Budget 2018: India eyes doubling of foreign tourists to 20 mn by 2020: Alphons

India, which noticed a report quantity of foreign traveler Arrivals (FTA) of 10 million in 2017, is concentrated on to double this variety in next 3 years, Minister of state Tourism k J Alphons on Thursday said.

"We crossed 10 million FTAs in 2017 and if we include non-resident Indians travelling the u . s . then the range went as much as over 17 million. In greenback phrases our income have long gone up through 20.2 per cent, which is a excellent

growth in comparison to the sector tourism that grew by way of less than five per cent," the minister stated at the sidelines of OTM 2018.

those are very encouraging numbers and the government is running in the direction of doubling each the FTAs and forex

earnings within the next 3 years, he delivered.

"To make this possible we're operating with the nation governments and with the industry, as they have a huge role to play. So we're all operating together and make this feasible," he stated.

India is doing thoroughly the world over and is 13th in terms of overseas vacationers arrival and seventh in Asia Pacific, the minister stated.

"We are becoming properly spenders who are contributing 6.88 consistent with cent to the GDP and we also are contributing 12.6 according to cent to the employment," he introduced.

On the upcoming Tourism policy, Alphons said, it need to be out in two or 3 months, as "we are incorporating new thoughts".

whilst requested approximately expectation in Budget 2018, he stated "we are hoping to get extra than closing year...i'm hoping they will be beneficiant within the Budget allocation."

Maharashtra Tourism Minister Jaykumar Rawal, who become also present at the occasion, stated Mumbai has one of the

first-rate airports in the international and is likewise building a international-magnificence cruise port.

"we're constructing an international cruise port with an funding of Rs five,000 crore, which funded by the authorities at Mazagon Dock. it will likely be operational through 2020," Rawal added.

inside the 3-day OTM 2018, which is organised by using Fairfest Media, over 45 countries, over 21 states and Union Territories and over 1,one hundred exhibitors are participating.

Budget 2018: This is what the technology sector wants from FM Arun Jaitley

The FY19 Union Budget is expected to be a populist and more spending towards social sectors

The authorities is probable to stick to the medium-term financial consolidation plan via targeting 2018-19 fiscal deficit at three in keeping with cent of GDP, a Deutsche bank document says.

in keeping with the worldwide economic services major, the fiscal deficit target for this financial 12 months is possibly to be revised upward to 3.4 consistent with cent of GDP.

"We count on the authorities to goal FY19 monetary deficit at 3 in keeping with cent of GDP, from a possible upward revised three.4 consistent with cent of GDP outturn in FY18," Deutsche bank said in a research be aware.

in step with the record, the 2017-18 fiscal target can be breached by using about zero.2 consistent with cent of GDP, even after numerous adjustments at the revenue and expenditure the front.

The FY19 Union budget 2018, to be announced on February 1, is predicted to be a populist and greater spending toward social sectors, this will no longer have an effect on the economic state of affairs much.

The government will likely re-allocate extra spending towards sectors including infrastructure (roads and railways), low-priced housing and rural development, to create greater jobs and reduce rural misery, even as positive sectors which do not function in the priority list will likely acquire lesser allocation, it delivered.

while infrastructure, low-priced housing and rural improvement will probable see a huge boom of allocation, it can no longer translate into big increases in percentage of GDP terms, which topics greater for the monetary maths, it referred to.

With global oil expenses soaring close to $70/barrel, kingdom economic budget closing under strain and fixed earnings markets displaying signs and symptoms of anxiousness, "it makes experience for the government to stick to medium-term monetary consolidation plan through targeting FY19 economic deficit at 3.zero per cent of GDP as consistent with the FRBM directed drift route, the report said.

As in keeping with the FRBM directed drift course, the vital authorities's financial deficit desires to be delivered down to 3

according to cent of GDP by way of 2018-19 and sustained at the ones levels even in 2019-20.

Budget 2018 may waive NOC to streamline transfer of stressed assets

NOC will be waived for transactions between firms under insolvency and those buying their assets

To in addition ease the insolvency and bankruptcy process and streamline the purchase of stressed property, Union Finance Minister Arun Jaitley may also remove no-objection certificate required for asset transfers.

