The Lok Sabha has been adjourned after Union Finance Minister Arun Jaitley concluded his Union Budget 2017-18 speech on Wednesday.
It was the first time in the history of independent India that a combined budget (Railways and general) was presented simultaneously.
Some of the key announcements of the 2017-18 Budget were:
• Total expenditure of budget 2017-18 has been placed at Rs 21.47 lakh crore.
• Proposal to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%.
• Surcharge of 10% for those whose annual income is Rs 50 lakh to 1 crore
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• 5 % surcharge on incomes above Rs 1 crore to continue.
• Political parties continue to receive most funds through anonymous donations. 70 years if independence the country has not been able to make political funding transparent.
• Maximum cash donation any party can receive will be Rs 2000 from one source.
• Political parties will be entitled to receive donations by cheque or in the digital mode from their donors.
• Fiscal Deficit target for 2017-18 is 3.2%.
• Unmanned railway level crossings to be done away with by 2020.
• Rs 2.4 lakh crore allocated for transport sector as a whole expenditure towards high-ways raised to Rs 64,000 crore.
• By 2019, all coaches of Indian Railways will be fitted with Bio-toilets.
• Service charges on e-tickets booked through IRCTC will be withdrawn.