Union Budget 2017 – Key Highlights

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Union Budget 2017 – Key Highlights
• Total expenditure of Budget 2017-18 has been placed at Rs 21.47 lakh crore
• Fiscal Deficit target for 2017-18 is 3.2%; FRBM roadmap to be followed
• Revenue deficit reduced 2.1 % in current fiscal
• Have increased allocation for scientific ministry to Rs 37,435 cr in 2017-18
• The net tax revenue grew by 17% in 2015-16
• Reduce corporate tax for cos with annual turnover Rs 50 crore to 25%
• Long Term Capital Gain – For immovable property reduced to 2yrs from 3yrs
• Carry forward period of MAT increased to 15 years from 10 years currently
• No cash transaction permitted above Rs 3 lakh
• Political parties continue to get funding in cash, maximum funding Rs 2,000 in cash
• Political parties will need to file income tax returns
• CBEC will continue to strive to implement GST
• GST council has finalised recommendations on all issues based on consensus
• No changes in service tax & excise duty as GST draft will be launching soon
• Tax to GDP Ratio is very low
– Income upto 2.5 Lakhs – Nil Tax
– Income above 2.51 Lakhs to 5 Lakhs – Reduces to 5% Tax from 10%
– Income above 50 Lakhs to 1 Crore – 10% surcharge
• To cut presumptive turnover threshold for companies with turnover of up to Rs 2 crore to 6%
For more please download PDF file from below download link,

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