Highlights of the Union Budget 2018-19
The government has released the 2018-2019 Union Budget. Here we present some highlights of the Budget.
- The Personal Income Tax rates have remained unchanged.
- Rs. 40,000 standard deduction in lieu of present exemption.
- The Finance Minister stated that senior citizens can claim the benefit of reduction of Rs. 50,000/ year w.r.t any general health expenditure and health insurance premium.
- The salaried people would get Rs 40,000 standard deduction: FM.
- Companies with turnover of up to Rs. 250 cr to be taxed at 25%.
- 100% tax deduction for first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above.
- 12.6% growth in direct taxes in 2017-18; 18.7% growth in indirect taxes in 2017-18.
Schemes and Budget Estimates
- Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, the fiscal deficit of 3.3% expected for 2018-19.
- MP salaries to be revised with effect from 1 April 2018. It will increase every 5 years indexed to inflation.
- Emoluments of President to be revised to Rs 5 lakh per month and emoluments of Vice-president to be revised to Rs 4 lakh per month.
- Rs 80,000 crore disinvestment target for 2018-19; target for 2017-18 exceeded and will reach Rs 1 lakh crore.
- Regional Connectivity Scheme ‘UDAN’ shall connect 56 unserved airports and 31 helipads in the country.
- Mission on cyberspace will be launched in support of the establishment of centres of excellence.
- Railway stations with more than 25,000 footfalls will have escalators, trains will have WiFi and CCTV services.
- Ujjwala Yojana helped millions of poor get free LPG connection.
- Redevelopment of 600 major railway stations taken up; Mumbai transport system being expanded; the suburban network of 160 km planned for Bengaluru.
- Cleaning of river Ganga is of national importance, have sanctioned 187 projects under Namami Gange scheme.
- Mass formalisation of MSME sector is happening after demonetisation and GST.
- Govt will contribute 12% of wages of new employees in EPF for all sectors for the next 3 years.
- 76% of loan accounts are of women and more than 50% belong to SC, ST and OBC under the Mudra Yojana. Rs 3 lakh crore will be lent under Mudra Yojana in 2018-19.
- 24 district level colleges will be upgraded.
- Air Pollution in Delhi NCR is a cause for concern, a special scheme will be implemented to support Govts of Haryana, Punjab, UP and Delhi NCT to address it and subsidize machinery for management of crop residue.
- Govt plans to construct 2 crores more toilets under the Swachhbharat Mission.
- Govt. to initiate integration of B.Ed programme for teachers; Centre to start Eklavya schools for ST population.
- Govt to subsidise removal of crop residue to tackle the problem of pollution due to the burning of crop residue.
- Govt to set up fishery & aquaculture infrastructure fund; also to set up animal husbandry infrastructure fund with a total corpus of Rs. 10,000 crore.
- Finance Minister Arun Jaitley presents Budget 2018 in Parliament.