Union Budget 2017: Highlights of Arun Jaitley’s budget

HERE ARE THE HIGHLIGHTS OF UNION BUDGET 2017

Finance Minister Mr. Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today. Here are the highlights of this year's budget:

• Income Tax rate cut to 5 % for individuals having income between Rs 2.5 lakh to Rs 5 lakh;
• 10 % surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate;
• 15 % surcharge on income above Rs 1 cr to continue;
• Of 3.7 cr individuals who filed tax returns in 2015-16, 99 lakh showed income below exemption limit;
• Direct tax collection not commensurate with income and expenditure pattern;
• Revenue deficit reduced to 2.1 % from 2.3 % for 2016-17;
• Govt pegs fiscal deficit target at 3.2 per cent for 2017-18 and 3 per cent for next year;
• Monetary policy to be expansionary in major economies;
• More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy;
• Pace of remonetisation has picked up demonetisation effects will not spill over to next year;
• Functional autonomy of the railways to be maintained;
• Demonetisation will help in transfer of resources from tax evaders to government;
• Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport;
• Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue;
• GDP will be bigger, cleaner after demonetisation;
• Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation;
• Demonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure;
• We are seen as engine of global growth; IMF sees India to grow fastest in major economies;
• 36 % increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs;
• CAD declined from 1 % last year to 0.3 % in first half of current fiscal: FM;
• India has emerged as bright spot in the world: FM;
• Uncertainty around commodity prices especially oil to have impact on emerging economies: FM;
• Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM;
• We have moved from discretionary based administration to policy based administration: FM Jaitley;
• Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley;
• Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP;
• Committed to double farm income in 5 yrs;
• Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture;
• Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country;
• Budget presentation advanced to help begin implementation of schemes before onset of monsoon;
• Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget;
• World Bank expects GDP growth rate at 7.6 % in FY18 and 7.8 % in FY19;
• Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation;
• Rs 9,000 cr higher allocation for payment of sugarcane arrears;
• Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18;
• Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18;
• National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies;
• 133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14;
• Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore;
• 1 cr households to be brought out of poverty under Antodya Scheme;
• Participation of women in MNREGA increased to 55 % from 45 % in past;
• Modern law on contract farming will be drafted and circulated to states;
• Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore;
• Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act;
• Space technology to be used for monitoring MNREGA implementation;
• Sanitation coverage in villages has increased from 42 % in Oct 2016 to 60 %, a rise of 18 %, says FM;
• We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations;
• To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr;
• 100 % electrification of villages to be completed by May 2018;
• 27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless;
• PM Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad;
• The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore;
• In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions;
• A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up;
• Two new AIIMS to be set up Jharkhand and Gujarat;
• New rules regarding medical devices will be devised to reduce their cost;
• 1.5 lakh health sub centres to be converted to Health Wellness Centres;
• National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18;
• Rs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women & child welfare;
• Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget;
• Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent
• 35 % increase in allocation for SC to Rs 52,393 cr;
• For senior citizens, Aadhaar based health cards will be issued;
• Model Shops and Establishment Bill to open up additional opportunities for employment of women;
• Select airports in tier-II cities to be taken up for operations, development on PPP mode
• New metro rail policy to be unveiled;
• Railway tariffs to be fixed on the basis of cost, social obligation and competition;
• Service charge on e-tickets booked through IRCTC will be withdrawn;
• Delhi and Jaipur to have solid waste management plants and five more to be set up later;
• Government proposes Coach Mitra facility to redress grievances related to rail coaches;
• 500 stations will be differently abled by providing lifts and escalators;
• Unmanned railway level crossings to be eliminated by 2020;
• Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17;
• Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year;
• Rs 1 lakh cr corpus for railway safety fund over five years;
• A scheme for senior citizens to ensure 8 per cent guaranteed returns;
• Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop;
• Digi Gaon will be launched to promote tele-medicine and education;
• Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed;
• Coverage of Fasal Bima Yojana to go up from 30 % of cropped area to 40 % in 2017-18 and 50 per cent next year;
• For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore;
• Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18;
• Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr;
• Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore;
• Dispute resolution in infrastructure projects in PPP mode will be institutionalised;
• Rs 2,74,114 crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital;
• Govt to further liberalise FDI policy;
• Over 90 per cent of FDI proposls are now processed through automatic route;
• FIPB will be abolished;
• Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr;
• Second phase of solar power development to be taken up with an aim of generating 20,000 MW;
• After demonetisation on Nov 8 last year, deposit of between Rs 2 lakh and Rs 80 lakh made in 1.09 cr bank accounts at an average of Rs 5.03 lakh till Dec 30;
• More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed;
• The shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges;
• We are largely a tax non-compliant society;
• New ETF with diverse stocks will be launched in 2017-18;
• Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried;
• Integrated public sector oil major to be created to match global giants;
• Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors;
• Urgent need to protect poor from chit fund schemes, draft bill placed in public domain;
• Computer emergency response team to be set for cyber security of financial sector;
• Govt to introduce two new schemes to promote BHIM App - referal bonus for users and cash back for traders;
• Govt doubles distribution target under Mudra Yojana to Rs 2.44 lakh crore for 2017-18;
• Over Rs 80 lakh deposits in 1.48 lakh cr at an average of Rs 3.31 cr per account;
• Customs duty on LNG halved to 2.5 %;
• FPI to be exempt from indirect transfer provisions;
• Political parties can receive donations in cheque, electronic mode; electoral bonds to be issued by RBI;
• Maximum amount of cash donation a political party can receive will be Rs 2000 from any one source as part of effort to clean political funding;
• Capital expenditure stepped up by 25.4 % in FY18 over previous year;
• Total expenditure in FY18 at Rs 21.47 lakh cr;
• Duty exempted on various POS machines and iris readers to encourage digital payments;
• Rs 7,200 cr revenue loss due to reduction in tax on smaller companies;
• Govt mulling introduction of legal changes to confiscate assets of offenders, including economic offenders, who flee the country;
• Govt to set up a web-based interactive platform for defence pensioners;
• Head post offices to issue passports;
• Govt considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment;
• FRBM review committee has recommended 60 % debt to GDP ratio; 0.5 % of GDP deviation from stipulated fiscal deficit targets;
• Payment regulatory board to be set up in RBI to regulate electronic payments, replacing Board for Regulation and Supervision in Payments and Settlements System;
• 3 yr period for long-term capital gains tax on immovable property reduced to 2 years; base year indexation shifted from 1.4.1981 to 1.4.2001;
• A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration;
• GST implementation to bring more taxes to Centre and states;
• No transaction above Rs 3 lakh in cash will be allowed as suggested by SIT;
• Customs duty on LNG to be reduced from 5 % to 2.5 %;
• To make MSME companies more viable, govt proposes to reduce IT tax with annual turn over of Rs 50 core up to 25 per cent;
• I-T for smaller cos with turnover of upto Rs 50 cr up to 25 per cent
• Not possible to remove MAT levied on advance tax for now; carry forward allowed for 15 yrs instead of 10 yrs
• Relaxation in norms for Start Ups for getting tax exemption;
• Capital gains tax exempted for the land pooled to build new capital of Andhra Pradesh effective from 2.6.2014;
• Increase in personal tax collections is 34.8 per cent in last three quarters. Demonetisation has played a role;
• 17 % growth in direct tax revenue for the second year in a row in 2016-17;
• As against 4.2 crore people working in organised sector, only 1.74 crore individuals filed income tax returns;
• Solar tempered glass used for manufacture of solar cells/panels exempted from customs duty;
• Import duty on aluminium ores and concentrates raised to 30 % from nil presently;
• Actual revenue loss on tax proposals Rs 22,700 cr; gain from additional resource mobilisation is Rs 2,700 cr;
• Net revenue loss from direct tax proposals to be about Rs 20,000 cr;
• Excise duty on pan masala containing tobacco (Gutkha) raised to 12 % from 10 %;
• Excise duty on non-filter cigarettes of length not exceeding 65 mm raised to Rs 311 per thousand from Rs 215 per thousand;
  
