Budget 2018 Highlights | Fusion - WeRIndia

Budget 2018 Highlights

Budget 2018 Highlights

Yesterday Finance Minister Arun Jaitley presented the Union Budget in the Parliament. Many common people are not very satisfied with this.

Many middle class people and salaried people expected reduction in the existing tax rate, but it did not happen.

Moreover, government increased customs and excise duties on certain items which ultimately increase the prices of these items.

Here are some highlights of the Budget:

  • No change in the existing personal income tax slab rates. However, salaried tax payers can have a standard deduction of ₹40,000 for transport and medical reimbursement.
  • Senior citizens can get an exemption of ₹10,000 from Banks FD and post offices. They can also get an exemption of ₹50,000 per annum for medical insurance under Sec 80D.
  • If the long term capital gains exceed ₹1 lakh, 10 percent of tax should be paid without indexing.
  • Education cess has increased to 4 percent from 3 percent.
  • 4 crore poor people will get power connection under PM Saubhagya Yojana.
  • New LPG connections will be provided to 8 crore poor women.
  • 2 crore toilets will be constructed in next fiscal year under Swachh Bharat Mission.
  • Government aims house for all by 2022. So far, 51 lakh houses have been constructed in rural areas and and 50 lakh houses will be constructed in urban areas. 1 core houses will be built under Pradhan Mantri Awas Yojana in rural areas.
  • Government will set up 1.5 lakh centres to provide primary health facilities and ₹1,200 crore are allocated for this programme.
  • Medical health care up to ₹5 lakh will be provided per family per year for secondary and tertiary care hospitalization. This is the world’s largest government-funded healthcare programme. 50 crore beneficiaries will get benefit from this scheme.
  • Many items like mobile phones, silver, gold, fruit and vegetable juices, beauty products, LCD/LED TV, furniture, footwear, silk fabrics, watches and clocks, toys, perfumes, shaving products, video games consoles, cigarettes, candles and vegetable oils will become more expensive.
  • Solar tempered glass, parts or accessories used in making cochlear implants, ball screws and linear motion guides etc. will become cheaper.

Image credit: Photo by Kelly Sikkema on Unsplash (Free for commercial use)

Image Reference: https://unsplash.com/photos/xoU52jUVUXA

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