing.
  • Union Budget 2017-18: Govt announces new trade infra export scheme; BHEL, L&T up
  • Profit linked-deductions for start-ups reduced to 3 years out of 7 years.
  • Not practical to remove MAT.
  • Propose carry-forward of MAT to 15 years from 10 years
  • FM sets aside Rs 10,000 cr to recapitalise banks
  • Propose to reduce tax for small companies with turnover of less than Rs 50 cr to 25%.
  • Basic customs duty on LNG cut to 2.5% from 5%, says FM
  • To cut presumptive turnover threshold for companies w/turnover up to Rs 2 cr to 6%.
  • No transaction over Rs 3 lakh will be permitted in cash.
  • Exempt CVD, SAD on miniature POS & m-POS machines.
  • Propose transparency in political party funding.
  • Maximum cash donation receivable by political party from one source at Rs 2,000.
  • Propose to amend RBI Act for issue of electoral bonds for political funding.
  • Political parties will need to file income tax returns.
  • Peg fiscal deficit for 2017-18 at 3.2%, in-line with market expectations.
  • Govt targetting Rs 2,500 cr digital transactions across platforms like UPI
  • FY18 revenue deficit pegged at 1.9% of GDP.
  • Govt to take steps to promote digital payments at petrol pumps, hospitals.
  • Budget 2017: FM pegs fiscal deficit target at 3.2% of GDP for next fiscal yr
  • Focus on solar continues as 7000 stations to be solar powered
  • India largely a tax non-compliant society.
  • No of people showing income above Rs 50lk annually is only 1.72 lk people.
  • Resolution of financial firms amendments to help banking sector
  • Budget 2017: Arun Jaitley lines up Rs 91,000 crore for roads and highways
  • New Metro Rail Policy to be announced; will open up new job possibilities, says FM
  • Post demonetisation deposits above Rs 80 lakh in Rs 1.48 lakh accounts, says FM
  • Net tax revenue growth at 17% for last 2 years, says FM
  • Budget 2017: FM pegs fiscal deficit target at 3.2% of GDP for next fiscal yr
  • Thrust of tax proposals will be to stimulate growth, says FM
  • Service charges withdrawal on e-Ticket to boost govt's digitisation endeavour
  • Budget 2017: Railways gets Rs 1.3 lakh cr outlay; IRCTC service charge waived
  • Govt to take steps to promote digital payments at petrol pumps, hospitals
  • Amend Negotiable Instruments Act to protect payees of dishonoured cheques.
  • Budget 2017: Focus on welfare, infra with fiscal prudence.
  • Propose to create an integrated oil major.
  • Govt targetting Rs 2,500 cr digital transactions across platforms like UPI
  • Web-based pension distribution system for defence to be established.
  • Considering new law to confiscate assets of economic offenders.
  • To rationalise number of tribunals.
  • New Metro Rail Policy to be announced; will open up new job possibilities
  • Allocation of capital expenditure up 25% YoY
  • Total resources to be transferred to states & UTs estimated at Rs 4.11 Lk Cr.
  • Govt to set-up new crude oil reserves.
  • Defence expenditure excluding pension at Rs 2.74 lakh cr, says FM
  • Transport sector allocated Rs 2.41 lakh cr.Govt to take steps to promote digital payments at petrol pumps, hospitals
  • Amend Negotiable Instruments Act to protect payees of dishonoured cheques.
  • Budget 2017: Focus on welfare, infra with fiscal prudence.
  • Propose to create an integrated oil major.
  • Govt targetting Rs 2,500 cr digital transactions across platforms like UPI
  • Web-based pension distribution system for defence to be established.
  • Considering new law to confiscate assets of economic offenders.
  • To rationalise number of tribunals.
  • New Metro Rail Policy to be announced; will open up new job possibilities
  • Allocation of capital expenditure up 25% YoY
  • Total resources to be transferred to states & UTs estimated at Rs 4.11 Lk Cr.
  • Govt to set-up new crude oil reserves.
  • Defence expenditure excluding pension at Rs 2.74 lakh cr, says FM
  • Transport sector allocated Rs 2.41 lakh cr.
  • FRBM Review Committee recommends debt to GDP ratio of 60% by 2023.
  • Defence expenditure excluding pension at Rs 2.74 lakh cr
  • Govt proposes to create integrated PSU oil major
  • FRBM panel recommended fiscal deficit at 3% for next 3 years.
