Dear Aspirants,
It is very important for you to get updates on The Union Budget 2018-19. This will be the last full Union Budget to be presented by Finance Minister Arun Jaitley in the session of Parliament and it will be unlike his previous four such exercises because of the complete overhaul of the indirect tax regime affected by implementing the Goods and Services Tax (GST) last year.
The Budget, to be the last for this government in view of the general elections due in the first half of 2019, may have two main components: The first part deals with new schemes and outlays for various existing schemes and sectors for the coming fiscal, while the second contains announcements on direct and indirect taxes. With the implementation of single tax regime GST, this year's budget is believed to take into account only those items that still remain outside the purview of GST. It is highly expected that 2018-19 budget could contain changes in customs and excise duties on these remaining products, which for most others have been subsumed under GST. For the rest, you'll have to watch this space for the review of Union Budget 2018-19.
Top Developments
1. No
changes in personal income tax slabs.
2. Salaried
tax payers to get a standard deduction of Rs.40,000 in lieu of transport
allowance and "other medical expenses"
3. Rs.2,000 crore fund for development of agri
markets
4. All
senior citizens will now be able to claim benefit of a deduction of Rs.50,000 for any medical insurance.
5. For
critical illnesses, the deduction has been increased to ₹1,00,000.
6. Free
power connections to 4 crore homes under the Saubhagya Yojana
7. 8 crore
free gas connection for poor women through Ujjwala Yojana
8. Govt.
to implement Minimum Support Price for all crops; It is hiked to 1.5 times of
production costs
9. Govt to
contribute 12% of wages of new employees for all sectors.
10. New flagship National Health Protection Scheme,
providing a health insurance cover of Rs.5
lakh per family per year announced
11. Railway
capex for the year 2018-19 set at Rs.1.48
lakh crore
12.Disinvestment
target for this year set at Rs.80,000 crore
