Finance Minister Arun Jaitley has presented the the historic Union Budget for 2017-18. Historic, not only because it was presented on 1 February instead of the traditional end-of-February ritual, but, this will also be the first time that the Railway Budget was not presented separately but was a part of the Union budget presented by Arun Jaitley.
Finance Minister Arun Jaitley presented the house with the budget on February 1, 2017. There were some new insights to the proposed budget while there were other expected ones. The key takeaways from the budget was on the government’s policy of taxation, suggesting that those that have an annual income of under 5 lac per annum should pay an income tax of only 5%.
As a financial sector reform, the Budget also proposed to abolish Foreign Investment Promotion Board.
Other measures to perk up the financial sector include further integration of commodities and securities derivatives market and full online process of registration of financial market intermediaries like mutual funds, brokers, portfolio managers to improve ease of doing business.
Union Finance Minister Arun Jaitley is all set to present the Union Budget 2017-18 on Wednesday. While there are lot of expectations across the nation from the budget, NewsMobile, decided to unfold some facts about designing the budget.