Narendra Modi govt’s Budget Updates for 2018

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Narendra Modi govt’s Budget Updates for 2018

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1. No more education cess on imported goods. Will be replaced by social welfare surchargeof10%

2. Electronic IT assessment will be rolled out across the country, leading to greater efficiency and transparency: FM

3. Custom duty on mobile phones increased to 20% from 15%

4. Long-term capital gains exceeding Rs.1lakh to be taxed at the rate of10%

5. Standard deduction of Rs.40,000 introduced in lieu of transport and medical reimbursements for salaried employees

6. Incentives for senior citizens: Exemption on interest in come to be increased from Rs. 10000 to Rs.50, 000. Applies to all fixed deposit scheme

7. Jaitley proposes 100% tax rebate for farmer producer companies having a turnover of Rs100 crore.

8. No change in personal income tax rates

9. Corporate tax reduced to 25% from 30% for companies with annual turnover of up to Rs.250 crore

10. Government will take all measures to curb use of crypto currencies like bitcoin

11. All trains will be progressively provided with Wi-Fi, CCTV and other state-of- the-art amenities

12. Jaitley expresses confidence in completing national highways exceeding 9,000km under Bharatmala project.

13. Jaitley: 99 smart cities have been identified with an outlay of Rs.2.04 lakh crore

14. Jaitley: EPF women contribution reduced to 8% from 12%

15. Jaitley: Govt will contribute 12% of wages of new employees in EPF for all sectors for the next 3years.

16. Jaitley announces allocation of Rs.56,619 crore for SC welfare and Rs.39,135 crore for ST welfare

17. Target of Rs.3lakh crore for lending under PM MUDRA Yojana

18. Jaitley: My government is launching a flagship healthcare scheme to cover 10 crore poor families; will provide Rs.5lakh per family, per year

19. Jaitley: Govt will allocate Rs.16,000 crore to provide electricity to rural areas under Pradhan Mantri Saubhagya Yojna

20. Jaitley: A special scheme will be implemented to support the efforts of state governments of Haryana, Delhi-NCR and Punjab to help tackle air pollution

21. Jaitley: Fishery and Aquaculture Infrastructure Development Fund and Animal Husbandry Infrastructure Fund to be set up with a total corpus of Rs.10,000 crore.

22. Restructured National Bamboo Mission to be launched with an allocation of Rs.1290 crore to promote bamboo sector in a holistic manner.

23. Jaitley announces allocation of Rs.500 crore for Operation Green

24. Jaitley proposes to set up state-of- the art facilities in 42 mega food parks

25. Allocation in food processing ministry is being doubled to Rs.1,400 crore from Rs.715 crore

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