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Economy forecast to grow 6.75 to 7.5% in 2017-18: Key Highlights of the Economic Survey 2017

Budget - By: - Bimal jain - Dated:- 1-2-2017 - Dear Professional Colleague, Ahead of the Union Budget 2017, the Hon ble Finance Minister Shri Arun Jaitley tabled today Economic Survey Report 2017 in the Parliament, outlining the broad direction of the Union Budget 2017 and the economic performance of the Country. A flagship annual document of the Ministry of Finance, Economic Survey reviews the developments in the Indian economy over the previous 12 months, summarizes the performance on major de .....

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2;%. The Survey states that against the backdrop of robust macro-economic stability, the year was marked by two major domestic policy developments - the passage of the Constitutional Amendment, paving the way for implementing the transformational Goods and Services Tax (GST), and the action to demonetize the two highest denomination notes. The GST will create a common Indian market, improve tax compliance and governance, and boost investment and growth; it is also a bold new experiment in the go .....

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rend in 2017-18, possibly making it the fastest-growing major economy in the world, following a temporary dip in 2016-17. We are sharing with you the key highlights of the Economic Survey 2016-17: Economic Outlook, Prospects and Policy Challenges: The Indian Economy has sustained a macro-economic environment of relatively lower inflation, fiscal discipline and moderate current account deficit coupled with broadly stable rupee-dollar exchange rate. The Economic Survey 2016-17 states that such a s .....

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to GDP ratio (at current prices) is estimated to be 26.6% in 2016-17, vis-à-vis 29.3% in 2015-16. For 2017-18, it is expected that the growth would return to normal as the new currency notes in required quantities come back into circulation and as follow-up actions to demonetisation are taken. On balance, there is a likelihood that Indian economy may recover back to 6¾ to 7 ½% in 2017-18. Fiscal Indirect taxes grew by 26.9% during April-November 2016. The strong growth in re .....

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sale Price Index (WPI) declined to (-) 2.5% in 2015-16 from 2.0% in 2014-15 and averaged 2.9% during April-December 2016. Inflation is repeatedly being driven by narrow group of food items, of these pulses continued to be the major contributor of food inflation. The CPI based core inflation has remained sticky in the current fiscal year averaging around 5%. Trade The trend of negative export growth was reversed somewhat during 2016-17 (April-December), with exports growing at 0.7% to US$ 198.8 b .....

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icient to finance CAD leading to an accretion in foreign exchange reserves in H1 of 2016-17. In H1 of 2016-17, India s foreign exchange reserves increased by US$ 15.5 billion on BoP basis. During 2016-17 so far, the rupee has performed better than most of the other emerging market economies. External Debt At end-September 2016, India s external debt stock stood at US$ 484.3 billion, recording a decline of US$ 0.8 billion over the level at end-March 2016. Most of the key external debt indicators .....

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5-16; the higher growth in agriculture sector is not surprising as the monsoon rains were much better in the current year than the previous two years. The total area coverage under Rabi crops as on 13.01.2017 for 2016-17 is 616.2 lakh hectares which is 5.9% higher than that in the corresponding week of last year. The area coverage under wheat as on 13.01.2017 for 2016-17 is 7.1% higher than that in the corresponding week of last year. The area coverage under gram as on 13.01.2017 for 2016-17 is .....

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Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

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Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

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Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

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Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

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Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

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TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

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TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

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Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.



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