  • Increased allocation for infrastructure
  • Govt allocated Rs 3.96 lakh cr for infrastructure, announces a new trade infrastructure export scheme.
  • Peg fiscal deficit for 2017-18 at 3.2%.
  • Govt allocated Rs 3.96 lakh cr for infrastructure, announces a new trade infrastructure export scheme.
  • Net borrowing limited to Rs 3.48 lk cr.
  • Tax-to-GDP ratio very low in India.
  • Rev deficit at 2.1%.
  • Govt raises allocation for MNREGA from Rs 38500 cr in FY17 to Rs 48000 cr in FY18.
  • FRBM Review Committee recommends debt to GDP ratio of 60% by 2023.
  • Defence expenditure excluding pension at Rs 2.74 lakh cr
  • Govt proposes to create integrated PSU oil major
  • FRBM panel recommended fiscal deficit at 3% for next 3 years.
  • Increased allocation for infrastructure
  • Govt allocated Rs 3.96 lakh cr for infrastructure, announces a new trade infrastructure export scheme.
  • Peg fiscal deficit for 2017-18 at 3.2%.
  • Govt allocated Rs 3.96 lakh cr for infrastructure, announces a new trade infrastructure export scheme.
  • Net borrowing limited to Rs 3.48 lk cr.
  • Tax-to-GDP ratio very low in India.
  • Rev deficit at 2.1%.
  • Govt raises allocation for MNREGA from Rs 38500 cr in FY17 to Rs 48000 cr in FY18.
  • Govt doubles lending target of banks to Rs 2.44 lakh cr
  • Double lending target of banks to Rs 2.44 lakh crore.
  • Double lending target of banks to Rs 2.44 lakh crore.
  • Propose revised mechanism for time-bound listing of PSUs.
  • Shift to digital platforms will benefit the common man.
  • AadhaarPay will be launched shortly.
  • Govt will launch 2 new schemes to promote BHIM App.
  • Targeting 2,500 crore digital transactions across platforms like UPI.
  • Propose aim of Rs 2.44 lakh cr under Mudra scheme, says FM
  • To take steps to promote digital payments at petrol pumps & hospitals.
  • Panel on digital payment recommended reform in digital pay systems.
  • Union Budget 2017-18: J Kumar Infra up 5% on 25 stations redevelopment plan
  • Propose to create a payment regulatory board at RBI.
  • Govt to take steps to promote digital payments at petrol pumps, hospitals.
  • Amend Negotiable Instruments Act to protect payees of dishonoured cheques.
  • National highway allocation at Rs 64,000 cr
  • Govt to set up 100 India-International skill centres.
  • New FDI policy under consideration.
  • Govt hiked allocation for women skill development to Rs 1.84 lakh cr in FY18.
  • Govt proposes to finish 1 cr houses by 2019 for those living in kachcha houses.
  • Govt proposes to finish 1 cr houses by 2019 for those living in kachcha houses.
  • FIPB to be abolished, roadmap in the next few months, says FM
  • Allocated Rs 3.96 lakh crore For infrastructure, says FM
  • Announce a new trade infrastructure export scheme, says FM
  • Expert panel to help integrate spot & derivative commodity market
  • Atleast 25 stations re-development contracts will be awarded in 2017-18
  • Listing of CPSE will increase accountability
  • Govt allocated Rs 3.96 lakh cr for infrastructure, announces a new trade infrastructure export scheme
  • Propose to create integrated PSU oil major.
  • Govt proposes to create integrated PSU oil major.
  • Govt to take up second phase of solar power development for additional 20,000 MW.
  • Rs 10,000 cr allocated for recapitalisation of PSU banks.
  • IRCTC, IRCON & IRFC to be listed on stock exchanges.
  • Re-financing of housing loans to give impetus to real estate sector.
  • Govt allocated Rs 10,000 cr for recapitalisation of PSU banks.
  • Will continue use of ETFs for divestment.
  • Govt to set-up new crude oil reserves
  • Propose to feed 7000 solar railway station in medium term.
  • New rules for pricing medical devices should benefit common man
  • Service charges on e-tickets booked via IRCTC to be withdrawn, says FM
  • National Highway allocation at Rs 64,000 crore.
  • National highway allocation at Rs 64,000 cr
  • Cash less reservation have improved to 68% from 58%.
  • AAI Act to be amended to enable monetisation of land.
  • New rules for pricing medical devices should benefit common man
  • 2000 km of coastal roads have been identified for development.
