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Download PDF file of Union Budget 2018 from HERE
Major Highlights of Union Budget 2018-19
- 10 tourist cities to be developed into iconic tourist destinations.
- 10% tax on distributed income of equity oriented mutual funds.
- 100% tax deduction for farmer production firms with 100 cr turnover..
- 142 cities have got investment grade ratings.
- 150 km additional suburban railway network at the cost of Rs. 40,000 cr.
- 2 major initiatives as part of Ayushman Bharat program.
- 24 new govt medical college & hospitals.
- 24 Public Sector Units to be divested.
- 4% health and education cess; currently it's 3%.
- 5 lakh WiFi spots for benefit of 5 crore rural citizens.
- 600 railway stations to be redeveloped.
- 8 crore rural women to get free gas connection through Ujjwala yojana.
- Airport capacity to be hiked to handle 1 billion trips per year.
- All trains to increasingly have WiFi & CCTVs.
- Allocation for national livelihood mission: Rs. 5750 crore.
- Automatic revision of MPs' emoluments every 5 yrs indexed to inflation.
- Bank recap to help banks lend additional Rs. 5 lakh crore.
- Benefit of reduced corporate rate of 25% to firms with 250 cr turnover.
- Cash payments of over Rs. 10,000 by trusts, institutions to be disallowed.
- Contribution from women to EPF to be brought down from 12% to 8%
- Credit for agricultural activities: From 10 lakh cr to 11 lakh cr.
- Customs duty increased on mobile phones from 15% to 20%.
- Customs duty on raw cashew cut form 5% to 2.5%.
- Disinvestment target of Rs. 80,000 crore for 2018-19.
- Effective tax payers now 8.27 crore.
- Eklavya schools for tribal children.
- Excess revenue collected from personal income tax amounts to 90,000 cr.
- Fiscal deficit target for next fiscal: 3.3%.
- Fiscal deficit target of 3.5% in 2017-18.
- For SCs: 279 programs, allocation of Rs. 52,719 crore.
- For senior citizens, no TDS on FD, Post Office interest upto Rs. 50,000.
- For sr citizen,limit for investment in LIC schemes doubled to Rs. 15 lakh.
- For STs: 305 programs, allocation of Rs. 32,508 crore.
- Global economy is transforming into digital economy.
- Government to take all steps to eliminate use of cryptocurrencies.
- Govt will contribute 12% of wages of new employees to EPF for 3 yrs.
- Govt will expand coverage under Pradhan Mantri jan dhan yojana.
- Health cover of up to 5 lakh per family per year for poor & vulnerable.
- In last 3 years, number of steps for generation of employment.
- Kisan credit card to be extended to fisheries,animal husbandry farmers.
- Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%.
- Moving from blackboard to digital board.
- National health protection scheme to benefit 50 crore people.
- National health protection scheme to cover 10 cr poor families
- National program to direct efforts in Artificial Intelligence.
- New electronic assessment scheme to eliminate person-to-person contact.
- No change in personal income tax..
- Operation Green allocation Rs. 500 crore.
- Over 3600 km railway track renovation targeted in current year.
- 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.
- Proposal for railway university in Vadodara.
- Regional air connectivity scheme shall connect 56 unserved airports.
- Relief for salaried taxpayers: Standard deduction of Rs. 40,000.
- Rs. 1 lakh crore over 4 years for initiative for infra in education.
- Rs. 10,000 cr for fishery development fund and animal husbandry fund.
- Rs. 1200 crore for health and wellness centres
- Rs. 1290 crore allocation for bamboo sector.
- Rs. 600 crore for nutritional support to all TB patients.
- Rs. 7148 crore allocation for textile sector.
- Senior citizens can claim 50,000 cr for general medical expenditure.
- Smart City mission: 99 cities selected with outlay of Rs. 2.04 lakh crore.
- Special scheme to address air pollution in NCR region.
- Standard deduction for transport, medical reimbursement
- Standard deduction to benefit 2.5 crore people.
- Standard deduction to benefit pensioners also.
- System of toll payment by cash being replaced by electronic payments.
- Target of Rs. 3 lakh crore for lending under PM MUDRA Yojana.
- Training for 50 lakh youth by 2020.
- We have exceeded our disinvestment target this year..
- Will establish dedicated affordable housing fund.
- Will treat education holistically without segmentation.
Major Promises of Union Budget 2018-19
Education
Swachh Bharat Mission
Irrigation
Self Help Groups
Provident Fund
LPG Subsidy
Digital India
Cryptocurrencies
Research
Railways
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