  
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BILL OF ENTRY IN THE NAME OF THE ASSESSEE WITHOUT THE ENDORSEMENT OF PROPER OFFICE OF CUSTOMS IS A VALID DOCUMENT FOR AVAILING CENVAT CREDIT- ALLAHABAD HIGH COURT

This is a Central Excise Appeal under Section 35-G of the Central Excise Act, 1944 against the order passed by the Tribunal dated 01^st July, 2011 for the period of 2008.

In the present case, M/S International Tobacco Co. Ltd., (herein referred to as the “Assessee” or “Manufacturer”) imported capital goods, which were in the nature of machine. The said machine had been brought in the name of M/s Godfrey Phillips India Ltd. and Assessee took CENVAT Credit on the same. Thereafter, the aforesaid machines were diverted to the Assessee premises. The Department in appeal alleged that the said diversion was made in violation of Rule 9 of the CENVAT Credit Rules, 2004.

Earlier, the Tribunal in his order held that Assessee had not made any violation under Rule 9 of the CENVAT Credit Rules since there was no dispute about the duty paid on the capital goods and receipt of same by the Assessee and used also for its own internal purposes.

Learned counsel for the Assessee has argued that the requirements of Rule 9(2) were fully satisfied in the matter of Assessee.

Rule 9(2) of the CENVAT Credit Rules, 2004 has been reproduced as under:

"9(2)-No CENVAT credit under sub-rule (1) shall be taken unless all the particulars as prescribed under the Central Excise Rules, 2002 or the Service Tax Rules, 1994, as the case may be, are contained in the said document.

Provided that if the said document does not contain all the particulars but contains the

• Details of duty or service tax payable,
• Description of the goods or taxable service [Assessable value, Central Excise or Service tax registration number of the person issuing the invoice, as the case may be,]
• Name and address of the factory or warehouse or premises of first or second stage dealers or [provider of output service], and
• The Deputy Commissioner of Central Excise or the Assistant Commissioner of Central Excise, as the case may be, is satisfied that the goods or services covered by the said document have been received and accounted for in the books of the account of the receiver, he may allow the CENVAT credit.]

After hearing both the parties, the division bench upheld the order of the Tribunal.

And Accordingly dismissed the appeal of the Department.

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Reversal of Bank charges on payments/transfers to accounts

Well, as we all knows that we all the people of India have entered into 21st century where our PM Mr. Modi is focusing on cash less payments and transfers. It is really a head off decision for me and I think for all of us as well. 


https://www.change.org/p/rbi-reserve-bank-of-india-reversal-of-bank-charges-on-payment-transfer-to-account

I urge RBI- Banks should not charge on transfer done to your account


Please sign this petition to support.

MCA notified all most all sections under the Companies Act 2013

Ministry of Corporate Affairs ("MCA") vide its notificaions issued on December 7, 2016 notified all most all the sections which are left  under the Companies Act, 2013. These sections will come into force with effect from December 15, 2016. In this regard please find below links of the notifications:

http://www.mca.gov.in/Ministry/pdf/commencementnotif_08122016.pdf 

http://www.mca.gov.in/Ministry/pdf/CompaniesTransferofPending_08122016.pdf

National anthem must be played in theatres before movies, orders Supreme Court

All Indians will now compulsorily have to stand up and listen to the National Anthem before they can watch a movie in a theatre, the Supreme Court ordered.

When the National Anthem is being played or sung in a cinema hall, its doors must remain locked so that no one can create any kind of disturbance that will amount to disrespect to the National Anthem, a bench comprising Justices Dipak Misra and Amitava Roy said in an interim order on Wednesday.

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http://economictimes.indiatimes.com/articleshow/55701176.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst