Union Budget 2017-18: Flashes

01 Feb 2017

1
  • Deemed rental taxation relaxed for 1 yr for builders holding stock in trade, says KPMG
  • FIPB may be phased out by 2017-18. New FDI policy under consideration, says KPMG
  • Relaxation in tax incentive conditions could make housing more affordable, says KPMG
  • Cap on cash transaction over 3 lakhs to help increase bank deposit base, EY says
  • Increased purchasing power for aam janta to drive consumption, says EY
  • No Major Changes In Existing Indirect Taxes In Light Of GST Implementation, says EY
  • Simplified Tax Return Forms For Those Earning Salary Income Upto Rs 5 Lakh, Says KPMG
  • Net revenue loss in direct tax could be Rs 20,000 cr due to exemptions, says FM
  • Greater accountability on tax officers for errors of commission & omission, says FM
  • Not proposing many changes to indirect taxes given GST roll-out plan, says FM
  • GST implementation to bring more taxes to states & centre, says FM
  • CBEC will continue to strive to implement GST, says FM
  • GST council has finalised recommendations on all issues based on consensus, says FM
  • Substantial progress in ushering in GST regime, sys FM
  • To levy surcharge of 10% on income between Rs 50 lakh-1 crore, says FM
  • Tax foregone from deduction in tax rate at Rs 15,500 cr, says FM
  • 50% saving in income tax if 1 person is earning up to Rs 5 lakh, says FM
  • Reduce existing tax rate for income of Rs 2.5-5 lakhs to 5% from 10%, says FM
  • Govt trying to bring more people into tax net, says FM
  • For quick refund of tax returns time-frame reduced to 12 months, says FM
  • CBDT circular becomes null & void for FPIs, says FM
  • To exempt some FPIs from indirect transfer provisions, says FM
  • Political parties will need to file income tax returns, says FM
  • Propose to amend RBI Act for issue of electoral bonds for political funding, says FM
  • Maximum cash donation receivable by political party from one source at Rs 2,000, says FM
  • Propose transparency in political party funding, says FM
  • Exempt CVD, SAD on miniature POS & m-POS machines, says FM
  • No transaction over Rs 3 lakh will be permitted in cash, says FM
  • To cut presumptive turnover threshold for companies w/turnover up to Rs 2 cr to 6%, says FM
  • Basic customs duty on LNG cut to 2.5% from 5%, says FM
  • To reduce corporate tax to 25% for companies with a turnover upto Rs 50 cr, says FM
  • Propose carry-forward of MAT to 15 years from 10 years, says FM
  • Not practical to remove MAT, says FM
  • Profit linked-deductions for start-ups reduced to 3 years out of 7 years, says FM
  • Holding period for land & building will be reduced to 2 yrs from 3 yrs, says FM
  • Propose to make changes in capital gains tax for housing, says FM
  • Instead of build-up area, carpet area will be counted for affordable housing, says FM
  • Thrust of tax proposals will be to stimulate growth, says FM
  • Net tax revenue growth at 17% for last 2 years, says FM
  • Post demonetisation deposits above Rs 80 lakh in Rs 1.48 lakh accounts, says FM
  • New Metro Rail Policy to be announced; will open up new job possibilities, says FM
  • Post demonetisation deposits between Rs 2-80 lakh made in 1.09 crore accounts, says FM
  • No of people showing income above Rs 50lk annually is only 1.72 lk people, says FM
  • Govt to set up dairy processing fund
  • India largely a tax non-compliant society, says FM
  • Govt to take steps to promote digital payments at petrol pumps, hospitals, says FM
  • FY18 revenue deficit pegged at 1.9% of GDP, says FM
  • Govt targetting Rs 2,500 cr digital transactions across platforms like UPI
  • Peg fiscal deficit for 2017-18 at 3.2%, in-line with market expectations, says FM
  • Govt raises allocation for MNREGA from Rs 38500 cr in FY17 to Rs 48000 cr in FY18, says FM 12:22 Rev deficit at 2.1%, says FM
  • Tax-to-GDP ratio very low in India, says FM
  • Net borrowing limited to Rs 3.48 lk cr, says FM
  • Govt allocated Rs 10,000 cr for recapitalisation of PSU banks, says FM
  • Peg FY19 fiscal deficit at 3%, says FM
  • Govt doubles lending target of banks to Rs 2.44 lakh cr
  • Peg fiscal deficit for 2017-18 at 3.2%, says FM
  • Govt allocated Rs 3.96 lakh cr for infrastructure, announces a new trade infrastructure export scheme, says FM
  • FRBM panel recommended fiscal deficit at 3% for next 3 years, says FM
  • Govt proposes to create integrated PSU oil major
  • FRBM Review Committee recommends debt to GDP ratio of 60% by 2023, says FM
