Finally Arun Jaitley Union Budget speech is over. So there are lot of the Good Benefits from tax point of view which has been issued by the government in this session budget. So here is summarized the Key Highlights of Union Budget 2018 :-
Key Points on Union Budget 2018 Summary
- The Government is slowly but steadily progressing towards universal health coverage,Rs 600 crore allocated to Tuberculosis patients undergoing treatment, under Aayushman Bharat programme 1.5 lakh centres will be set up to provide health facilities closer to home. Rs 1,200 crore to be allocated for this programme and Govt will launch health scheme to cover 10 crore poor families.
- Arun Jaitley Said That The governement will spend money for social security and protection programme for all widows and orphaned children and Govt will expand PM Jan Dhan Yojana: Al 16 crore accounts will be included under micro insurance and pension schemes
- Arun Jaitley announces capital expenditure of Rs 1,48,528 crore for Indian Railways in 2018-19, will undertake redevelopment of 600 major railway stations across the country,All railways stations with footfall more than 25,000 to have escalators,Specialised railway university to be set up at Vadodara. And 4,000 km of new railway track will be laid down by 2019.
- Airport Authority of India (AAI) has 124 airports. Propose to increase the number by at least 5 times 1 billion trips a year, Rs 60 cr has been allocated to kickstart the initiative And UDAN Scheme to connect 64 unconnected airports across the country
- Govt to introduce pay-as-you-use system for toll payments,the government will Construct new tunnel in Sera Pass to promote tourism and prominent tourist sites will be made iconic tourist destinations, with an amalgamation of private funding, marketing and branding.
- Excise on unbranded diesel cut by 2 rupees to 6.33 rupee/ltr and Excise on unbranded petrol cut by 2 rupees to 4.48 rupee/ltr respectively.
- Govt to increase digital intensity in education ,Rs. 1 lakh crore allocated to revitalisation and upgradation of education sector. Promoting learning based outcomes and research,By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalayas ,Governement Aims to move from black board to digital board schools by 2022 and Govt will identify 1000 Btech students each years and provide them to do PHDs in IIT and IISc, while also teaching undergraduate students once a week at that time.
- Govt will contribute 12% of the wages of new employees in EPF in all sectors for next 3 years and Women contribution to EPF reduced to 8% for first 3 years
- Govt to take additional measures to strengthen environment for venture capitalists and angel investors.,SEBI to consider mandating large corporations to meet 1/4th of their debt needs , to mull asking large cos to meet 25% debt from bond market And RBI norms to nudge companies to access bond market for funds .
- Govt will evolve a scheme to assign a Unique ID for cos , National Insurance Co, Oriental Insurance Co and United Assurance Co to be merged into one entity and subsequently listed ,Govt revises divestment target for the current fiscal to Rs 1 lakh crore for FY 18,Recapitalisation will pave the way for public banks to lend an additional Rs 5 lakh crore and Rs 7,148 cr allocated for textile sector .
- 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 and Customs duty on crude edible vegetable oils like groundnut oil.
- NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET, Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17 ,Short term capital tax remains at 15% ,Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D and Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more.
- Arun Jaitley proposes a sum of Rs 500 crore for Operation Green that will promote agricultural products and Agricultural market and infra fund of Rs 2000 crore fund will be set up to strengthen the market connectivity.
- The government in Digital India scheme will double investement to Rs 3073 cr ,5 lakh WiFi HotSpots to provide Broadband access to 5 crore rural citizens,Government will take measures to stop cryptocurrency circulation and Government will explore the usage of Blockchain technology.
Conclusion on Union Budget 2018 Summary
The Finance minister Arun Jaitley emphasized on the fact that The budget is largely focused on uplift of agricultural sector, along with major advancement to healthcare and education sectors in the country, enhancement of ease of doing business In India and have a target to provide all Indians with their own homes by 2022.