  • Bharat Net allocation at Rs 10,000 crore.
  • Transport sector allocated Rs 2.41 lakh cr
  • Set-up new crude oil reserves.
  • To take up second phase of solar power development for additional 20,000 mw
  • Recent spectrum auctions have removed spectrum scarcity, says FM
  • Govt to take up second phase of solar power development for additional 20,000 MW
  • Under Bharat Net, Optic fibre cable has been laid out In 1,55,000 km, says FM
  • Proposals for electronics manufacturing received in last 2 yrs for Rs 1.26 lakh crore, says FM
  • Pilot project for Aadhar cards containing health details for senior citizens.
  • Union Budget 2017-18: Prabhat Dairy up 5%, govt to set up dairy processing fund
  • Govt to create innovation fund for secondary education
  • Highlights: India unveils Budget for recovery after cash crunch
  • Govt to achieve 100% rural electrification by May 1, 2018
  • Govt raises allocation for MNREGA from Rs 38500 cr in FY17 to Rs 48000 cr in FY18
  • Rail Sanraksha Fund will be created with corpus of 1lac crore for rail safety, says FM
  • Govt to set up dairy processing fund
  • Rail Sanraksha Fund will be created with corpus of 1lac crore for rail safety, says FM
  • Govt raises allocation for MNREGA from Rs 38500 cr in FY17 to Rs 48000 cr in FY18
  • Long-term irrigation fund set up in NABARD, additional corpus Rs 20,000 cr
  • Centre to fund 55k cr out of 1.31 lk cr railway infra budget, says FM
  • Govt will take steps to make sure farmers get better prices for harvest
  • Govt committed to double farmer income in five years
  • Govt proposes to finish 1 cr houses by 2019 for those living in kachcha houses
  • Unmanned level crossing in railways will be eliminated by 2020, says FM
  • Railways to implement end-to-end solutions for some commodities, says FM
  • Govt to set up 100 India-International skill centres
  • New rules regarding medical devices will be formulated; will attract investment in sector, will reduce cost of the devices
  • Will encourage reputed hospitals to start courses
  • 1.5 lakh health sub-centres to be transformed to health wellness centres
  • Propose to amend drug rules to ensure drugs available at reasonable prices
  • Govt committed to take structural reform in medical education, practice
  • Will take legislative reforms to simplify labour laws in India
  • Govt committed to ensuring conducive labour environment
  • Allocation to scheduled castes upped to Rs 52,393 crore.
  • Outcome-based monetary measures to SC, ST by NITI Aayog
  • Affordable housing to be given infra status, says FM
  • 5 special tourism zones to be set up in partnership with states, says FM
  • Budget 2017: MGNREGS gets a boost with highest-ever outlay of Rs 48,000 cr
  • Propose to set up national testing agency for entrance exam for higher education, says FM
  • Govt to undertake reforms in UGC to improve higher education
  • Will set up 100 India-international skill centres, says FM
  • Mahila Shakti Kendra will be set up at village level; allocation Rs 500 crore, says FM
  • Govt to set up 100 India-International skill centres
  • Mahila Shakti Kendras will aim for Woman Empowerment, says FM
  • Have hiked allocation for women skill development to Rs 1.84 lakh crore in FY18, says FM
  • Bank lending rates for housing loans coming down in wake of demonetisation, says FM
  • 19000 cr allotted for PM Rural road plan in FY18, says FM
  • On our way to achieve 100% Village electrification by 1st May 2018, says FM
  • Govt to set up dairy processing fund
  • Rs 4,800 crore allocated under Deen Dayal Upadhyaya Gram Jyoti Yojana, says FM
  • Govt to achieve 100% rural electrification by May 1, 2018
  • Pace Of Construction Of Roads Has Increased To Rs 133 Km/Day In 2017
  • Pradhan Mantri Gram Sadak Yojana construction at 133 km per day now vs 73 km per day earlier, says FM
  • Increased allocation to Rs 23,000 crore for PM Awas Yojan, says FM
  • Propose to finish 1 crore houses by 2019 for those living in kachcha houses, says FM
  • To up crop insurance coverage to 50% in FY19, says FM
  • Pace of construction of roads has increased to Rs 133 km/day in 2017, says FM
  • Rs 4,800 crore allocated under Deen Dayal Upadhyaya Gram Jyoti Yojana, says FM