  • Transport sector allocated Rs 2.41 lakh cr, says FM
  • Defence expenditure excluding pension at Rs 2.74 lakh cr, says FM
  • Govt to set-up new crude oil reserves
  • Total resources to be transferred to states & UTs estimated at Rs 4.11 Lk Cr, says FM
  • Allocation of capital expenditure up 25% YoY, says FM
  • To rationalise number of tribunals, says FM
  • Considering new law to confiscate assets of economic offenders, says FM
  • Web-based pension distribution system for defence to be established, says FM
  • Propose to create an integrated oil major, says FM
  • Amend Negotiable Instruments Act to protect payees of dishonoured cheques, says FM
  • Propose to create a payment regulatory board at RBI, says FM
  • Panel on digital payment recommended reform in digital pay systems, says FM
  • To take steps to promote digital payments at petrol pumps & hospitals, says FM
  • Propose aim of Rs 2.44 lakh cr under Mudra scheme, says FM
  • Targeting 2,500 crore digital transactions across platforms like UPI, says FM
  • Govt will launch 2 new schemes to promote BHIM App, says FM
  • AadhaarPay will be launched shortly, says FM
  • Shift to digital platforms will benefit the common man, says FM
  • Propose revised mechanism for time-bound listing of PSUs, says FM
  • Double lending target of banks to Rs 2.44 lakh crore, says FM
  • Addl Allocation for recap Of PSU Banks Will Be Made If Needed, says FM
  • Will continue use of ETFs for divestment, says FM
  • Re-financing of housing loans to give impetus to real estate sector
  • IRCTC, IRCON & IRFC to be listed on stock exchanges, says FM
  • Rs 10,000 cr allocated for recapitalisation of PSU banks, says FM
  • Govt to take up second phase of solar power development for additional 20,000 MW, says FM
  • Propose to create integrated PSU oil major, says FM
  • National highway allocation at Rs 64,000 cr
  • Listing of CPSE will increase accountability, says FM
  • Atleast 25 stations re-development contracts will be awarded in 2017-18, says FM
  • Expert panel to help integrate spot & derivative commodity market, says FM
  • Announce a new trade infrastructure export scheme, says FM
  • Allocated Rs 3.96 lakh crore For infrastructure, says FM
  • FIPB to be abolished, roadmap in the next few months, says FM
  • Govt proposes to finish 1 cr houses by 2019 for those living in kachcha houses, says FM
  • Govt hiked allocation for women skill development to Rs 1.84 lakh cr in FY18, says FM
  • New FDI policy under consideration, says FM
  • Govt to set up 100 India-International skill centres, says FM
  • 5 special tourism zones to be set up in partnership with states
  • Proposals for electronics manufacturing received in last 2 yrs for Rs 1.26 lakh crore, says FM
  • Under Bharat Net, Optic fibre cable has been laid out In 1,55,000 km, says FM
  • Recent spectrum auctions have removed spectrum scarcity, says FM
  • To take up second phase of solar power development for additional 20,000 mw, says FM
  • Transport sector allocated Rs 2.41 lakh cr, says FM
  • Set-up new crude oil reserves, says FM
  • Bharat Net allocation at Rs 10,000 crore, says FM
  • 2000 km of coastal roads have been identified for development, says FM
  • New rules for pricing medical devices should benefit common man
  • AAI Act to be amended to enable monetisation of land, says FM
  • Cash less reservation have improved to 68% from 58%, says FM
  • National Highway allocation at Rs 64,000 crore, says FM
  • New Metro Rail policy to be announced; will open up new job possibilities, says FM
  • Service charges on e-tickets booked via IRCTC to be withdrawn, says FM
  • Railway Throughput to be enhanced by 10%, says FM
  • To commission 3,500 km of railway tracks in 2018, says FM
  • Unmanned level crossing in railways will be eliminated by 2020, says FM
  • Atleast 25 stations re-development contracts will be awarded in 2017-18, says FM
  • Centre to fund 55k cr out of 1.31 lk cr railway infra budget, says FM
  • Rail Sanraksha Fund will be created with corpus of 1lac crore for rail safety, says FM
  • Propose to invest Rs 1.31 lakh crore in railways in 2017-18, says FM
  • Total capital development outlay for Railway at 1.3 lk cr, says FM
  • Pilot project for Aadhar cards containing health details for senior citizens, says FM
  • Aadhaar-based smart cards to be introduced for senior citizens, says FM
  • Outcome-based monetary measures to SC, ST by NITI Aayog, says FM
