100 Key Highlights of Union Budget 2018 – 19

100 Key Highlights of Union Budget 2018 - 19

100 Key Highlights of Union Budget 2018 – 19

Everybody’s eyes on Union budget 2018-19. All are expecting that this year budget will be favorable for the general public. Finance minister Arun Jaitley presents 100 Key Highlights of Union Budget 2018-19.

  1. No changes in tax structure for salaried class and in slab rates
  2. 44 lakhs crores paid by salaried taxpayers.  A standard deduction of Rs 40,000 for salaried taxpayers, in lieu of transport and medical reimbursements for salaried classes.
  3. The government will have a scheme to provide a unique ID to every enterprise in India.
  4. 100% tax rebate for farmer producer companies having a turnover of ₹ 100 crores:
  5. Proposes 25% corporate tax rate for companies with turnover up to ₹. 250 crores
  6. Deduction on Health Insurance for senior citizens under 80D increased to Rs 50,000 from Rs 30,000.
  7. Exemption on interest income from 10000 to 15000, no TDS from this for senior citizens.
  8. Deduction u/s 80DDB to be increased to ₹ 1,00,000 for all senior citizen.
  9. Exemption of interest income annually earned from deposit in banks and post offices to increase from Rs 10,000 to Rs 50,000
  10. short-term capital gains continue to be taxable at 15%
  11. Introduces Long-Term Capital Gains Tax. LTCG are now taxed at 10% If capital exceeding 1 lakh. There is a strong case to bring long-term capital gains under the tax net, says the finance minister. Gains over Rs 1 lakh will be taxed at 10%.
  12. Long-term capital gains exceeding 10 lakh to be taxed at 10% without benefit of indexation
  13. Propose to introduce tax on distributed income by equity-oriented mutual funds at 10%:
  14. Customs duty on mobile phones increased from 15% to 20%.
  15. 3% Education cesses to be replaced by a 4% Health Cess
  16. Govt does not recognize cryptocurrencies as legal tender. Government to consider the use of blockchain to move towards a digital Rs 3073 crore allocated for Digital India
  17. Projecting the Fiscal Deficit at 3.3% of the GDP. Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19
  18. Increase in a number of taxpayers from 6.47 lakh crore in 2014-15 to 8.27 lakh crore. Growth in personal collections and increase in no. of tax returns due to strong anti-tax evasion measures
  19. Tax compliance behavior of presumptive income taxpayers not encouraging. 41% more returns were filed under presumptive income scheme
  20. 90,000 Cr Extra Collected As Personal Income Tax in Last 1 Year. Will Continue With Tax Policies That Reward Honest Tax Payers
  21. 11 exemption to trust/charitable institutions – payments exceeding Rs. 10k in cash to be disallowed and subjected to tax
  22. We hope to grow 7.2-7.5% in the second half, India poised to become 5th largest economy very soon
  23. promised to reduce poverty, expedite infra creation
  24. The demonetization has reduced quantum of cash currency in circulation; increased digitization:
  25. There is a premium on honesty now in #India demonization has increased taxation and spurred on digitization of economy
  26. Exports are expected to grow by 15% in FY 2017-18
  27. India is now a $2.3 trillion economy – will become the world’s 5th largest economy soon, We are on course to achieve a growth rate of 8% plus.
  28. This year’s Budget will put effort on strengthening the agricultural and rural economy, taking care of senior citizen and improving the quality of education in the country.
  29. Many services are being delivered to the common man at his doorstep or directly to his account.
  30. India 3rd largest economy by purchasing power parity.
  31. Indian economy is now 2.5 trillion dollar economy in the world and expected to become the fifth largest economy very soon. IMF has projected India will grow at4% next year. We are set to achieve high growth
  32. India broke in top 100 places for the first time in ease of doing business. FDI has gone up and now it is easier to do business in India:
  33. Our govt’s emphasis is on helping farmers and landless families – we want to help farmers produce more
  34. 50% MSP to farmers assured. 1.5 times of cost will be the minimum support price for the Kharif Government is pledged to get the farmers 1.5 times the value of production costs. Niti Aayog to work with States to arrive at plan for better price realization
  35. Govt will create an institutional mechanism, including futures and options market, warehousing, etc to aid farmers
  36. Women self-help groups will be encouraged to take up organic farming under a structured program.
  37. OperationGreen #Budget2018₹ 500 crores allocated
  38. The government will set up a fund of ₹ 2,000 crores for developing agricultural markets,
  39. Allocation for food processing increased from ₹ 715 crores in 2017-18 to ₹ 1400 crore in 2018-19
  40. India’s agricultural exports potential are as high as 100 million dollars as against the current 30 million dollars.
  41. Propose to launch a restructured bamboo mission with a fund of ₹ 1200 crore.
  42. Kisan Credit Cards to be extended to fisheries and animal husbandry sectors
  43. Setting up of fishery and aquaculture infrastructure development fund with 10000crs for its development.
  44. Govt will give free gas connections to 8 Cr women. Ujjwala scheme to give free gas connections extended to 8 crores women from 5 crores earlier
  45. 6 crore toilets have been built under #swachbharat, Plan to build 2 crore toilets in the next fiscal
  46. Govt aim is to provide shelter for every poor in the country by 2022. Govt will focus on Dedicated housing system
  47. The scope of long-term irrigation fund to be expanded – Govt’s focus is on the maximum livelihood of agriculture and allied activities and construction of rural infra and new household electricity connections:
  48. Saubhagya Yojana: 4 crores poor will get power connection. The govt will spend Rs 16,000 crore on this scheme. Rs 16,000 Cr Allocation For Electricity Connection To Poor Families
  49. By 2022, every block with more than 50% ST population will have an Eklavya Model Residential School: Move from blackboard to digital board gradually
