What you wanted vs. what you got in Budget 2017
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After demonetisation, every class of citizens had big expectations—realistic or not—from the government to offer some sort of relief. However,
Below are the details of what different sections wanted and what they got in Budget 2017.
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Individual taxpayers
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What you got: Tax rate for individuals in the lowest income tax slab—Rs 2.5 lakh to Rs 5 lakh—to 5 per cent instead of 10 per cent.
Corporates
What you wanted:
What you got: MAT allowed to be carried forward for 15 years from 10 years now. Corporate tax was reduced to 25 per cent—but only for those with an annual turnover of up to Rs 50 crore.
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ALSO READ: Where Indian start-ups stand globally after Union Budget 2017-18IT companies
What you wanted: Weighted deduction on
What you got: Nothing.
Youth
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What you wanted: Cheaper mobile phones and other electronic gadgets. More affordable education loans. More jobs.What you got: No immediate benefit but several schemes with long-term impact: schemes to promote skills and employment-linked training in the rural India; making school and college education more outcome-based; effective accreditation for colleges; and SWAYAM platform with at least 350 online courses.
Banks
What you wanted: Tax exemptions customers as well as vendors/merchants conducting digital transactions above a certain limit. More capital infusion.
What you got: Increase in allowable provision for non-performing assets of banks from 7.5 per cent to 8.5 per cent. No additional capital infusion except Rs 10,000 crore under the ongoing Indradhanush scheme.
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Housing sectorWhat you wanted: Higher income tax incentives for first-time home buyers. Infrastructure status to the housing sector.
What you got: Affordable housing given infrastructure status. Tax relief to real estate developers on the unsold stock as a liability to pay capital gains will arise only in the year a project is completed.
Mobile manufacturers
What you wanted: A 10-year tax holiday for local mobile manufacturers. Exemption of duty on import of capital goods used
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in the manufacturing of mobile handsets and components.What you got: The government has proposed to impose a 2% special additional duty on populated printed circuit boards (
The poor
What you wanted: The way The Economic Survey 2016-17 advocated universal basic income, there was an expectation that something similar will be offered in the Budget. Cheaper daily use goods.
What you got: Nothing.
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The middle classWhat you wanted: Moving up of the lowest income-tax slab. More income tax exemptions on a home loan. Cheaper consumer durables.
What you got: Tax rate for individuals in the lowest income tax slab—Rs 2.5 lakh to Rs 5 lakh—to 5 per cent instead of 10 per cent.
What you wanted: Lower interest on loans. Incentives for women entrepreneurs.
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What you got: Advertisement
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