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9:10 am - Tuesday February 20, 2018

Union Budget 2018 -19

Union Budget 2018 -19 Highlights

  •  Education and health cess to be increased from 3 per cent to 4 per cent
  •  Standard deduction of Rs 40,000 introduced in lieu of transport and medical reimbursements for salaried employees
  •  All senior citizens can claim benefit of reduction Rs 50,000 year for any general health expenditure and health insurance premium
  •  Exemption of interest income on bank deposits raised to Rs 50,000 for senior citizens
  •  Long-term capital gains exceeding Rs 1 lakh to be taxed at 10 per cent
  •  Electronic IT assessment will be rolled out across the country, leading to greater efficiency and transparency
  •  No change in personal income tax rates for salaried class
  •  Tax buoyancy more than expected, thanks to greater compliance
  •  Demonetisation was received by honest tax-payers as ‘Imaandari ka Utsav’
  •  Measures on rationalising long-term capital gains
  •  Companies with turnover of upto Rs 250 crore to be taxed at 25 per cent
  •  Government has identified 372 specific business reform actions to improve ease of doing business; Evaluation of performance under this programme to be based on user feedback
  •  Revised fiscal deficit estimate for 2017-18 is 3.5 per cent of GDP, fiscal deficit of 3.3 per cent expected for 2018-19
  •  12.6 per cent growth in direct taxes in 2017-18; 18.7 per cent growth in indirect taxes in 2017-18
  •  100 per cent tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs 100 crore and above
  •  Revised emoluments for President – Rs 5 lakh, Vice President – Rs 4 lakh and Governors – Rs 3.5 lakh; Automatic revision of MPs’ emoluments every five years, indexed to inflation
  •  UDAN (Ude Desh ka Aam Naagrik) scheme will connect 56 unserved airports and 31 unserved helipads
  •  Rs 80,000 crore disinvestment target for 2018-19, target for 2017-18 has been exceeded and will reach Rs 1 lakh crore
  •  Government insurance companies to be merged into a single entity, and subsequently listed in the stock exchange, as part of the disinvestment programme
  •  National Logistics Portal as a single online window to link all stakeholders, to be developed by Department of Commerce
  •  Foundation stone of the bullet train was laid in September 2017. An institute is coming up in Vadodara to train the manpower required for the high speed railway projects
  •  12,000 wagons, 5160 coaches and 700 locomotives being procured. There is significant achievements of physical targets by railways
  •  Road construction has scaled new heights, confident that 9000 km highway construction will be complete by 2017-18
  •  National Committee chaired by PM, including CMs, Gandhians and representatives from various walks of life for year-long commemoration of 150th birth anniversary of Mahatma Gandhi
  •  Rs 1,48,528 crore capital expenditure for Indian Railways for 2018-19
  •  All trains to be progressively provided with Wi-Fi, CCTV and other state-of-the-art amenities
  •  NITI Aayog will establish a National Programme to direct efforts in the area of Artificial Intelligence towards national development
  •  Five lakh Wi-Fi hotspots to be set up in rural areas to provide easy internet access
  •  Government to take all steps to eliminate use of cryptocurrencies which are being used to fund illegitimate transactions
  •  Individual enterprises too to have unique ID
  •  Government plans to construct two crore more toilets under Swachh Bharat Mission
  •  Rs 7,148 crore outlay for textile sector in 2018-19
  •  One government medical college to be ensured for every three parliamentary constituencies by upgrading 24 district-level colleges
  •  Hard work of farmers resulted in a record production of more than 275 million tonnes of foodgrain and about 300 million tonnes of horticultural produce
  •  Not only focussing on ‘Ease of Doing Business’ but also ‘Ease of Living’
  •  70 lakh formal jobs have been created this year. Government will contribute 12 per cent of the wages as EPF in all sectors for the next three years
  •  Mass formalisation of MSME sector is happening after demonetisation and GST
  •  Have decided to take healthcare protection to a new aspirational level. Launching a flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families, benefiting approximately 50 crore people
  •  Providing Rs 5 lakh per family per year for medical reimbursement, under National Health Protection Scheme. This will be world’s largest health protection scheme
  •  Government is slowly but steadily progressing towards universal health coverage
  •  Air pollution in Delhi NCR is a cause for concern; special scheme will be implemented to support Haryana, Punjab, UP and Delhi NCT to address this and subsidise machinery for management of crop residue
  •  Scheme for revitalising school infrastructure, with an allocation of Rs 1 lakh crore over four years. Called RISE – Revitalizing Infrastructure in School Education
  •  Eklavya schools to be started for Scheduled Tribe population
  •  By 2022, every block with more than 50 per cent ST population and at least 20,000 tribal people will have ‘Ekalavya’ school at par with Navodaya Vidyalas
  •  Integrated B.Ed programme to be initiated for teachers to improve quality of teachers
  •  India is firmly on path to achieve 8 per cent plus growth
  •  Propose to raise institutional credit for agriculture to Rs 11 lakh Crore for 2018-19
  •  Rs 14.34 lakh crore to be spent for rural infrastructure
  •  Eight crore free gas connections to women under UJJWALA and 4 crore electricity connections to the poor under Saubhagya Yojana
  •  Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry Infrastructure Fund to be set up with corpus of Rs 10,000 crore
  •  Restructured National Bamboo Mission to be launched with allocation of Rs 1,290 crore to promote sector in a holistic manner
  •  Rs 500 crore for Operation Green
  •  Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets
  •  470 APMCs have been connected to #eNAM network, the rest to be connected by March 2018
  •  Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost
  •  From ease of doing business, government has moved to ease of living for the poor and middle class
  •  Allocation in for Ministry of Food Processing is being doubled; specialised agro-processing and financial institutions to be promoted by the government
  •  India now a USD2.5 trillion economy and firmly on path to achieve 8% plus growth soon
  •  Will focus on agriculture and rural economy, health, infra, senior citizens
  •  Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18
  •  Allocating natural resources in a more transparent manner, there is a premium on honesty now
  •  Government led by PM Modi has implemented a series of fundamental structural reforms

Imported items that will become Cheaper

  • Raw cashew nuts
  • Select capital goods and electronics like ball screws and linear motion guides
  • Solar tempered glass or solar tempered glass used for manufacture of solar cells/panels/modules
  • Raw materials, parts or accessories for the manufacture of cochlear implants

Imported items that will become Costlier

  • Specified parts/accessories of motor vehicles, motor cars, motor cycles
  • Cellular mobile phones
  • Cut and polished coloured gemstones, diamonds, imitation jewellery
  • Vegetable and fruit juices like orange and cranberry
  • Perfumes and toilet waters
  • Sunscreen, suntan, manicure, pedicure preparations; pre-shave, shaving or after-shave preparations
  • Silk Fabrics
  • Footwear
  • Wrist watches, smart watches/wearable devices
  • LCD/LED/OLED panels and other parts of LCD/LED/OLED TVs
  • Miscellaneous items like candles, tapers, kites, sunglasses, cigarette and other lighters, and refined edible vegetable oils.
Posted in: Business, Featured

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