New Delhi: Following are key highlights of today’s budget speech by Finance Minister Arun Jaitley

– Rate of taxation of those with income between 2.5 lakh to Rs 5 lakh cut from 10% to 5%.

– Surcharge of 10% imposed on those with annual taxable income in range of Rs 50 lakh to Rs 1 crore. 15% surcharge on incomes above Rs 1 crore to continue.

– Maximum political party donation capped at Rs 2,000 from any one source. Redeemable electoral bonds, digital and cheque mode to be availed for political parties to get donations.

– Basic customs duty on LNG cut by half to 2.5% from 5%.

– Tax on MSMEs cut to 25%. Small companies with turnover of up to Rs 50 crore to pay 25% tax instead of 30%.

– SIT on black money has suggested that no cash transactions of more than Rs 3 lakh should be allowed. Govt has accepted this proposal.

– Affordable housing to be given infrastructure status.

– Head Post Offices to be used as “front office” for offering passport services to citizens.

– Govt to amend Negotiable Instruments Act.

– No service charge on IRCTC rail ticket online booking.

– Negotiable Instrument Act will be amended.

-FIPB will go for FDI.

Gujarat specific announcements:

– Two new AIIMS to be set up in Jharkhand and Gujarat

– Govt will support Gujarat to commemorate 100 years of Sabarmati ashram.

DeshGujarat