Here are the highlights of Union Budget 2018:
Total expenditure for 2018-19 estimated to be over Rs. 24.42 lakh crore.
– Govt to bring out industry friendly defence production policy 2018.
– Two defence industrial production corridors to be developed.
– Standard deduction for transport, medical reimbursement.
– Contribution from women to EPF to be brought down from 12% to 8%.
– Target of Rs. 3 lakh crore for lending under PM MUDRA Yojana.
– Customs duty on raw cashew cut form 5% to 2.5%.
– Cash payments of over Rs. 10,000 by trusts, institutions to be disallowed.
– 10% tax on distributed income of equity oriented mutual funds.
Complete coverage: Union Budget
– New electronic assessment scheme to eliminate person-to-person contact.
– Over Rs. 1.48 lakh cr to be allocated for railways in next fiscal.
– President’s emolument raised to Rs. 5 lakh, VP’s to Rs 4 lakh.
– For sr citizen,limit for investment in LIC schemes doubled to Rs. 15 lakh.
– Customs duty increased on mobile phones from 15% to 20%.
– 4% health and education cess; currently it’s 3%.
– For senior citizens, no TDS on FD, Post Office interest upto Rs. 50,000.
– Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%.
– No change in personal income tax..
– Senior citizens can claim 50,000 cr for general medical expenditure.
– Standard deduction to benefit 2.5 crore people.
– Standard deduction to benefit pensioners also.
– Relief for salaried taxpayers: Standard deduction of Rs. 40,000.
– Benefit of reduced corporate rate of 25% to firms with 250 cr turnover.
– Automatic revision of MPs’ emoluments every 5 yrs indexed to inflation.
– 100% tax deduction for farmer production firms with 100 cr turnover..
– Fiscal deficit target for next fiscal: 3.3%.
– Effective tax payers now 8.27 crore.
– Excess revenue collected from personal income tax amounts to 90,000 cr.
– Fiscal deficit target of 3.5% in 2017-18.
– Government to take all steps to eliminate use of cryptocurrencies.
– 24 Public Sector Units to be divested.
– Bank recap to help banks lend additional Rs. 5 lakh crore.
– We have exceeded our disinvestment target this year..
– Disinvestment target of Rs. 80,000 crore for 2018-19.
– System of toll payment by cash being replaced by electronic payments.
– 5 lakh WiFi spots for benefit of 5 crore rural citizens.
– National program to direct efforts in Artificial Intelligence.
– Global economy is transforming into digital economy.
– All trains to increasingly have WiFi & CCTVs.
– Training for 50 lakh youth by 2020.
– Airport capacity to be hiked to handle 1 billion trips per year.
– Regional air connectivity scheme shall connect 56 unserved airports.
– 150 km additional suburban railway network at the cost of Rs. 40,000 cr.
– 600 railway stations to be redeveloped.
– Over 3600 km railway track renovation targeted in current year.
– 10 tourist cities to be developed into iconic tourist destinations.
– 142 cities have got investment grade ratings.
– Smart City mission: 99 cities selected with outlay of Rs. 2.04 lakh crore.
– Govt will contribute 12% of wages of new employees to EPF for 3 yrs.
– Rs. 7148 crore allocation for textile sector.
– In last 3 years, number of steps for generation of employment.
– For STs: 305 programs, allocation of Rs. 32,508 crore.
– For SCs: 279 programs, allocation of Rs. 52,719 crore.
– Govt will expand coverage under Pradhan Mantri jan dhan yojana.
– 24 new govt medical college & hospitals.
– Rs. 600 crore for nutritional support to all TB patients.
– National health protection scheme to benefit 50 crore people.
– Health cover of up to 5 lakh per family per year for poor & vulnerable.
– National health protection scheme to cover 10 cr poor families
– Rs. 1200 crore for health and wellness centres
– 2 major initiatives as part of Ayushman Bharat program.
– Proposal for railway university in Vadodara.
– Rs. 1 lakh crore over 4 years for initiative for infra in education.
– Eklavya schools for tribal children.
– Moving from blackboard to digital board.
– Will treat education holistically without segmentation.
– Credit for agricultural activities: From 10 lakh cr to 11 lakh cr.
– Allocation for national livelihood mission: Rs. 5750 crore.
– Will establish dedicated affordable housing fund.