Indian New Union Budget 2017 - 18 highlight update. India New Budget 2017 - 2018Key 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 NotificationsBudget changes in Custom DutyBudget changes in Excise DutyBudget 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 Latest Import Export News DateSubject 18-04-2024New Indian envoy meets Russian Foreign Minister Sergey Lavrov; discusses high-level bilateral exchan 18-04-2024India's economy to grow at 8-8.3 pc in current fiscal: PHDCCI 18-04-2024Ahead of Elon Musk's visit, Centre notifies liberalised FDI norms for space sector to boost foreign 17-04-2024RBI issues directive for cardholders, says no entity except card issuer, card networks can store tra 17-04-2024CBDT signs record number of 125 Advance Pricing Agreements in FY24 17-04-2024India to remain global growth driver in foreseeable future: IMF executive director 17-04-2024Oil prices broadly steady, economic woes offset geopolitical support 16-04-2024Government imposes port restrictions for exporting essential commodities to Maldives 16-04-2024Can conflict in West Asia impact the Indian, global economy? 16-04-2024India's pharma exports to US surge 15% in 11 months of FY24
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 18-04-2024 New Indian envoy meets Russian Foreign Minister Sergey Lavrov; discusses high-level bilateral exchan Date: 18-04-2024 India's economy to grow at 8-8.3 pc in current fiscal: PHDCCI Date: 18-04-2024 Ahead of Elon Musk's visit, Centre notifies liberalised FDI norms for space sector to boost foreign Date: 17-04-2024 RBI issues directive for cardholders, says no entity except card issuer, card networks can store tra Date: 17-04-2024 CBDT signs record number of 125 Advance Pricing Agreements in FY24 Date: 17-04-2024 India to remain global growth driver in foreseeable future: IMF executive director Date: 17-04-2024 Oil prices broadly steady, economic woes offset geopolitical support Date: 16-04-2024 Government imposes port restrictions for exporting essential commodities to Maldives Date: 16-04-2024 Can conflict in West Asia impact the Indian, global economy? Date: 16-04-2024 India's pharma exports to US surge 15% in 11 months of FY24 What is New? Date: 12-04-2024 NOTIFICATION No. 09/2024 – CENTRAL TAX Seeks to extend the due date for filing of FORM GSTR-1, for the month of March 2024 Date: 10-04-2024 NOTIFICATION No. 08/2024- Central Tax Seeks to extend the timeline for implementation of Notification No. 04/2024-CT dated 05.01.2024 from 1st April, 2024 to 15th May, 2024 Date: 08-04-2024 Notification No 07/2024 – Central Tax Seeks to provide waiver of interest for specified registered persons for specified tax periods Date: 04-04-2024 Notification No. 27/2024 - Customs (N.T.) Exchange Rate Notification No. 27/2024-Cus (NT) dated 04.04.2024-reg Date: 26-03-2024 Notification No. 24/2024 - Customs (N.T.) Exchange Rate Notification No. 24/2024-Cus (NT) dated 26.03.2024-reg Date: 14-03-2024 NOTIFICATION No. 17/2024-Customs Seeks to amend notification No. 57/2017-Customs dated 30.06.2017 so as to modify BCD rates on certain smart wearable devices. Date: 12-03-2024 NOTIFICATION No. 15/2024-Customs Seeks to amend specific tariff items in Chapter 90 of the 1st schedule of Customs Tariff Act, 1975. Date: 12-03-2024 NOTIFICATION No. 16/2024-Customs Seeks to amend Notification No. 50/2017-Customs dated 30.06.2017 so as to change the applicable BCD rate on specified parts of medical X-ray machines. Date: 07-03-2024 Notification No. 18/2024 - Customs (N.T.) Exchange Rate Notification No. 18/2024-Cus (NT) dated 07.03.2024-reg Date: 06-03-2024 Notification No. 13/2024-Customs Seeks to amend notification No. 50/2017- Customs dated 30.06.2017, in order to reduce the BCD on imports of meat and edible offal, of ducks, frozen, subject to the prescribed conditions, with effect from 07.03.2024.
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