Finance Minister Arun Jaitley presents his Budget for the year 2018-19 in Parliament. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in the country.
Government said that a series of structural reforms will propel India among the fastest growing economies of the world. Country firmly on course to achieve over 8% growth as manufacturing, services and exports back on good growth path.
Highlights of Union Budget 2018-19–
● No changes in personal income tax slabs.
● Govt levies 10% capital gains tax for Rs 1 lakh gains
● Salaried tax-payers to get a standard deduction of Rs. 40,000 in lieu of transport allowance and "other medical expenses".
● Rs 2,000 crore fund to be set up for upgrading rural agri markets.
● 25% Corp tax rate extended to companies with turnover up to Rs 250 cr
● All senior citizens will now be able to claim benefit of a deduction of Rs. 50,000 for any medical insurance.
● For critical illnesses, the deduction has been increased to Rs. 1,00,000.
● Free power connections to 4 crore homes under Saubhagya Yojana.
● 80 million poor families to be given free gas connection under Ujjwala scheme.
● Govt. to implement minimum support price for all crops; It is hiked to 1.5 times of production costs.
● Govt. to contribute 12% of wages of new employees for all sectors.
● New flagship National Health Protection Scheme, providing a health insurance cover of ₹5 lakh per family per year announced.
● Railway capex for 2018-19 set at Rs. 1.48 lakh crore.
● Disinvestment target for this year set at Rs. 80,000 crore.
● 6 crore toilets have been built so far under the Swachh Bharat campaign. The target for the next financial year is to build another 2 crore toilets.
हिंदी में जानें : बजट 2018 हाइलाइट-क्या सस्ता क्या महंगा हुआ?
● Automatic revision of emoluments parliamentarians every five years, pegged to inflation.
● India produced over 275 million tonnes of foodgrain and 300 million tonnes of fruits and vegetables in 2016-17.
● Rs 4.6 lakh cr sanctioned under MUDRA Scheme.
● 24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals
● Rural infra and education get a massive push.
● Eklavya schools to be started for Scheduled Tribe population.
● Introduction of GST has made indirect tax system simpler.
● Govt focusing on ease of living now.
● Emphasis on generating higher income for farmers; want to help farmers produce more and realise higher prices.
Here’s a list of imported items that will become costlier:
* Cars and motorcycles
* Mobile phones
* Vegetable, fruit juices, including orange and cranberry
* Miscellaneous food preparations other than soya protein
* Perfumes and toilet waters
* Sunscreen, suntan, manicure, pedicure preparations
* Preparations for oral dental hygiene, denture fixative pastes and powders; dental floss
* Pre-shave, shaving or after-shave preparations,
* Deodorants, bath preparations, depilatories, perfumery
* Scent sprays and similar toilet sprays
* Truck and Bus radial tyres
* Silk Fabrics
* Coloured gemstones
* Imitation jewellery
* Smart watches/wearable devices
* LCD/ LED TV panels
* Wrist watches, pocket watches, clocks
* Tricycles, scooters, pedal cars, wheeled toys, dolls’ carriages, dolls, toys, puzzles of all kinds
* Video game consoles
* Articles and equipment for sports or outdoor games, swimming pools and paddling pools
* Cigarette and other lighters, candles
* Edible/vegetable oils such as olive oil, groundnut oil
Here’s a list of imported items that will become cheaper:
* Raw cashew nuts
* Solar tempered glass or solar tempered glass used for manufacture solar panels/modules
* Raw materials, parts or accessories used in making cochlear implants
* Select capital goods and electronics such as ball screws and linear motion guides.
Click here to Download Highlights of Union Budget 2018-19