  50. Allocate Rs 2,600 underground water irrigation plan in 96 districts
  51. Government to increase digital intensity in education. Technology to be the biggest driver in improving quality of education
  52. Government to launch ‘Revitalising Infrastructure and Systems in Education by 2022 RISE – Revitalising Infra and Systems in Education by 2022 – 1,00,000 Crores
  53. Prime Minister Research Fellow’s scheme will be introduced for B.Tech students; they will do PhDs in IITs and IISc. They will voluntarily teach in Higher Education institutions few hours every week
  54. Announces two major schemes for health, one being health and wellness centres. Comprehensive healthcare scheme with maternal and child services, free essential drugs and diagnostics, allocates ₹12 crore for this flagship programme, invites private sector and CSR to support this initiative.
  55. Have decided to take healthcare protection to a new inspirational level. Launching a flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families, benefiting approx. 50 crore: ₹. 5 lakh per family for secondary and tertiary care hospitalization WORLDS LARGEST SUCH PROGRAM
  56. TB – allocate ₹ 600 crores to provide nutritional support to TB patients, ₹ 500 per month to the patients
  57. 5 Lakh Health Centres across India will provide Maternal and Child Care Services. ₹ 1500 Crore in FY 2018-19. Call for CSR adoption also of these centres. The Government is slowly but steadily progressing towards universal health coverage:
  58. 24 new govt medical colleges and hospitals by upgrading existing district medical colleges and hospital. Ensures 1 medical college for every 3 parliamentary constituencies:
  59. ₹ 16,000 crore will be spent on providing electricity connection to nearly 4 crore poor households
  60. Govt will expand PM Jan Dhan Yojana: All 16 crore accounts will be included under micro-insurance and pension schemes
  61. Pradhan Mantri Jeevan Jyoti Bima Yojana has benefited 5.22 crore families
  62. ₹ 3794 crores allocated for MSME sector
  63. Target of 3 lakh crore for lending under PM MUDRA Yojana
  64. to contribute 12% of EPF contribution for new employees in all sectors.
  65. Women’s EPF contribution reduced to 8% for first 3 years of employment. no changes in employer contribution
  66. PM Research Fellow Scheme; 1000 B-Tech students to be selected
  67. 99 cities selected under smart city mission, to be allocated 2.04 lakh crore
  68. Outlay of Rs 7148 crore for textile sector in FY19
  69. Confident to complete national highways exceeding 9,000 km in 2018-19 :
  70. Propose to transform 10 tourist sites as “iconic”; 9000 km National highways to be completed in FY18-19.
  71. MSMEs are a major engine of growth and employment. Mass formalization of the business of MSMEs is taking place in the country after demonetization and introduction of GST. This is generating an enormous database of information:
  72. 4000 km of rail tracks to be electrified.
  73. The government will soon announce measures to effectively address NPAs and stressed accounts of MSMEs. This will enable a larger financing of MSMEs:
  74. Thousands of unmanned railway crossings to be done away with.
  75. All trains to be progressively served WiFI, CCTV and other state-of-the-art amenities: Railway capex for FY19 at ₹ 1.48 lakh crore; focus to be on electrification, safety
  76. 12,000 wagons, 5160 coaches and 700 locomotives being procured. There are significant achievements of physical targets by Railways
  77. All railway stations with over 25,000 footfall will have escalators.
  78. 498 Projects worth INR 19428 Crore and 292 Sewage Projects worth INR 14294 Crore under AMRUT scheme
  79. 600 major railway stations to be redeveloped.
  80. Mudra loan was given to more than 10 crore people of which 7 crores are women and 5 crores from SC & OBC. ₹3 lakh crore more allocated this year.
  81. ₹ 17000 cr has been allotted to create and extent suburban Bangalore railway network.
  82. ₹. 11,000 crore for Mumbai rail infrastructure.
  83. AMRUT program to focus on the water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core awarded.
  84. Government plans to expand airport capacity by 5 times to 1 billion trips a year. ₹ 60 crores has been allocated to kick-start the initiative
  85. SEBI to make it possible for companies to raise 25% of financial needs via bonds
  86. Exports seen growing at 15 percent 2017-18, says Arun Jaitley
  87. 5 lakh wifi hotspots to provide broadband access in rural areas at a cost of ₹ 10000 crores
  88. We now propose to treat education holistically without segmentation from pre-Nursery to Class 12. ₹ 1 Lakh crore allocated for education infrastructure.
  89. 80,000 crore disinvestment target for 2018-19, the target for 2017-18 has been exceeded and will reach 1 lakh crore rupees:
  90. Digital India allocation doubled. 1 lakh villages already connected, 1.5 lakh more villages to be covered under Bharatnet
  91. Government insurance companies to be merged into a single entity, and subsequently listed in the stock exchange, as part of the disinvestment programme: 3 state-run insurance companies to be merged and listed
  92. PSU bank recap will allow banks to give additional lending of ₹ 5 lakh crore
  93. National gold policy to be announced, gold monetization scheme will be revamped to make it more people-friendly
  94. Bid for automatic revision of salary for MPs every 5 years indexed to inflation:
  95. Emoluments of the President to be revised to ₹ 5 lakh per month & emoluments of the Vice-president to be revised to ₹ 4 lakh per month:
  96. Total revised expenditures 21.5 lakh crore compared with 21.47 lakh crore estimated
  97. To help the cashew processing industry, I propose to reduce the customs duty from current to 2.5%
  98. E-assessment to be rolled out across the country: a new scheme of assessment to be notified eliminating person to person contact:
  99. Social welfare surcharge of 10% on imported goods.
  100. Increase in customs duty on mobile phone from 15% to 20%.


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