Consumption
of overall economy will boost up due to relief in direct tax for middle class.
Fundamentally there is no change in tax regime except welcoming reduction in
corporate tax for MSME and income tax rate for lowest slab. This budget aims at accelerating consumption
by enhancing expenditure in rural areas and lower taxation for entry level as
well as for small companies which in turn boost up GDP. Allocations to rural
and agriculture are admirable with Rs 10 trillion. Gross tax revenue and nominal GDP in 2017-16
is expected to increase by 12.3% and11.75% respectively. Welcoming steps of
union budget 2017 are curbing black money with capping cash transition limiting
to Rs 3 lakh, enhancing digital payment and improving political funding due to
reduction in minimum cash donation to political parties to Rs 2000. Nutshell,
budget aims at bottom of the pyramid with transformation, transparency and
making Indian move efficient and dynamic.
highlights
of budget 2017,bjp government budget,analysis of budget,budget benefit for
salaried persons,tax slab for 2017
submitted by Anamika Sharma and Piush Sharma
