Thursday, February 1, 2018

Highlights of Union Budget 2018-19

Highlights of the Union Budget 2018-19



Ø  Govt levies 10% capital gains tax for Rs 1 lakh gains

Ø  Short-term capital gains tax continues to be 15%

Ø  Capital gains made on shares until Jan 31, 2018 grandfathered

Ø  Customs duties hiked on mobiles to 20 prevent from 15 per cent; on TVs to 15 prevent to boost domestic manufacturing.

Ø  6 crore toilets have been built so far under the Swachh Bharat campaign.

Ø  The target for the next financial year is to build another 2 crore toilets.

Ø  No change in personal income tax structure

Ø  Standard deduction of Rs 40,000 for salaried taxpayers

Ø  Status quo for salaried class

Ø  25% Corp tax rate extended to companies with turnover up to Rs 250 cr

Ø  Rs 90,000 cr extra collected as personal Income Tax in last 1 year. Will continue with tax policies that reward honest tax payers.

Ø  To allow 100% tax deduction to companies registered as farmer-producer companies with a turnover of Rs 100 crore.

Ø  India produced over 275 million tonnes of food grain and 300 million tonnes of fruits and vegetables in 2016-17.

Ø  Crop production at record high; govt is committed to giving 50% more than cost of crop production to farmers.

Ø  Govt to set MSP at one-and-half times the cost of production for Kharif crops.


Ø  Govt will ensure farmers get MSP if prices fall; Niti Aayog will discuss with state govts for mechanism to ensure farmers get better prices.

Ø  Rs 2,000 crore fund to be set up for upgrading rural agri markets.

Ø  Govt has promoted organic farmers in a big way; women self-help groups to be encouraged to take up organic farming.

Ø  Food processing sector growing at 8 pc; allocation for food processing ministry being doubled to Rs 1400 cr.

Ø  India's agri export potential is $100 bn as against current $30 bn exports.

Ø  Mass formalization of MSME sector is happening after demonetisation and GST.

Ø  Target for loan disbursement under Mudra scheme set at Rs 3 lakh crore for next fiscal.

Ø  Govt to soon announce scheme to address the issue of Non-Performing Assets.

Ø  Rs 4.6 lakh cr sanctioned under MUDRA Scheme.

Ø  Govt's budget for health, education and social security increased to Rs 1.38 lakh crore for 2018-19 from Rs 1.22 lakh crore in current fiscal.

Ø  Govt identifies 115 "aspirational districts" to make them model districts of development.

Ø  PM Jeevn Jyoti Bima Yojana to reach all poor households.

Ø  24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals

Ø  Health insurance scheme to cover 500 million beneficiaries of 100 million families. Announces a cover of up to Rs 5 lakh per year

Ø  For education sector, the government proposes revitalising infrastructure, opening schools for the ST populations as well as promoting programmes for teachers, in order to improve quality education for students.

Ø  Air Pollution in Delhi NCR is a cause for concern, special scheme will be implemented to support Govts of Haryana, Punjab, UP and Delhi NCT to address it and subsidize machinery for management of crop residue.

Ø  Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE - Revitalising Infrastructure in School Education.

Ø  It will set up PM Research Fellow Scheme; 1000 B-Tech students to be selected.

Ø  Two new planning & architecture schools to be set up in IITs.

Ø  Total investment of Rs 1 lakh cr for 'RISE'.

Ø  The government will launch a flagship National Health Protection Scheme, which will have 50 crore beneficiaries. The Centre will give up to Rs 5 lakh per family per year. This will include secondary and tertiary healthcare.

Ø  Govt to focus on health, education & social protection. To use technology to improve education from 'blackboard to digital board".

Ø  Allocating natural resources in a more transparent manner, there is a premium on honesty now.

Ø  Rs 14 lakh cr for enhancing rural livelihood.

Ø  Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18.

Ø  Proposed to treat education holistically without segmentation.

Ø  80 million poor families to be given free gas connection under Ujjwala scheme.

Ø  Finance Minister says allocate Rs 2,600 underground water irrigation plan in 96 districts.

Ø  500 mn beneficiaries of govt health care scheme.

Ø  Rural infra and education get a massive push.

Ø  Rs 16,000 cr allocation for electricity connection to poor families.

Ø  Eklavya schools to be started for Scheduled Tribe population.

Ø  Rs 11 lakh cr for instant farm credit mooted next FY.

Ø  Economy to grow by 7.2-7.5 per cent in second half of current fiscal.

Ø  Introduction of GST has made indirect tax system simpler.




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