This comes beneath phase 281 of the income-Tax Act, and it will likely be waived for transactions between corporations

underneath insolvency and those shopping for their assets.

aside from this, the Budget 2018 may take away stamp obligations on transfers of burdened assets. The relevant Board of Direct Taxes (CBDT) has stated that the minimum change tax will no longer be applicable to firms undergoing insolvency court cases.

except, the finance minister’s speech is likewise probably to reside on three largest “disruptive” reforms achieved in recent times, demonetisation, the goods and services tax, and insolvency court cases.

sources say Jaitley will present a file card of all three measures and might reveal new info, aside from the facts out inside the public domain.

section 281 of the profits Tax Act, 1961, calls for an assessee to obtain the permission of the assessing officer before

growing a rate on or transfer of sure assets, including land, building, machinery, production facilities, and others.

sources who have interacted with the finance ministry in addition to the ministry of corporate affairs in the run-as much as the price range say that deliberations are taking region to do away with the provision for businesses acquiring

pressured assets. “This, along side the difficulty of the MAT and stamp duty, will ease the system of obtaining property of corporations which have undergone the financial ruin method via the country wide corporations law Tribunal (NCLT),” said a source.

With promoters out of the photograph, corporations which are eligible to shop for stressed assets are stated to have made representations to the government to make the acquiring manner simpler. The stamp responsibility on purchases of belongings varies from state to country. however since the insolvency manner comes under the Centre, states may be consulted on any selection to eliminate the stamp responsibility.

budget 2018: Will Modi govt fulfil housing expectations of millions?

To provide comfort to home consumers as well as inspire investment in under-production homes

The "Housing for All through 2022" project has set the stage for a sturdy healing in the residential property market. in thebeyond years, we've got visible an unparalleled recognition on reforms channelised via the Benami Transactions (Prohibition) modification Act 2016, demonetisation, real property Regulatory Act (RERA) and the goods and offerings Tax (GST) regime. So, this time, the finances for FY2018-19 may be plenty more vital than ever. The provisions, if moved in niceguidelines, could have the electricity to hold the momentum and cement domestic consumers' self assurance.

at the same time as such a lot of difficult decisions have already been taken, it will be worthwhile to rationalise further the direct tax systems impacting domestic customers. I accept as true with that there's room for development in some of the high earnings tax (IT) provisions meant to incentivise the home shoppers.

Deduction on home mortgage hobby: The IT Act has provisions below which a home purchaser can claim a deduction on home mortgage hobby paid in the direction of an beneath-construction property, in five identical instalments for fivefinancial years. however this deduction is blanketed within the common deduction amount of Rs 2 lakh that you canclaim in a financial yr.

Union Budget 2018 : also, the situation of equal deduction for the duration of five years leaves restricted room for domestic consumers to claim benefit of the cutting-edge yr's interest paid. buyers can claim the advantage handiest after receiving possession of the assets and as a result there may be no gain at some point of the construction duration. Given so many residences are delayed in ownership, the interest factor paid all through production can also end up very high.

pattern this: A domestic consumer pays Rs 7.five lakh over five years of construction duration as hobby in the direction ofhome mortgage. In this case, he can declare Rs 1.five lakh every 12 months, but then this amount is protected inside thebasic limit of Rs 2 lakh, as a result making no good sized impact on his taxable earnings.

To provide relief to home consumers as well as encourage investment in below-creation homes, the authorities should introduce a separate tax advantage for pre-EMI hobby for the duration of the construction length.

Deduction on interest paid after of entirety for allow-out houses: As price range 2017 has imposed a restrict of Rs 2 Lakh on deduction of interest paid for non-self-occupied properties beneath segment 71 of earnings Tax Act, funding in residences for condo have become less appealing. condo housing is an important a part of the housing industry because it gives a roof to individuals who cannot have the funds for their personal homes. To make condo housing extraattractive, the authorities have to increase the restrict to Rs three lakh.

20 things Jaitley changed in India through this budget

Income Tax investigators given more power & carbon traders get concessions

Budget 2017 : There were many things that Finance Minister Arun Jaitley said during his budget speech but there are many more that went unsaid. Here is a list of 20 things that could have a direct or indirect impact on your life:

• With regard to a foreign company, sale of leftover stock of crude oil in case of strategic petroleum reserve after the expiry of the agreement, subject to the fulfilment of certain conditions, shall not be liable to tax in India.
• In case of income arising from sale of carbon credit, a concessional tax rate of ten per cent will be given
• Government, foreign missions and state PSUs engaged in the passenger transport business will be exempted from Tax Collection at Source (TCS) provisions relating to purchase of vehicles.
• Conditions of special taxation regime for offshore funds under section 9A of the Income-tax Act has been modified. Now, maintenance of minimum fund size would not be necessary for the year in which the fund is being wound up.
• Income from Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund shall be exempted from tax.
• Certain entities like Investor Protection Funds, Core Settlement Guarantee Fund, Tea/Coffee/Rubber Boards, enjoying exemption from levy of income-tax under section 10 of the Income-tax Act, shall be required to furnish return of their income.
• In order to ensure timely filing of returns of income, it is proposed to levy a fee in case of delay in filing the return. Read more

Budget 2017 has sops for selling property but restrictions on buying

Holding period for long term capital gains tax brought down to two years from earlier three

Budget 2017 : Your tax liability would now be lower when you sell a house in the third year after purchase. You can now claim long term capital gains (LTCG), if you sell a house after holding it for two years from the date of completion. Earlier, one could claim LTCG only after a holding period of three years. The rate for LTCG tax usually works out to be lower compared to short term capital gains (STCG) tax.

