Finance Minister Arun Jaitley’s delivered this government’s fifth and last full Budget amid subdued economic growth, challenging fiscal situation and farm distress. What makes it all the more important is the upcoming election in eight states this year and the General Election next year, all of which put tough demands on it. Fiscal deficit is 3.5% of GDP at Rs.5.95 lakh cr. in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal. Corporate Tax of 25% extended to companies with turnover up to Rs.250 cr. in financial year 2016-17. Long Term Capital Gains Exceeding Rs.1 lakh will be taxed at 10% without Indexing. Education cess increased to 4% from 3% to collect additional Rs. 11,000 cr. Customs Duty on certain products, such as mobile phones and televisions has been increased, to provide a fillip to ‘Make in India’. The government’s emphasis will be on generating higher incomes for farmers, by helping them produce more with lesser cost, and in turn, earn higher income for their produce. Govt. to increase digital intensity in education. Technology to be the biggest driver in improving quality of education. (Other important highlights mentioned in the link below)