Union Budget 2018:Key highlights you need to know | 10% LTCG Tax is back

Finance Minister Arun Jaitley's delivered this government's fifth and last full Budget amid subdued economic growth, challenging fiscal situation and farm distress.

Fiscal Situation 
Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal 
Rs 21.57 lakh crores transferred as net GST to states against a projection of Rs 21.47 lakh crores.

Senior Citizens
1.Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh.
2.Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers. 
3.Govt to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration.

Customs Duties
1.Customs Duty on certain products, such as mobile phones and televisions has been increased, to encourage 'Make in India'
2.Social welfare surcharge of 10% on imported goods.
3.Central Board of Excise and Customs renamed as Central Board of Indirect Taxes and Customs.

1.The government's emphasis will be on generating higher incomes for farmers, by helping them produce more with lesser cost, and in turn, earn higher income for their produce.
2.Jaitley stressed on the fact that India's agricultural production is at a record high level today. 275 million tonne foodgrains and 300 million tonne fruits and vegetable have been produced in the country.
3.The FM said the government wants farmers to earn 1.5 times the production cost, and the Minimum Selling Price (MSP) for the Kharif Crops has been set at 1.5 times the produce price. Jaitley said the Centre will work with states to ensure that all farmer get a fair price.

1.Govt to increase digital intensity in education. Technology to be the biggest driver in improving quality of education: FM Jaitley 
2.Rs. 1 lakh crore allocated to revitalisation and upgradation of education sector. Promoting learning based outcomes and research.
3.By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalayas.

Rail Budget
1.Railway capex has been pegged at Rs 1.48 lakh crore , up from Rs 1.31 lakh crore last year. 2.Eliminate unmanned railway crossing * All stations with footfall of greater than 25,000 will have escalators.
3.More stations and trains will progressively be built with WiFi and CCTV camera.
4.Govt to eliminate 4267 unmanned rail crossing in broad gauge in 2 years
5.Allocates Rs 11,000 crore Mumbai rail network and Rs 17,000 crore for the Bengaluru metro.
Union Budget 2018:Key highlights you need to know | 10% LTCG Tax is back Union Budget 2018:Key highlights you need to know | 10% LTCG Tax is back Reviewed by Saurabh Jadhav on February 01, 2018 Rating: 5
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