Here are the updates on the finance minister’s Union Budget 2018 speech: •Propose to increase the custom duty on mobiles from 15% to 20% and on some other mobile parts to 15%, and some parts of TVs to 15%.•Propose to increase the health and education cess to 4% •Propose to tax long term capital gains exceeding Rs 1 lakh in listed stock at 10%. •Rs 50,000 additional benefit to senior citizens for investment in mediclaim. •A standard deduction of additional Rs 40,000 for salaried employees. This move will benefit 2.5 crore taxpayers. •No changes in the structure of income tax of individuals. •Rs 7000 crore will be the revenue foregone for the reduced corporate tax on MSMEs. •I propose to extend the benefit of the reduced corporate rate of 25% for companies with reported turnover of up to Rs 250 crore. •100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above. •41% more returns were filed this year, which shows that more people have joined the tax net. •Demonetisation was received by honest taxpayers as ‘Imaandaari ka utsav’. •Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19. •Automatic revision of MPs’ emoluments every five years, indexed to inflation. •Emoluments of President, Vice President and Governor being revised: Rs 5 lakh; 4 lakh; Rs 3.5 lakh per month respectively. •Exceeded the disinvestment target and collected Rs 1 lakh crore: FM. •The government insurance companies to be merged into a single entity, and subsequently listed in the stock exchange, as part of the disinvestment programme. •The government will assign every enterprise in India a unique ID on the lines of Aadhaar.
•The government has identified 372 basic business reform actions. Each state will take up these reforms.
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- Fall '19
- Government, Lakh