All You need to know about Union Budget 2018
3 weeks ago Sakshi Darpan 0
Union Finance Minister ARUN JAITLEY presented the Union Budget of Financial Year 2018-19 in parliament on 1 February 2018. This was the last laid down budget of the Prime Minister Modi’s led government before Indians go to polls in 2019. Because of this particular reason tremendous pressure was building in with the government. This budget happens to be the first budget since the execution of major economic reforms including the GST (Goods and Service Tax). Nonetheless, the government has come forward with the full-fledged budget for the Financial Year 2018-19, key highlights being as follows:
- Long-term capital gain tax got introduced at 10% on capital gains over Rs.1, 00,000 without indexation.
- The salaried individual is provided with a standard deduction of Rs.40, 000.
- The fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal.
- 100% tax deduction is allowed to co-operative societies.
- The short-term capital gain tax remains unchanged at @ 15%
- The tax rate for companies revised @ 25% for those companies having turnover up to Rs.250cr turnover.
- Minimum support price of Kharif crops to be at least 50% higher than the cost.
- PAN becomes mandatory for any entity transacting for Rs.2.5lakhs or more.
- Health and education cess have got increased to 4%.
- Five lakh WiFi hotspots have been proposed to be set up in rural areas.
- Mumbai transport ends up separating Rs.40, 000crore in their favor.
- 4000 km of new railway tracks would be laid down by 2019.
- Health schemes would be launched by the government to cover 10crore poor families.
- 60crore bank accounts to be brought in under Jan Dhan Yojana.
- 12% of EPF contribution would be contributed by the government for new employees.
- Government is targeting to provide the home to every Indian by 2022.
- India will start world’s largest government-funded healthcare programme
The budget presented has already started gathering the attention of economists and opposition parties. Ambivalent reviews have started pouring in since its presentation. It would be equally fascinating and would be highly awaiting to witness its general acceptance.