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Union Budget 2018: Key Highlights

लेख हिंदी, उर्दू, बंगाली, तमिल, मलयालम, पंजाबी, गुजराती, मराठी, तेलुगू और कन्नड़ में  पढ़ने के लिए Google ट्रांसलेटर ड्रॉपडाउन का उपयोग करें।

NEW DELHI: Finance Minister Arun Jaitley delivered this government's fifth and last full Budget amid subdued economic growth, challenging fiscal situation and farm distress. What makes it all the more important is the upcoming elections in eight states this year and the General Election next year, all of which put tough demands on it. Let's have a look at the highlights from Budget 2018:

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1. Government has made many positive changes in the personal income tax rates applicable to individuals in the last three years, therefore, I do not wish to make any changes to this, Arun Jaitley said.

2. Education cess increased to 4 pc from 3 pc to collect additional Rs 11,000 cr.

3. Employees PF Act to be amended to reduce contribution of women to 8 pc from 12 pc with no change in employer’s contribution.

4. Customs duty on mobile phones to be hiked to 20 per cent from 15 per cent.

5. Gross budgetary support for Railways hiked to over Rs 3 lakh crore in 2018-19 from Rs 2.73 lakh crore in 2017-18.

6. Customs duty on imitation jewellery hiked from 15 pc to 20 pc; doubled on all watches to 20 pc.

7. Customs duty on sunglasses, cigarette lighter, toys, bus and truck tyres, select furniture hiked.

8. Import duty on LCD/LED/OLED panels, parts of TVs hiked to 15 pc; duty on smart watches, wearable devices, footwear doubled to 20 pc.

9. World’s largest Health Protection Scheme covering over 10 crore poor and vulnerable families launched with a family limit up to 5 lakh rupees for secondary and tertiary treatment.

10. Allocation of Rs. 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare announced.

11. Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers, preparations for use on hair doubled to 20 pc.

12. Government does not consider crypto-currency as legal; will take all measures against its illegal use.

13. Import duty on fruit juice raised from 30 pc to 50 pc.

14. Duties on petrol, diesel rejigged; basic excise duty lowered by Rs 2 per litre, Rs 6 additional excise duty abolished, but Rs 8 a litre road cess introduced. So there will be no change in petrol prices.

15. Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more. PAN to be used as Unique Entity Number for non-individuals from Apr 1.

16. Corporate tax rate for companies with up to Rs. 250 crore turnover has been reduced to 25% from 30%, Mr Jaitley announced.

17. Fiscal Deficit pegged at 3.5%, projected at 3.3% for 2018-19.

18. Tax on LTCG exceeding Rs. 1 lakh at the rate of 10 percent, without allowing any indexation benefit. However, all gains up to January 31, 2018 will be grandfathered.

19. Proposal to increase cess on personal income tax and corporation tax to 4% from present 3%.

20. 99 cities selected for smart cities project with an outlay of Rs 2.04 lakh crore.

21. Customs duty on crude edible vegetable oils like groundnut oil, safflower seed oil hiked from 12.5 pc to 30 pc; on refined edible vegetable oil from 20 pc to 35 pc.

22. Government proposes to launch ‘Operation Greens’ on the lines of Operation Flood’.

23. Food processing sector growing at 8 pc; allocation for food processing ministry being doubled to Rs 1400 cr.

24. Centre plans to construct 2 crore more toilets, Under Swachh Bharat Mission.

25. Cash payments exceeding Rs 10,000 by trusts and institutions will be disallowed in a bid to curb cash economy.

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