LTCG is paid either at flat 10% or 20% after adjusting the property price for inflation. STCG is added to the income of the seller and taxed as per his income tax slab, which comes to 30% if the gains are Rs 10 lakh or more.

While announcing the move, Finance Minister Arun Jaitley said: “This move will significantly reduce the capital gain tax liability while encouraging the mobility of assets."

“The government seems to have made the changes to revive the property market that has suffered due to demonetisation,” says Rahul Garg, partner and leader direct tax, PwC.

Preeti Khurana, a chartered accountant with ClearTax, says that it was a surprise move to see the government giving sops for selling a house for a shorter holding period.

While the government has given relief for selling of property, it has brought down a benefit provided on buying a second house. The government has restricted the interest deduction for second home that buyers get under Section 24. Read more

Highways allocation stepped up to Rs 64,000 crore: Arun Jaitley

'For transport sector -- railways, road, shipping, govt provides Rs 2,41,000 cr,' Jaitleysaid

Budget 2017 : Finance Minister Arun Jaitley on Wednesday announced enhancing the outlay for National Highways by 11 per cent to Rs 64,000 crore for 2017-18.

Presenting the Budget in Parliament on Wednesday, Jaitley said, "In the road sector, I have stepped up the budget allocation for the National Highways from Rs 57,676 crore in the budget estimate of 2016-17 to Rs 64,000 crore in 2017-18."

"For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore," he added.

Jaitley said 2,000 km of coastal connectivity roads have been identified for construction and development. This will facilitate better connectivity of ports and remote villages, he said.

"The total length of roads including those under the PMGSY built from 2014-15 to current year is about 1,40,000 km, which is significantly higher than the previous three years," Jaitley said.

He said 133-km roads per day were constructed under the Pradhan Mantri Gram Sadak Yojana (PMGSY) as against 73-km in 2011-14.

Budget relief to middle class, 5% income tax for Rs 2.5-5 lakh earners

However, earners in between Rs 50 lakh and Rs one crore will have to pay 10% surcharge

The Budget gave relief to on personal income tax front, mainly the salaried group in the middle class, by halving the tax to five per cent up to the income of Rs 5 lakh to ease the pains of demonetisation. However, those earning above Rs 50 lakh and up to Rs one crore will have to shell out additional 10 per cent surcharge.

The cut in the tax rate for the lowest slab will also save up to Rs 12,500 for incomes in other slabs, increasing disposable income of the middle class that can provide spur to the slowing down economic growth. The present super rich tax in the form of 15 per cent surcharge will remain for those earning income over Rs one crore.

The finance minister also put more money in the hands of small and medium enterprises by reducing the corporate tax rate to 25 per cent from the current 30 per cent for annual turnover up to Rs 50 crore. Ninety six per cent of companies which file returns come under this category.

Besides middle class and SMEs, the finance minister also addressed the concerns of foreign portfolio investors by exempting India-based funds them from the indirect transfer provisions. The government had put on hold the recent rules by the Central Board of direct taxes in this regard.

Budget 2017 News, India Union Budget 2017-18, Latest News & Stories, Live Updates, Headlines & Highlights for Budget 2017-2018 | Business Standard

Big relief to middle class! I-T rate for Rs 2.5 lakh to Rs 5 lakh annual income bracket halved to 5%

Govt to abolish Foreign Investment Promotion Board: Finance Minister

The Foreign Investment Promotion Board (FIPB) has been decided to be abolished, Finance Minister Arun Jaitley declared in his budget presentation on Tuesday.

While, the FIPB had the final say in approving Foreign Direct Investment (FDI) proposals in the country for long, its power has been systematically reduced under the current government. Most notably, back in June, 2016 the government had announced relaxed FDI norms in single brand retail, civil aviation, airports, pharmaceuticals, animal husbandry and food products.

