Today finance minister Arun Jaitley presented the Union Budget for 2018-19 in Parliament.  Here is the synopsis of budget:

  • Service Sector expected growth 8%
  • Free Gas connection to people below poverty line.(8 Cr. Female will get benefit)
  • Free Dialysis facility to people below poverty line
  • No interview for class C & D posts.
  • Expected GDP more than 8%
  • More than 800 medicines will be sold at the cheap rate.
  • All government certificates will be provided online.
  • Income of Farmers will be doubled in next 5 years
  • Rs.1400 Cr allotted to food processing center
  • Rs.2200 Cr allotted to Agri-Infra marketing.
  • Rs.500 Cr allotted for operation Green (Operation Green will be launched for Potato & Onion)
  • The government will purchase excess solar power.
  • Rs.11 Lakh Cr allotted for agriculture credit
  • Agriculture export will be hassle-free.
  • Rs.10000 Cr allotted for Fishery & other farming.
  • Solar pump will be provided at subsidized rate.
  • More than 6 Cr new toilet will prepare.
  • Rs.75, 000 Cr allotted to Self-help group of female. Rs. 12,000 Cr allotted to health sector.
  • 42 Mega food park will be developed.
  • Railway University will established in Vadodara.
  • Rs. 5 lakh insurance for 10 Cr families.
  • 24 new Govt. medical colleges will be established.
  • Free electricity connection to 4 Cr BPL Families.
  • Rs 1 lakh Cr will be spent on education in next 4 years.
  • MSP for all agriculture products will be 1.5 times of cost of production.(Kharif)
  • Rs.600 Cr allotted for TB patients.
  • For every 3 constituencies, there will be 1 medical college.
  • PF deduction for female reduced to 8% for 1 to 3 yrs.
  • Target mudra loans Rs 3 Lak Cr in next FY.
  • Rs.7148 Cr allotted to the textile sector.
  • 35 Lakh Km road will be completed under Bharatmala project.
  • Highway construction exceed to 9000 Km in next FY.
  • Railway CapEx budget for next FY Rs.1.48 Lakh Cr.
  • Rs, 11,000 Cr allotted for Mumbai rail network.
  • Rs, 17,000 Cr allotted for Bengaluru rail network
  • Need investment of Rs 50 Lakh Cr for Infrastructure.
  • Allocation to Digital India Rs.373 Cr.
  • Proposed Rs.5.97 Lakh Cr extra-budgetary expenditure of infrastructure.
  • Govt. Planning disinvestment of Rs. 80,000 Cr by FY 2019.
  • Salary of president raised Rs.5 Lakh, VP 4 Lakh & Governor Rs.3 Lakh.
  • 5.95 lakh Cr. Fiscal deficit for FY 17-18.
  • Estimated expenditure 21.57 Lakh Cr for FY 18-19
  • Growth in Direct Tax collection 18.7%.
  • Targeted debt to GDP ratio 40 %.
  • Corporate tax rate proposed @25 % for companies having the turnover of Rs.250 Cr.
  • Rs. 40,000 transport & Medical reimbursement standard deduction for salaried employee.
  • TDS to be deducted on Interest more than 50,000 U/S 194 A.
  • Medical insurance for Senior citizen increased to Rs.50,000
  • Deduction for Sr. Citizen with critical illness raised to RS.1 Lakh.
  • LTCG @ 10% without indexation for capital gain on equity shares more than the investment of Rs.1 Lakh.
  • Proposed Health Education Cess @ 4%
  • Proposed to amend Income Tax act for electronic assessment.
  • Customs duty on mobile increased to 20 % from 15%.
  • No change in Tax Slab.

 

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Amit Pilania

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