Analysts and market experts have welcomed the tax proposals in the Budget saying the slew of pro-business measures along with more inclusive taxation for individuals and small firms, will go a long way in boosting consumption which in turn will help the economy grow faster.
Henceforth, political parties can receive only up to Rs 2000 in cash donations per source as part of a major move proposed in the Budget to cleanse the electoral system of black money.
Meaningful recovery in consumption unlikely as FM focuses targets spends towards rural poor.
CNBC-TV18‘s Sapna Das spoke to Secretary of Finance, Ashok Lavasa wherein he gave the reason for the deviation in the fiscal number to 3.2%.
Despite its sops for various sections of society, the Budget seeks to keep fiscal deficit to 3.2 per cent which is laudable, he said, praising Prime Minister Narendra Modi and Finance Minister Arun Jaitley.
"Budget presented by the finance minister for the year 2017-2018 looks failed to address the objective of Budget as declared by finance minister," BMS said in statement after the Budget, presented in Parliament by Finance Minister Arun Jaitley.
Industrialist Anand Mahindra today welcomed the Budget proposals on cleaning-up political funding and abolition of the FIPB as "big signals" of the government's mindset illustrating its determination to shed legacy and step firmly into the future.
A new era has begun by not only adhering to fiscal prudence but also bringing social equity at the same time, Prabhu said after the presentation of the General Budget by Finance Minister Arun Jaitley.
The Chairman of the Special Investigation Team (SIT) on black money, Justice (retd) M B Shah said in order to check stash funds some "stern steps" are needed to be taken but the government also has to go by the advice of economists and others and not alone them.
The subsidy bill on food, petroleum and fertilisers is estimated at Rs 2,40,338.6 crore for 2017-18 fiscal, according to the Budget proposals presented by Finance Minister Arun Jaitley in Parliament.
Noting that "limited number of individuals availed this deduction", the Union Budget 2017-18 today proposed to rationalise this tax benefit introduced in Finance Act, 2012 and phase it out from assessment year 2018-19.
Hailing the government's decision to grant infrastructure status to affordable housing segment, experts believe it will provide ample push for the sector as developers will now be able to get access to preferential and lower borrowing rates from banks.
To improve ease of doing business, government today announced a paperless online mechanism for registration as brokerage firms, MFs, portfolio managers and other market intermediaries and linking demat accounts with Aadhaar.
In a relief to start-ups, Finance Minister Arun Jaitley today proposed extending the time period for availing tax benefit for three years in the first seven years of existence.
Government today said it will raise Rs 72,500 crore through disinvestment of PSUs, including listing of three railway PSUs IRCTC, IRFC and IRCON, and proposed merger and consolidation to create globally competitive public sector units.
Exporters body FIEO today said investments announced in the Budget on infrastructure, including road, railways and aviation, would help in improving competitiveness and reduce the logistics costs of traders.
"The new capital for state of Andhra Pradesh is being constructed by innovative land-pooling mechanism without use of the Land Acquisition Act. I propose to exempt from capital gain tax," Jaitley said while tabling the Union Budget for 2017-18 in the Lok Sabha.
Unveiling the Budgetary proposals for 2017-18, Jaitley said: "As per the data of assessment year 2015-16, there are 6.94 lakh companies filing returns, out of which 6.67 lakh companies fall in this category. Therefore percentage wise, the 96 per cent companies will get the benefit of this lower taxation".
The government‘s strategic disinvestment plans are in place already and the first such disinvestment can happen in the first quarter of next fiscal, said Arvind Panagariya, Vice-Chairman of NITI Aayog. Fiscal deficit at 3.2 percent by the Finance Minister is a great idea.
Smokers and tobacco consumers will have to shell out more for their indulgence as Finance Minister Arun Jaitley continued with the crackdown on cigarettes and tobacco products by increasing taxes in the Budget for 2017-18.
While greater rebates were expected in individual tax rates, nonetheless the rebate for individuals earning upto 5 lakh will help increase their disposable incomes, says Anshuman Magazine, Chairman â€“ India and South East Asia CBRE.
According to Brotin Banerjee, MD & CEO at Tata Housing, infrastructure status to affordable housing comes as a landmark announcement for the consumers and the real estate industry. A long-standing demand of the sector, the government has realised that housing & infrastructure can be two pillars to increase GDP and accelerate economic growth.
"This is a Budget for the future - for farmers, underprivileged, transparency, urban rejuvenation, rural development, enterprise," Modi said while commenting on the document presented by Finance Minister Arun Jaitley in the Lok Sabha.
Breaking from the past, Finance Minister Arun Jaitley presented a historic Budget in which the railway budget has been merged and the date advanced by a month, retaining the 15 percent surcharge on taxable income above Rs 1 crore.
"A new and restructured central scheme with a focus on export infrastructure, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18," Finance Minister Arun Jaitley said in his Budget speech.