  • Govt to achieve 100% rural electrification by May 1, 2018
  • Innovation fund for secondary education to be created, says FM
  • Total allocation for rural sector up by 24% AT 1,83000 cr, says FM
  • Allocation for rural, agri & allied ind at Rs 1.87 lakh crore, up 24% YoY, says FM
  • Govt to create innovation fund for secondary education
  • 19000 cr allotted for PM Rural road plan in FY18, says FM
  • Dairy Processing Infra Fund Will Be Created W/Corpus Of Rs 8,000 Cr In 3 Yrs
  • Total allocation for rural sector up by 24% AT 1,83000 cr, says FM
  • Long-term irrigation fund set up in NABARD, additional corpus Rs 20,000 cr
  • MNREGA target at 48000 cr in FY18, says FM
  • Participation of women in MNREGA has increased to 55% from 48% in the past, says FM
  • Will bring 1 crore households out of poverty by 2019, says FM
  • 5000 cr worth dedicated micro irrigation fund to be set up by NABARD, says FM
  • Sowing farmers should feel secure against natural calamities, says FM
  • Long-term irrigation fund set up in NABARD, additional corpus Rs 20,000 Cr
  • Will support NABARD to digitise 63,000 primary agri co-ops, says FM
  • 5000 cr worth dedicated micro irrigation fund to be set up by NABARD, says FM
  • Will take steps to make sure farmers get better prices for harvest, says FM
  • Sowing farmers should feel secure against natural calamities, says FM
  • To up crop insurance coverage to 50% in FY19, says FM
  • Will ensure flow of adequate credit to under privileged areas, says FM
  • Govt committed to double farmer income in five years
  • Issuance of soil health cards has gathered momentum, says FM
  • Agenda of Budget 2017-18 is transform, energize & tech India
  • Farmers will benefit from 60-day interest waiver announced by PM, says FM
  • Agriculture expected to grow at 4.1% in the current year, says FM
  • Committed to double farmer income in five years, says FM
  • Propose to present Budget under 10 district themes, says FM
  • Agenda is to transform, energise & clean India, says FM
  • Railways will be the centre stage of government's fiscal policies, says FM
  • Have done away with planned & non-planned allocation, says FM
  • Merger of Rail & General Budget is a historic step, says FM
  • Live Market Updates: Sensex, Nifty flat; Current a/c deficit falls to 0.3% in H1FY17
  • Budget has been advanced to enable parliament to avoid vote on account, says FM
  • Overall approach has been to spend more with fiscal prudence, FM
  • Looking to spend more on rural infrastructure and social spending, says FM
  • We are at an important point of growth & development, says FM
  • Demonetisation seeks to make our GDP cleaner and bigger, says FM
  • Drop in eco activity during remonetisation transient, says FM
  • Impact of demonetisation not expected to spill over to next year, says FM
  • Pace of remonetisation has picked up, says FM
  • IMF pegs India growth at 7.2% in 2017, 7.7% in 2018, says FM
  • Higher growth forecast based on policies, commitment to eco reforms, says FM
  • Overall approach in Budget has been to spend more in rural areas, says FM
  • Surplus liquidity in the banking system will aid in lower cost of lending & credit growth, says FM
  • Finance Minister: Modi govt was elected amid huge expectation of people
  • Finance Minister: Spring is a season of optimism
  • Mission to bring transformatory shift in governance during last 2.5 years
  • Inflation has been controlled; have launched massive war on black money, says FM
  • will continue to uplift vulnerable sections of the society
  • World economy faces a lot of uncertainty, says FM
  • Focus will be on energising youth & create jobs
  • World economy faces a lot of uncertainty
  • IMF estimates world GDP will grow by 3.4% in 2017, says FM
  • CAD declined to 0.3% of GDP in H1 2016-17
  • India has considerably improved its policies w.r.t trade & commerce, says FM
  • Forex Reserves offer a comfortable cover for 12 months of imports, says FM
  • India seen as an engine of global growth
  • Demonetisation a bold & decisive measure, says FM
  • Passing of const amendment of GST, demonetisation tectonic policy shifts

