Union Budget of 2018 is been the talk of the nation from the very moment it got publicized. Union Finance Minister Arun Jaitley presented the Union Budget 2018-19 in Parliament on Thursday. This budget, Jaitley’s fifth, is the last full budget of this NDA government before India goes to polls for the General Elections due to take place in 2019.
Some of the highlights from the Union Budget 2018 are presented below:
>No change in personal income tax slabs and rates.
>Surcharge of 10% on income above Rs 50 lakh but less than Rs 1 cr, 15% on income above Rs 1 cr to continue;
>Standard Deduction returns after a decade; Rs 40,000 to be allowed in lieu of transport allowance and medical expenses;
>Economic growth nailed at 7.2-7.5% for H2 FY18;
>India’s average growth in first 3-year of NDA govt 7.5%;
>Revised Fiscal Deficit estimate for 2017-18 is Rs 5.95 lakh crore at 3.5% of GDP;
>Allocation for food processing ministry doubled from Rs 715 cr in RE FY’18 to Rs 1,400 cr in BE FY’19;
>2 crores more toilets to be built under Swachh Bharat Mission;
Substantial increase in allocation of National Rural Livelihood Mission to Rs 5,750 cr in FY’19;
>Facility of fixed-term employment will be extended to all sectors;
>SEBI to consider mandating, beginning with large firms, to meet about 1/4th of their financing needs from bond market;
>Allocation on Digital India scheme doubled to Rs 3,073 cr;
>Proposed expenditure on infra pegged at Rs 5.97 lakh cr as against Rs 4.94 lakh crore in FY’18;
>Customs duty on crude edible vegetable oils hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%;
>Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers and preparations for use on hair doubled to 20%.
So above are some of the highlights from the Union Budget 2018. Are you happy with the declaration of the budget scheduled for this year?