Finance Minister Arun Jaitley presented his Budget for the year 2018-19 in Parliament. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in the country.
Some of the key features of the Budget are :
- PAN to be used as Unique Entity Number for non- individuals from April 1.
- Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more.
- Mobile phones set to become costlier as custom duty on them has been increased to 20 per cent.
- Health and education cess has been increased to 4 per cent.
- For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000
- Standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses
- Companies with turnover of up to Rs 250 crore to be taxed at 25 per cent
- Finance Minister Arun Jaitley proposes revising emoluments as per the following structure:
— Rs 5 lakh for the President of India
— Rs 4 lakh for the Vice President
— Rs 3.5 lakh for the Governors
- 5 lakh WiFi hotspots will be set up in rural areas to provide easy internet access.
- Government will take all steps to eliminate use of cryptocurrencies which are funding illegitimate transactions.
- Govt announces Amrut program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth Rs 19,428 core will be awarded
- Airport capacity to be hiked to handle 1 billion trips every year.
- 4,000 km of new railway track will be laid down by 2019.
- All railways stations with footfall more than 25,000 to have escalators
- Mumbai transport receives Rs 40,000 crore.
- The government will undertake redevelopment of 600 major railway stations across the country.
- Capital expenditure of Rs 1,48,528 crore for Indian Railways in 2018-19.
- National Heritage City Development Augmentation Scheme has been undertaken to preserve and protect heritage cities in the country, announces the Finance Minister.
- Government to contribute 12 per cent of EPF contribution for new employees in all sectors