On 1 February, Finance Minister Arun Jaitley presented the Union Budget 2017 in Parliament. FM Jaitley, during his speech, announced 10 distinct themes: Farmers, rural population, energizing youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management and tax administration.
Here are the things that will impact you:
- FM Jaitley has announced a Rail Sanrakshan Kosh with a corpus of Rs.1 lakh crore. Unmanned level crossings are proposed to be eliminated by 2020 to improve the security of Railways.
- Dedicated trains for religious tourism to be introduced.
- By 2019, all coaches of Indian Railways will be fitted with bio-toilets.
- A new metro rail policy is set to be announced which will open up new jobs for the youth.
- People will no longer have to pay service charge while booking e-tickets on IRCTC.
- Income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh slashed to 5 % from the current 10%.
- 10% Surcharge has been imposed on individuals with annual income between Rs 50 lakh and Rs. 1 crore.
- Basic custom duty for LNG has been reduced from 2.5% from 5%.
- Five percent tax reduction for companies with annual turnover of less than Rs 50 crore. Now such companies will have to pay 25% tax as against the current tax of 30%.
- Cash transaction above Rs 3 lakh is now not allowed as the government has accepted recommendation of Black money special investigation team (SIT) regarding putting a cap on cash transaction.
- Max amount political party can receive in cash donation will be Rs 2000 from any one source.
Political parties will be entitled to receive donations by cheque or digital mode.
- Senior citizens will be provided Aadhar cards mentioning their health conditions.
- 2 new AIIMS to come up in Jharkhand in Gujarat.
- Action to be taken to eradicate leprosy by 2018, measles by 2019 and tuberculosis by 2025.
- 28,000 arsenic and Flouride -affected areas will get safe drinking water in the coming four years.
- Skill centres to be set up across the country to help youth seeking opportunities outside the country.
- Colleges to be given autonomous status. Arun Jialtey says, while talking about higher education.
- National Testing Agency are set to transform higher studies, entrance exam structure.
- Government will set up mini labs to cater to the needs of farmers. Additional 100 mini labs will be set up by entrepreneurs.