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What is New?

Date: 10-02-2017
DGFT Public Notice No. 58/2015-2020
Amendment in Paragraph 3.06 of Handbook of Procedures 2015-20

Date: 08-02-2017
Customs Notification No. 10/2017 (NT)
Empowering the Principal Commissioner with the powers of Chief Commissioner

Date: 08-02-2017
Instruction
Passing of order under Section 110 of the Customs Act, 1962 – reg

Date: 07-02-2017
Notification No. 06/2017-Customs (ADD)
Seeks to extend the levy of anti-dumping duty, imposed on Cold Rolled Flat Products of alloy or non-alloy steel originating in or exported from China PR, Japan, Korea RP and Ukraine vide notification No. 45/2016-Customs (ADD), dated the 17.08.2016, for a further period of two months.

Date: 07-02-2017
Notification No. 05/2017-Customs (ADD)
Seeks to extend the levy of anti-dumping duty, imposed on Hot Rolled products of alloy or non-alloy steel originating in or exported from China PR, Japan, Korea RP, Russia, Brazil and Indonesia, vide notification No. 44/2016-Customs (ADD), dated the 08.08.2016, for a further period of two months.

Date: 06-02-2017
DGFT Public Notice No. 56/2015-2020
Addition of new sub para 5.03(c)(i) and (ii) and amendment in sub para 5.10(d)(ii) of Handbook of Procedures 2015-20

Date: 02-02-2017
RBI/2016-17/221 A.P. (DIR Series) Circular No. 30
Risk Management and Inter-bank Dealings: Permitting Non Resident Indians (NRIs) access to Exchange Traded Currency Derivatives (ETCD) market

Date: 02-02-2017
RBI/2016-17/220 A.P. (DIR Series) Circular No. 29
Foreign Exchange Management Act, 1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) - Compounding of Contraventions under FEMA, 1999

Date: 02-02-2017
Service Tax Circular No. 203/1/2017–ST
Mentioning of Minor head code of Refund

Date: 02-02-2017
Customs Notification No. 06/2017
Seeks to further amend Notification No. 12/2012-Customs, dated the 17.3.2012 so as to carry out Budgetary changes. Details are contained in Joint Secretary (TRU – I) DO letter dated 31.1.2017.



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