Union Budget 2017-LIVE UPDATES
12.35 pm: The net tax revenue grew by 17% in 2015-16.
12.37pm: Jaitley added Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, to strengthen MSME sector.
12.39pm: The basic customs duty on LNG to be reduced from 5% to 2.5%.
12.40pm: The Indian Government is committed to make our taxation rate reasonable, our tax administration more fair and expand the tax base of the country.
12.41pm: No cash transactions above Rs 3 lakh should be made from now onward.
12.42: A proposal to receive all government receipts beyond a certain threshold through e-modes under consideration, says Arun Jaitley.
12.44pm: The additional step amendment proposed to RBI act to enable issuance of electoral bonds in accordance to scheme by GOI. Donor could purchase bonds from authorized banks, which are redeemable only in registered accounts of party.
12.45pm: Jaitley questions what does the markets look like right now? BSE Sensex at 27,656.70 and Nifty at 8,548.85.
12.47pm: The Government is considering option to amend Negotiable Instruments Act to ensure that holders of dishonored cheques get payment
12.50pm: Arun Jaitley added that the existing rate of taxation for individuals with income between 2.5 lakh to 5 lakh to 5% instead of 10%.
