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Finance Minister Arun Jaitley presented the Union budget 2017-2018 in Lok Sabha today i.e. 1st February 2017. This was the fourth budget by the Narendra Modi government. The Union Budget 2017 was broadly focused on 10 broad themes - farmers, rural population, youth, poor and health care for the underprivileged; infrastructure; financial sector for stronger institutions; speedy accountability; public services; prudent fiscal management; tax administration. The key highlights of Union Budget 2017-2018 are:
FUNDING OF POLITICAL PARTIES
- Maximum amount of cash donation for political parties will be Rs 2,000 from any one source from Rs 20,000
- Political parties will be entitled to receive donations by cheque or digital mode from donors.
- Amendment is being proposed to RBI Act to enable issuance of electoral bonds that government will scheme. Donor can purchase these bonds from banks or post office via cheque or digital transactions. They can be redeemed only by registered political parties.
TAX PROPOSALS
- India's tax to GDP ratio is not favourable.
- Out of 13.14 lakh registered companies, only 5.97 lakh companies have filed returns for 2016-17.
- Proportion of direct tax to indirect tax is not optimal.
- Between Nov 8 to Dec 30: Deposits between Rs 2 lakh and Rs 80 lakh was made in 1.09 crore accounts.
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