Highlights of Union Budget 2018

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Highlights of Union Budget 2018

Union Finance Minister Arun Jaitley presented the Union Budget 2018 today in Lok Sabha.

Here are the highlights of Union Budget 2018:

– Over Rs. 1.48 lakh cr to be allocated for railways in next fiscal

– President’s emolument raised to Rs. 5 lakh, VP’s to Rs 4 lakh

– For sr citizen,limit for investment in LIC schemes doubled to Rs. 15 lakh

– Customs duty increased on mobile phones from 15% to 20%

– 4% health and education cess; currently it’s 3%

– For senior citizens, no TDS on FD, Post Office interest upto Rs. 50,000

– Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%

– No change in personal income tax.

– Senior citizens can claim 50,000 cr for general medical expenditure

– Standard deduction to benefit 2.5 crore people

– Standard deduction to benefit pensioners also

– Relief for salaried taxpayers: Standard deduction of Rs. 40,000

– Benefit of reduced corporate rate of 25% to firms with 250 cr turnover

–  Automatic revision of MPs’ emoluments every 5 yrs indexed to inflation

– 100% tax deduction for farmer production firms with 100 cr turnover.

– Fiscal deficit target for next fiscal: 3.3%.

– Effective tax payers now 8.27 crore.

– Excess revenue collected from personal income tax amounts to 90,000 cr.

– Fiscal deficit target of 3.5% in 2017-18.

– Government to take all steps to eliminate use of cryptocurrencies.

– 24 Public Sector Units to be divested.

– Bank recap to help banks lend additional Rs. 5 lakh crore.

– We have exceeded our disinvestment target this year..

– Disinvestment target of Rs. 80,000 crore for 2018-19.

– System of toll payment by cash being replaced by electronic payments.

– 5 lakh WiFi spots for benefit of 5 crore rural citizens.

– National program to direct efforts in Artificial Intelligence.

– Global economy is transforming into digital economy.

– All trains to increasingly have WiFi & CCTVs.

– Training for 50 lakh youth by 2020.

– Airport capacity to be hiked to handle 1 billion trips per year.

– Regional air connectivity scheme shall connect 56 unserved airports.

– 150 km additional suburban railway network at the cost of Rs. 40,000 cr.

– 600 railway stations to be redeveloped.

– Over 3600 km railway track renovation targeted in current year.

– 10 tourist cities to be developed into iconic tourist destinations.

– 142 cities have got investment grade ratings.

– Smart City mission: 99 cities selected with outlay of Rs. 2.04 lakh crore.

– Govt will contribute 12% of wages of new employees to EPF for 3 yrs.

– Rs. 7148 crore allocation for textile sector.

– In last 3 years, number of steps for generation of employment.

– For STs: 305 programs, allocation of Rs. 32,508 crore.

– For SCs: 279 programs, allocation of Rs. 52,719 crore.

– Govt will expand coverage under Pradhan Mantri jan dhan yojana.

– 24 new govt medical college & hospitals.

– Rs. 600 crore for nutritional support to all TB patients.

– National health protection scheme to benefit 50 crore people.

– Health cover of up to 5 lakh per family per year for poor & vulnerable.

– National health protection scheme to cover 10 cr poor families

– Rs. 1200 crore for health and wellness centres

– 2 major initiatives as part of Ayushman Bharat program.

– Proposal for railway university in Vadodara.

– Rs. 1 lakh crore over 4 years for initiative for infra in education.

– Eklavya schools for tribal children.

– Moving from blackboard to digital board.

– Will treat education holistically without segmentation.

– Credit for agricultural activities: From 10 lakh cr to 11 lakh cr.

– Allocation for national livelihood mission: Rs. 5750 crore.

– Will establish dedicated affordable housing fund.

– 8 crore rural women to get free gas connection through Ujjwala yojana.

– Special scheme to address air pollution in NCR region.

– Rs. 10,000 cr for fishery development fund and animal husbandry fund.

– Rs. 1290 crore allocation for bamboo sector.

– Kisan credit card to be extended to fisheries,animal husbandry farmers.

– Operation Green allocation Rs. 500 crore.

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