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Highlights of Budget 2018 – 2019
Finance Minister Arun Jaitley presented the Union Budget 2018-2019 in Lok Sabha on February 1st. From last year onwards government is presenting Railway budget along with union budget. This will be the last full budget of Narendra Modi’s NDA government ahead of 2019 general elections. Also, this is the first union budget to be presented under the GST regime. Following are the highlights of Budget 2018 – 2019.
- Farmers : MSP raised, heavy investment in agricultural markets
- Health Care Providers : National Health Protection Scheme
- Transport Companies : Record infrastrucure spending on roads and railways
- Airport : Regional airport construction
- Financial Sector : 10% LTCG Tax on gains above 1 lakh
- Customs Duties : Customs Duty on certain products, such as mobile phones and televisions has been increased, to provide a fillip to ‘Make in India’
Social welfare surcharge of 10% on imported goods.
Central Board of Excise and Customs renamed as Central Board of Indirect Taxes and Customs
Import of solar tempered glass for manufacture of solar cells exempted from customs duty.
Customs duty on crude edible vegetable oils like groundnut oil, safflower seed oil hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%
Customs duty on sunglasses, cigarette lighter, toys, bus and truck tyres, select furniture hiked.
Customs duty on imitation jewellery hiked from 15% to 20%; doubled on all watches to 20%.
Import duty on LCD/LED/OLED panels, parts of TVs hiked to 15%; duty on smart watches, wearable devices, footwear doubled to 20%.
- Salaried Class : No change in income tax rates
- Income Tax : No change in personal income tax slabs rates
- Standard dedution of Rs.40000/- for medical expenses for salaried class
- Senior citizens get Rs. 50,000 exemption for medical insurance
- Senior citizens get Rs.10000 exemption in income from FDs
- President’s Salary Up to Rs 5 Lakh a Month, Veep to Get Rs 4.5 Lakh Per Month
- Rs 150 Crore Fund to Celebrate Bapu’s 150th Anniversary
- Rs 17,000 Crore for Bengaluru Metro and Rs 11,000 Crore for Mumbai Rail Network; UDAN Scheme to Connect 56 Unserved Airports
- The government allocates Rs 3 lakh crore for Mudra loans. He says there were 10.38 crore Mudra loans given out in this fiscal, 70% of which went to women.
- Government sanctions over 180 projects for the cleaning of Ganga.
- Healthcare Sector : The government launches National Health Protection Scheme to cover 10 crore poor and vulnerable families. Poorest of the Poor to Get ‘Modicare’ Universal Healthcare.
- Education Sector : The government proposes revitalising infrastructure, opening schools for the ST populations as well as promoting programmes for teachers, in order to improve quality education for students.
- The government will provide eight crore free gas connections to women under its Ujjwala scheme, and 4 crore electricity connections to the poor under Saubhagya Yojana.
- The government will also subsidise removal of crop residue to tackle the problem of pollution due to crop burning in these states.
- The government will aid the governments of Delhi, Haryana, Punjab to curb air pollution.
- The government allocates Rs 10,000 crore to set up a fund for Fishery and Aquaculture Infrastructure Development and Animal Husbandry Infrastructure.
- Government allocates Rs 500 crore for ‘Operation green,’ which will promote processing facilities, professional management among other things. The govt will set up state of the art facilities in 42 mega food parks.
- The government will set up a fund of Rs 2,000 crore for developing agricultural markets.
The government will allocate Rs 1,290 crore for a National Bamboo Mission, to promote the bamboo sector in a holistic manner.
- Government focus is on productive and gainful on-farm and non-farm employment for farmers and landless families.