This year’s rollout of the Union Budget was a much awaited one. Firstly because it was coming up way too early than the usual schedule, in early February instead of March. And secondly, it contained both the union and the rail budget in a single capsule, defying the age-old tradition of presenting a separate rail budget.
And instead of just these two factors, there were major reasons like Demonetisation and the implementation of The Goods and Services Tax, to look out for.
First, Demonetisation and its effects.
After demonetisation it was expected that the Union Budget will bring in some reforms and proposals that might revive the economy. But as said by our Finance Minister, pace of remonetisation has already pciked up and we’ve been assured that, effects of demonetisation will not spill over to the next financial year.
Second is the much talked about – The Goods and Service Tax.
Government is positive about roll out of GST on 1st July. Thus, no delay there. There’ll be a 4-tier tax of 5, 12, 18 and 28 with additional charge on luxury and harmful goods like tobbaco.
Rest, as a concerned common man would want to know,
These key highlights are most likely to affect the common people –
Here’s an article that lists some commodities that will get costly and other that will be cheaper.
17 important highlights of budget 2k17
- Cash transactions above 3 lakshs have become illegal.
Now every transaction worth more than Rs. 3 lakhs has to be carried out, or at least reported digitally.
- Service charge withdrawn from IRCTC.
- Tax rate reduced to 5% for 2.5 – 5 lakhs bracket.
- Corporate tax rate is reduced to 25% for MSMEs whose turnover is less than 50 crores.
- Minimum alternate tax credit is extended to 15 years. A Huge benefit for startups.
- The period of raising tax returns is reduced to a year.
- Customs duty reduced to 2.5% from 5%. Few imports can become cheaper. Exports may hike.
- Allocation to Bharat Net program at Rs10,000 crore. Maybe an alternative to Jio.
- Enabling Adhar card based payments.
- You can avail your passport services in any of the Head Post offices. The Sushma government has already taken over the Twitter generation with a gasp: all they needed were some very witty tweets just at the right time delivered to the right people. Making travel in and out of the country is becoming easier, even if Trump is trying his hardest against it. Relaxing passport rules came early this year and then came this one topping to it in the budget. Well, Well Done!
- 100% electrification of villages.
- Colleges to be given more autonomy based on rankings.
- Swayam platform for virtual learning for IT field.
- A common National Testing agency to be established for all entrance exams, freeing up CBSE, AICTE and other bodies.
- 100 Indian international skill centres to be established with courses in foreign languages. This will help the future of India as most of people have to find jobs outside India.
- Rs4,000 crore allocated to launch skill acquisition and knowledge awareness
- High speed Internet to be allocated to 1,50,000 gram panchayats.