The Budget 2018 is crucial as this is just before the big 2019 Lok Sabha Polls. It will also be crucial as assembly elections will be held in big states like Karnataka, Rajasthan Madhya Pradesh.
It's first one after the implementation of Goods and Services Tax (GST).
What can we expect from union budget 2018?
Increase in the exemption limit for medical reimbursement, from the current Rs 15,000 to Rs 30,000.
Increase in the deduction under Section 80D/80C.
Long term Policy to be framed to cover unorganized sector in income tax umbrella.
Increase in the conveyance allowance limit.
Probably more of good news to central government employees.
More stress on self employment, extending facilities like loan on easy terms.
Ministry of Road transport and highways, may surely be a factor for boom in civil jobs.
Organic farming and bamboo farming may surely see a boost.
Stress on middle and small scale start ups.
May found a mention of crypto currency, for bringing into tax slabs.
And in last as usual, some announcements for women and child safety to be ensured.
Union Budget 2018 : In simple Term
Standard dedeuction of RS. 40000, ahhhh relief for salaried people.Under Ujjawala scheme, 8 crore free gas connections to be given to poors.
Crypto-currencies won't get any legal status.
Boon for domestic mobile phone manufacturers, custom duty on imported mobile phones get a hike from 15% to 20%.
No TDS for senior citizens on FDs and other post office deposits upto Rs. 50,000.
Textile sector got a boost of Rs. 7100 crore.
Rs. 56,000 crore for SCs and Rs. 39,000 for STs.
4267 unmanned railway crossings to be removed or upgraded.
Deduction for senior citizens increased upto Rs.50000 for medical expenses.
Airport capacities to be expanded almost 5 times.
10% tax to be levied on long term capital gains from stocks, equitiy mutual funds.
No change in current Income tax slabs.
Central Board of Exceise and Customs to be renamed as Central Board of Indirecrt taxes and Customs.
Revitalising Infrastructure and Systems in Education (RISE) by 2022 with a total investment of Rs 1,00,000 crore in next four years. This will aim at step up investments in research and related infrastructure in premier educational institutions, including health institutions. This is in line with imparting quality education to the students in the country.
The government would launch the Prime Minister's Research Fellows (PMRF) Scheme this year. The scheme would identify 1,000 best B.Tech students each year from premier institutions and provide them facilities to do Ph.D in IITs and IISc, with a handsome fellowship.
Proposes set up of 24 new Government Medical Colleges and Hospitals by upgrading district hospitals in the country.
Minimum support price for Kharif crops hiked by 1.5 times Rural haats to be upgraded.
Woman Self help groups will be encouraged to take up Organic farming.
2 crore additional toilets to be constructed under Swach Bharat Abhiyan.
Free power connections to 4 crore homes Rs. 2,000 crore fund for development of agri market.
Arun Jaitley: Air Pollution in Delhi-NCR (National Capital Region) is a cause for concern.
Special schemes will be implemented to support Haryana, Punjab, Uttar Pradesh and Delhi to address it. Subsidies will be given for farm machinery to manage crop residue.
Here come the perennial question after every Budget, what is getting cheaper and what will become costly:
Below Imported items to become costly:
* Cars and motorcycles
* Mobile phones
* Silver
* Gold
* Vegetable, fruit juices.
* Perfumes and toilet peapers.
* 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, perfumery.
* Scent sprays and similar toilet sprays.
* Truck and Bus radial tyres.
* Silk Fabrics.
* Footwear.
* Coloured gemstones.
* Diamonds
* Imitation jewellery
* Smart watches/wearable electronic devices
* LCD/ LED TV panels
* Furniture
* Mattresses
* Lamps
* Wrist watches, pocket watches, clocks
* Tricycles, scooters, pedal cars, wheeled toys, carriages, dolls, toys, puzzles of all kinds
* Video game consoles
* Articles and equipment for sports or outdoor games.
* Cigarette and other lighters, candles
The following is the list of imported items that will become 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.
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