The Finance Minister of India presented the Union Budget 2017-18 today amid uncertainty due to the death of senior politician and MP E Ahamed. He presented the budget of BJP government which came to power in 2014. The Railway budget is also combine in the Union budget for the first time in 92 years. After the presentation of the Union budget, both Houses of Parliament will be adjourned for the day.
Below are the Live Updates of the Budget Speech by FM Arun Jaitley:
12. 55 pm: Arun Jaitley concludes his budget presentation
12. 52 pm: One page tax filing form for taxable income under Rs 5 lakh
12. 53 pm: Taxation for individuals with income between 2.5 lakh to 5 lakh to 5% instead of 10%;
12. 52 pm: Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore; Surcharge on Rs 1 crore or more remains unchanged.
12. 48 pm: Government will amend the Negotiable Instruments (NI) Act to create regulation for the payment security for the holders of dishonoured cheques.
12. 45 pm: On Political funding reforms:
- Maximum political party funding that can in form of cash will be Rs 2000 from any one source.
- Political parties to recieve donations by cheque or digital mode
- The Donor can purchase bonds from authorized banks which are redeemable at registered accounts of party.
12. 43 pm: Going forward, to propose all large government receipts through e-transactions
12. 42 pm: There will not be any validity of cash transactions above Rs 3 lakh
12. 40 pm: Reduction of customs duty on LNG from 5% to 2.5%
12. 39 pm: In a boost to MSMEs, Tax rate reduced to 25% for the firm with an annual turnover up to 50 crores
12. 37 pm: Announcement of creation of 2,000 kms of Coastal roads of 2,000 for Coastal Economic Zones
12. 38 pm: India’s net tax revenue grew by 17% in 2015-16
12. 34 pm: Post demonetization, deposits between Rs 2 to 80 lakh made in 1.09 cr accounts
12. 33 pm: In a shocking revelation, only 76 lakh individuals have reported income of over Rs 5 lakh, out of which 56 lakh are salaried
12.31 pm: Advance tax collection on personal income tax increased by 34.8%
12. 30 pm: The rate of growth in advance tax in personal income tax domains has increased by 34.81%
12. 29 pm: Only3.7 crore individuals filed tax returns out of which 99 lakh had zero tax. Only 1.26 lakh people have an income of more than 50 lakh.
12. 28 pm: Total resources being transferred to the states & union territories with legislature is Rs 4.11 lakh crore.
12. 26 pm: Allocation for national highways increased to Rs 64,000 cr from Rs 57,676 cr.
12. 25 pm: Fiscal Deficit target for 2017-18 is 3.2%.
12. 22 pm: Rs 2.74 lakh crore of Defense expenditure excluding pension in FY 17-18.
12. 21 pm: Rs 21.47 lakh crore is the total expenditure of budget 2017-18.
12. 20 pm: Head Post Offices will now be used as the front office for passport services.
12. 19 pm: India’s Forex reserves can cover for 12 months of imports.
12. 18 pm: Proposing new laws to confiscate assets of offenders who left country.
12. 18 pm: PPP development of tier-II cities airport, operations to start soon.
12. 17 pm: Chandigarh and eight districts of Haryana have been declared Kerosene free.
12. 15 pm: IRCTC to be listed in stock market.
12. 14 pm: Railway tariffs to be fixed on the basis of cost, social obligation and competition.
12. 13 pm: BHIM App has 125 lakh subscribers; merchant version of Aadhaar-enabled payment will be launched shortly for those without debit cards, mobile phones.
12. 12 pm: Government to launch two new schemes to promote the use of BHIM app.
12. 11 pm: Tribal, Dalit, women will get priorities for new enterprises.
12. 10 pm: New and improved action plan to eradicate Kala Azar and Filariasis from the nation by 2017, Leprosy by 2018, Measles by 2020 and Tuberculosis by 2025.
12. 09 pm: 35% increase in the Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr.
12. 08 pm: Transport sector to get Rs 2.41 lakh crore and Bharat Net Project will get Rs 10,000 crore.
12. 06 pm: The Foreign Investment Promotion Board (FIPB) to be abolished.
12. 05 pm: Liberalisation of the FDI policy in few days.
12.00 pm: Infrastructure investment of Rs 3,96,135 cr
11. 59 am: AllRailways coaches to have bio-toilets by 2019.
11. 57 am: 25 new stations to be operationalize during 2017-18; Lifts and escalators in 500 stations
11. 56 am: New policy for metro rail development, focusing on job growth for youth
11.55 am: No service charge for ticket booking at IRCTC
11. 54 am: Rs 55000 crore for Railways in Budget 2017. Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18.
11. 53 am: Swachch railways on focus, dedicated trains for pilgrimage and tourism
11. 52 am: Restructuring of University Grants Commission, reforms in education sector
11. 50 am: To eradicate the tuberculosis by 2025.
11. 49 am Jharkhand and Gujarat to get one new AIIMS Hospital each
11. 49 am: Ministries related to welfare of women and children to get Rs 1,84,632 cr.
11.48 am: The government is looking to complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses.
11. 47 am: SANKALP – 4000 crores allotted to train for market oriented training. At least 3.5 crore youth will be provided market-relevant training under Sankalp program.
11. 45 am: 100% village electrification by May 1,2018
11. 43 am: To set up for soil testing in all 648 krishivigyan kendras
11. 42 am: Allocation for Pradhan Mantri Awaaz Yojana up from 15,000 cr to 23,000 cr
11. 40 am: Sanitation in rural areas has gone up from 42% in October 2014 (launch of Swachh Bharat) to 60% now.
11.37 am: PMGSY roads work accelerated to 133 km roads/day in 2016-17 as against 73km/day during 2011-14
11. 35 am: MGNREGA should create productive asets to improve farm productivity, incomes.
11. 34 am: Allocation for MNREGA at Rs 48,000 crore. MGNREGA has 55% participation of women.
11. 30 am: Nabard to get 63,000 functional PACs.