Here are the complete details of Union Budget 2018

money | Thursday, February 1st, 2018
Team Asianet Newsable
Highlights
  • India to be the fifth largest economy soon, currently India is a $ 2.5 Trillion economy
  • India will grow from 7.2% to 7.5% soon, says the Finance Minister
  • Taxation base increased
  • Govt to substantially increase allocation under national livelihood mission to Rs 5,750 cr in next fiscal

Finance Minister Arun Jaitley presents the Budget for 2018-19 in Parliament on Thursday with revised fiscal deficit target of 3.5% of GDP at Rs 5.95 lakh crore for the current fiscal and 3.3 percent for Financial Year 2018-19. The cap on personal tax has not changed but there is not much difference in the facilities for salaried class. However, as usual the salaries of parliamentarians have increased. Here are the complete details of what this Budget 2018 has to offer for common people from agriculture to health to medical to industry and other sectors of the society.

 

COSTLY

  • Cars and motorcycles
  • Mobile phones
  • Silver
  • Gold
  • Vegetable, fruit juices, including orange and cranberry
  • Sunglasses
  • 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
  • Footwear
  • Coloured gemstones
  • Diamonds
  • Imitation jewellery
  • Smart watches/wearable devices
  • LCD/ LED TV panels
  • Furniture
  • Mattresses
  • Lamps
  • 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
  • Kites
  • Edible/vegetable oils such as olive oil, groundnut oil

 

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

 

AGRICULTURE

  • Focus on improving Agriculture facilities, conditions
  • Direct Benefit Transfer is the biggest in the world
  • 2000 crore infrastructure fund for farm, agriculture
  • 470 APMCs linked to ENAM
  • Rs 1,400 crore allocation for food processing 
  • Fisheries, animal husbandry sectors also to get Kisan Credit Cards
  • Rs 11,000 crore allocation for fisheries and aqua culture
  • Rs 1,290 crore allotted for bamboo sector
  • Krishi Yojana allocation doubled
  • Export of agriculture commodities will be liberalised 

EDUCATION

  • 18 new schools for architecture
  • Under RTE, lakhs of untrained teachers to be trained to help improve quality of education
  • 24  new medical colleges, at least 1 mediacl college for three constituencies
  • Scheme for revitalising school infrastructure, with an allocation of Rs 1 lakh crore over four years. RISE - Revitalizing Infrastructure in School Education
  • PM research fellows: Govt will identify 1000 Btech students each year and provide them means to pursue PHDs in IITs and IISc
  • Rs 1.35 crore allocation for health, education and social welfare in 2018-19
  • By 2022, every block with more than 50 per cent ST population and at least 20,000 tribal people will have 'Ekalavya' school on par with Navodaya Vidyalas
  • No more education cess on imported goods. Will be replaced by social welfare surcharge of 10%

 

HEALTHCARE

  • Rs 1,200 crore for health and wellness centres
  • Free drugs and diagnostic services for all, 10 crore families to be covered
  • Rs 5 lakh per anum healthcare for 50 crore Indians
  • 1.5 lakh new healthcare centres
  • Rs 600 crore for TB patients
  • Senior citizens allowed Rs 50,000 deduction on health insurance premium paid in a year from earlier Rs 30,000

 

 

INDUSTRY

  • Rs 3794 crore for Medium, Small and Micro industries
  • Rs 3 lakh crore for MUDRA Scheme for 2018-19
  • Govt to allocate Rs 7,140 crore for textiles sector
  • All enterprises will be given Aadhaar like unique ID's
  • Government assures 50% Minimum Support Price (MSP) to farmers, promises to double MSP by 2020

 

EMPLOYMENT

  • Incentives for women employees
  • Government contributing 8.33 % towards EPF 
  • Paid maternity leaves increased to 26 weeks
  • EPF women contribution reduced to 8% from 12%
  • Emoluments for President set at Rs 5 lakh, Rs 4 lakh for Vice President, Rs 3.5 lakh for governors

 

INFRASTRUCTURE-ENERGY

  • 4 crore homes to get free electricity
  • 51 lakh new houses to be built
  • 1 crore houses under PMAY  
  • 9,000 km National Highways to be completed in 2018-19
  • Rs 40,000 crore for expansion of Mumbai transport
  • Rs 17,000 crore for Bengaluru Metro in Karnataka
  • Airport capacity to be hiked to handle 1 billion trips every year
  • Regional air connectivity scheme to connect 56 unserved airports
  • Government will bring out an industry-friendly defence production policy in 2018
  • 5 lakh WiFi hotspots to provide broadband access to 5 cr rural people
  • Divestment target Rs 80,000 crore for FY 2019
  • Centre plans to construct two crore more toilets under Swachh Bharat Mission
  • Surplus power produced by solar-powered generators used by farmers will be bought by state distribution utilities
  • Rs 14.34 lakh crore to be spent for rural infrastructure
  • Housing for all by 2022, 1 crore houses to be built under Pradhan Mantri Awas Yojana in rural areas

 

DOMESTIC

  • 8 crore families to get free LPG connection

HOUSING

  • Govt to reduce hardships faced in realty deals
  • No adjustment to be made in case circle rate does not exceed 5 pc of sale consideration

 

RAILWAYS

  • 1.48 lakh crores allocated to Railways
  • 3,6000 kms under track renewal
  • Railways capex pegged at Rs 1.48 lakh crore. Last year it was Rs 1.31 lakh crores.
  • Re-development of 600 major railway stations
  • All trains will be progressively provided with Wi-Fi, CCTV and other state-of-the-art amenities
  • Over Rs 1.48 lakh crore to be allocated for railways in next fiscal
  • Suburban network of 160 km planned for Bengaluru

 

TOURISM

  • 10 prominent tourist sites to be developed as iconic tourist spots

 

GOLD/SILVER rates

  • SILVER RDY Rs 39,300.00 Per KG
  • GOLD(24-carat) RDY  Rs 30,870 PER 10 Grams
  • GOLD(22-carat) RDY  Rs 29,290 PER 10 Grams
  • Govt to formulate a comprehensive gold policy to develop gold as an asset class; gold monetisation scheme to be
    revamped

 

FINANCE/ECONOMY/MONEY

  • Government will take all measures to curb use of crypto-currencies like bitcoin
  • Govt will evolve a scheme to assign a Unique ID for companies
  • Increase in salary for parliamentarians, automatic revise of salaries for MP every 5 years 
  • Law to regulate salaries for MPs
  • Additional 90,000 crore collected by the Income Tax
  • To provide RBI an instrument to deal with excess liquidity, RBI Act and other laws being amended
  • Number of taxpayers have increase from 6.4 crore to 8.27 crore
  • Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more

 

TAX

  • Tax: Status quo maintained for salaried class
  • Personal income tax unchanged
  • Standard deduction increased to Rs 40,000 in medical insurance from Rs 15,000 for salaried class
  • Long term capital tax to be 10% for amount above Rs 1 lakh
  • Health and Education cess increased to 4%
  • Incentives for senior citizens: Exemption on interest income to be increased from Rs 10000 to Rs 50,000. Applies to all fixed deposit scheme
  • Sensex tanks over 300 pts after FM announces 10 pc tax on some long-term capital gains from equity market

 

WELFARE/MISCELLANEOUS

  • Centre earmarks Rs 150 cr to commemorate 150 years of birth of Mahatma Gandhi
  • Expenditure for 2017-18 pegged at Rs 21.57 lakh crore, as against Rs 21.8 lakh cr previously estimated
  • Jaitley announces allocation of Rs 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare
  • PAN to be used as Unique Entity Number for non-individuals from Apr 1

 

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