* Arun Jaitley proposed to tax long term capital gains
exceeding Rs 1 lakh at 10 per cent without indexation.
* Electronic IT assessment will be rolled out across the
country, leading to greater efficiency and transparency:
FM
* 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: FM Jaitley
* FM Jaitley proposes to introduce tax on distributed
income by equity oriented mutual funds at 10 per cent.
* Standard deduction of Rs 40,000 for salaried employees
in lieu of transport and medical expenses: FM Jaitley
* Companies with turnover of up to Rs 250 crore to be
taxed at 25 per cent: FM
* Arun Jaitley says that the government does not propose
any changes in tax slabs for the salaried class this
year.
* FM proposes a fiscal deficit of 3.3% of GDP for
2018-19.
* 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
* Jaitley also proposes automatic revision of emoluments
of Parliamentarians every five years, indexed to
inflation.
* We have already exceeded our disinvestment target,
announces Arun Jaitley. Disinvestment target for 2017-18
has been exceeded and will reach Rs 1 lakh crore. Target
for 2018-19 is Rs 80,000 crore.
* 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:
FM
* NITI Aayog will establish a national programme to
direct our efforts in the area of Artificial
Intelligence towards national development: FM
* Airport capacity to be hiked to handle 1 billion trips
every year.
* Arun Jaitley says that 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, says the Finance Minister.
* Mumbai transport receives Rs 40,000 crore. * The
government will undertake redevelopment of 600 major
railway stations across the country.
* Arun Jaitley announces 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: FM
* Infrastructure is the growth driver of economy:
Jaitley * Target of 3 lakh crore for lending under PM
Mudra Yojana: FM
* MSME enterprises are a major element for growth, says
Jaitley. He also added that mass formalisation of MSME
sector is happening after demonetisation and GST.
* Govt will launch health scheme to cover 10 crore poor
families, Arun Jaitley says.
* The Government is slowly but steadily progressing
towards universal health coverage: FM
* Government aims to bring 60 crore bank accounts under
the Jan Dhan Yojana.
* Eklavya schools to be started for Scheduled Tribe
populations: Finance Minister
* Rs 600 crore allocated to Tuberculosis patients
undergoing treatment.
* Govt will set up two new Schools of Planning and
Architecture, says Finance Minister Jaitley.
* To tackle brain drain, Jaitley announces scheme to
identify bright students pursuing B Tech in premiere
engineering institutes, and providing them
higher-education opportunities in the IITs and IISc.
These students will receive handsome fellowships, and
will be expected to dedicate a few hours to teach in
higher education institutions weekly.
* Specialised railway university to be set up at
Vadodara.
* Jaitley proposed integrated BEd programme for
teachers: "training of teachers during service is
essential." Technology will be the biggest driver in
improving the quality of education.
* Budget allocates money for social security and
protection programme for all widows and orphaned
children.
* We have a target to provide all Indians with their own
homes by 2022, says Jaitley.
* Ujjwala scheme to amplify targets, will now provide 8
crore rural women free LPG connections.
* Air pollution in Delhi-NCR has been a cause of
concern, govt has proposed subsidised machinery for
in-situ management of crop residue in Punjab, Haryana,
Uttar Pradesh and NCT Delhi.
* Govt of India will take necessary measures to put in
place measures for the state government to purchase
surplus solar power produced by local farmers at
sutiable prices.
* Arun Jaitley proposes a sum of Rs 500 crore for
'Operation Green' on the lines of 'Operation Flood'.
* Food processing sector is going at an average of 8 per
cent per annum.
* We have been saying it for years that India is
primarily an agricultural country: Jaitley
* Arun Jaitley on Minimum Support Price of agricultural
products: Only increasing the MSP is not enough, the
government will fix the MSP of agricultural products at
1.5 times the market rate.
* Our emphasis is on generating higher benefits and
productive employment for the farmers: Jaitley while
addressing the agricultural sector in his Budget speech
2018.
* Our government has worked sincerely, and without
weighing the political costs, hoping that benefits are
delivered to people at their doorsteps. The Direct
Benefit Transfer system of India is a success story that
is reiterated across the world: Jaitley.
* This year's Budget will particularly focus on
agriculture, says Jaitley.
* The finance minister also pointed out that India is
one of the fastest-growing economies in the world.
* Indian economy has performed very well since our
government took over in May 2014, says Arun Jaitley.
* Arun Jaitey recalls the measures -- like GST, FDI,
demonetisation, etc. -- taken by the NDA government in
the past four years that have impacted the economy of
the country.
* Finance Minister Arun Jaitley presents Union Budget
2018-19 in Parliament.
* The cabinet, in a meeting, approved the Budget.
* Union Finance Minister Arun Jaitley has arrived in the
Parliament to present his Budget for the year 2018-19.
* The Budget of 2018 is India's first after the
implementation of the Goods and Services tax (GST) in
June last year.
Source::: Times of
India,
dated 01/02/2018.