2018 Budget Hightlights

By - Paisafatafat Blog

  • 2018-02-01 14:05:22
  • Finance

Key Highlights of Budget-2018:

  • The government announced a new health protection scheme where Each family would be entitled to get medical reimbursement for treatment at hospitals up to a maximum of Rs. 5 lakh every year
  • For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000
  • Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees.
  • Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers
  • Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh
  • Customs duty on perfumes, dental hygiene, after-shave, deodorants, room deodorizers, preparations for use on hair doubled to 20 pc.
  • Import duty on fruit juice raised from 30 pc to 50 pc.
  • 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.
  • 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.
  • Customs duty on imitation jewellery hiked from 15 pc to 20 pc; doubled on all watches to 20 pc
  • Customs duty on sunglasses, cigarette lighter, toys, bus and truck tyres, select furniture hiked.
  • Tax on distributed income of equity oriented mutual funds at the rate of 10 per cent announced.
  • Customs duty on mobile phones to be hiked to 20 per cent from 15 per cent
  • Cooking gas being given free to poor under PMUY, 4 cr unconnected being provided electricity connection, stent prices slashed.
  • Government proposes to launch ‘Operation Greens’ on the lines of Operation Flood’
  • Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets.
  • Proposal made to hike target of providing free LPG connections to 8 crore to poor women.
  • Kisan credit card facility extended to fisheries and animal husbandry sectors.
  • Rs 16,000 cr to be spent on providing electricity connection to 4 cr poor households.

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