  • Allocation to scheduled castes upped to Rs 52,393 crore, says FM
  • New rules regarding medical devices will be formulated; will attract investment in sector, will reduce cost of the devices, says FM
  • Govt committed to ensuring conducive labour environment, says FM
  • Will take legislative reforms to simplify labour laws in India, says FM
  • Propose to amend drug rules to ensure drugs available at reasonable prices, says FM
  • Govt committed to take structural reform in medical education, practice, says FM
  • 1.5 lakh health sub-centres to be transformed to health wellness centres, says FM
  • Will encourage reputed hospitals to start courses, says FM
  • Bank lending rates for housing loans coming down in wake of demonetisation, says FM
  • Affordable housing to be given infra status, says FM
  • Have hiked allocation for women skill development to Rs 1.84 lakh crore in FY18, says FM
  • Mahila Shakti Kendras will aim for Woman Empowerment, says FM
  • Mahila Shakti Kendra will be set up at village level; allocation Rs 500 crore, says FM
  • 5 special tourism zones to be set up in partnership with states, says FM
  • Will set up 100 India-international skill centres, says FM
  • Propose to set up national testing agency for entrance exam for higher education, 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
  • Allocation for rural, agri & allied ind at Rs 1.87 lakh crore, up 24% YoY, says FM
  • 19000 cr allotted for PM Rural road plan in FY18, says FM
  • Will undertake reforms in UGC to improve higher education, says FM
  • Will Achieve 100% Rural Electrification By May 1, 2018
  • Sanitation coverage in rural areas risen to 60% vs 42% earlier, says FM
  • On our way to achieve 100% Village electrification by 1st May 2018, says FM
  • Innovation fund for secondary education to be created, says FM
  • Rs 4,800 crore allocated under Deen Dayal Upadhyaya Gram Jyoti Yojana, says FM
  • 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
  • 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
  • Long-term irrigation fund set up in NABARD, additional corpus Rs 20,000 Cr
  • National agri markets to be expanded to 585 markets, says FM
  • Dairy processing fund initial corpus at Rs 2,000 crore, says FM
  • Modern law on contract farming to be prepared, says FM
  • Propose to integrate farmers to the agro-processing units, says FM
  • Will bring 1 crore households out of poverty by 2019, says FM
  • Coverage of national agriculture market will be expanded, says FM
  • Dairy processing infra fund will be created w/corpus of Rs 8,000 crore in 3 yrs, says FM
  • Long term irrigation fund set up in NABARD, additional corpus Rs 20,000 cr , says FM
  • 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
  • Fasal Bima Yojana coverage will be increased to 40%, says FM
  • Agenda of Budget 2017-18 is transform, energize & tech India, says FM
  • 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
  • Target for agri credit fixed at Rs 10 lakh crore this 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
  • 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
  • Surplus liquidity in the banking system will aid in lower cost of lending & credit growth, says FM
  • Overall approach in Budget has been to spend more in rural areas, says FM
  • Higher growth forecast based on policies, commitment to eco reforms, says FM
  • IMF pegs India growth at 7.2% in 2017, 7.7% in 2018, says FM
  • Pace of remonetisation has picked up, says FM
  • We are at an important point of growth & development, says FM
  • Impact of demonetisation not expected to spill over to next year, says FM
  • Drop in eco activity during remonetisation transient, says FM
  • Demonetisation seeks to make our GDP cleaner and bigger, says FM
  • FM: Passing of const amendment of GST, demonetisation tectonic policy shifts
  • Demonetisation a bold & decisive measure, says FM
  • FM: India seen as an engine of global growth
  • India has considerably improved its policies w.r.t trade & commerce, says FM
  • FM: CAD declined to 0.3% of GDP in H1 2016-17
  • Forex Reserves offer a comfortable cover for 12 months of imports, says FM
  • CPI is down from 6% in July to 3.4% in December, 2016, says FM
  • FM: India a bright spot in global eco landscape
  • FM: Monetary policy stance for US Fed a concern for emerging economies
  • IMF estimates world GDP will grow by 3.4% in 2017, says FM
  • FM: World economy faces a lot of uncertainty

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