It had allowed up to 100% FDI in defence through the approval route, 100 per cent FDI in food product e-commerce, 100 per cent FDI in greenfield pharma via the automatic route, 100% in browfield pharma — of which 74% will be through automatic route — 100 per cent FDI in scheduled airlines, and up to 49 per cent FDI in airlines through automatic route.

In the last two years, the government has brought major FDI policy reforms in a number of sectors, including defence, construction development, insurance, pension sector, broadcasting sector, tea, coffee, rubber, cardamom, palm oil tree and olive oil tree plantations, single brand retail trading, manufacturing sector, limited liability partnerships, civil aviation, credit information companies, satellites - establishment/operation and asset reconstruction companies.

Incoming FDI grew 27 per cent in the first seven months of the fiscal to $27.82 billion, from $21.87 billion a year ago. Manufacturing accounted for 41.5 per cent of the total equity inflows into the country during April-October, according to the Department of Industrial Policy and Promotion’s (DIPP) year-end review.

This happened at a time when the government made a fervent pitch abroad for ‘Make in India’ to make India a manufacturing hub of the world and generate large scale employment. Services, telecom, trading, computer hardware and software and automobiles were among the major sectors that attracted FDI during this period. Read more

• Big relief to middle class! I-T rate for Rs 2.5 lakh to Rs 5 lakh annual income bracket halved to 5%
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• Budget 2017 News, India Union Budget 2017-18, Latest News & Stories, Live Updates, Headlines & Highlights for Budget 2017-2018 | Business Standard

Budget highlights: Fiscal deficit target for 2017-18 at 3.2%

Allocation under MNREGA increased to 48,000 cr from Rs 38,500 cr; highest ever allocation

Here are the highlights of Jaitley's budget for the 2017/18 fiscal year that begins on April 1.

FISCAL DEFICIT

* The 2017/18 budget seeks to pursue prudent fiscal management to preserve financial stability.

*Fiscal deficit at 3.4%

*Revenue deficit stands reduced to 2.1% in Fy18

GROWTH

* Jaitley says India seen as an engine of global growth

DEMONETISATION

* Demonetisation "a bold and decisive measure", will make GDP bigger and lead to higher tax revenues - finance minister

* Hit to economy from government decision to outlaw high-denomination notes will be "transient", effects of demonetisation not expected to spill over to next year

* Pace of remonetisation has picked up and will soon reach comfortable levels

* Surplus money in the banking system will lower borrowing costs, increase credit flow

INFLATION

*Consumer price index inflation is expected to remain within the central bank's mandated range of 2 to 6%

SPENDING

* India to spend more in rural areas, infrastructure and poverty alleviation

* The government will continue process of economic reforms for the benefit of poor

* Allocation under MNREGA increased to Rs 48,000 cr from Rs 38,500 cr; highest ever allocation

*Dedicated micro-irrigation fund will b set up by NABARD to achieve goal of 'Per Drop More Crop'.Initial corpus will be Rs 5,000 crore

*Mission Antyodaya to bring 1 crore households out of poverty and to make 50,000 Gram Panchayats poverty-free: FM Jaitley

*Propose to double the lending target of Pradhan Matri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18: FM Arun Jaitley. Read more

• Budget 2017 : India Union & Railway Budget 2017 News, Live Updates, Result & Highlights

Budget speech to be delivered as per schedule: Govt sources

There had been some confusion over presentation of the Budget following the death of MP E Ahamed

Budget 2017 India : Government and Parliament secretariat sources said the Budget speech by Finance Minister Arun Jaitley would be delivered according to schedule on Wednesday.

Amid confusion over whether the Parliament would be adjourned following the death of sitting member of Parliament E Ahamed, sources said the Budget presentation would not be postponed. Ahamed, who was an Indian Union Muslim League Lok Sabha member and former Minister of State for External Affairs E Ahamed, passed away early morning on Wednesday.. He had suffered a cardiac arrest at the time of President Pranab Mukherjee's address to the joint sitting of Parliament on Tuesday afternoon.

Government sources said there was needless confusion about the issue. Usually, the House proceedings are adjourned if a serving member passes away. But sources said there was no rule to this, and this was only a convention.

The Lok Sabha, therefore, will meet and pay its respects to the departed soul but the Budget presentation will go on as per schedule. All that the government needs to do is get half dozen parties on its side even if the Congress and others might protest.

The Congress is likely to protest what it has alleged to be the intent to keep the news of Ahamed's passing away under wraps. On Tuesday midnight, Congress President Sonia Gandhi and other leaders reached RML Hospital to complain that Ahamed's family member were not being allowed to meet him. Ahamed was declared dead a couple of hours later.

Live Blog : Cabinet meeting on Budget ends, FM to present Budget shortly