Know the Budget 2018 in detail below:
Quick view of key consideration in the 2018 budget
In the second half of the current fiscal, the government estimated the GDP growth of 7.2-7.5 percent.
The fiscal deficit in 2017-18 would be 3.3% by 2018-19 at 3.5%
2018-19 per year Allocation of 80,000 crores
The proposed cost in rural areas is Rs. 14.34 lakh crore.
– National Health Protection Scheme will be given to a family of Rs.5 lakh per year for medical compensation.
– Personal income tax slabs will not change. However, instead of the existing medical and transport insurance, the standard deduction is Rs. Reintroduced at 40,000.
– Reduction in medical insurance premium for senior citizens has been raised to Rs. 50,000. Senior citizens with severe illness will get Rs 1 lakh discount.
– Tax exemption on capital gains, with some conditions, is more than Rs.1 lakh on investments at 10%.
Capital gains in shares up to January 31 Short-term capital gains did not change at 15%.
Budget 2018: Petrol, Diesel Will be Cheaper; Gold, Silver, Vegetables to Get Costlier
PROPOSALS INVOLVING CHANGE IN CUSTOMS DUTY RATES
|Item||From (Per Cent)||To (Per Cent)|
|Cashew nuts in shell||5||2.5|
|Ball screws, linear motion guides, CNC systems for manufacture of all types of CNC machine tools||7.5||2.5|
|Solar tempered glass or solar tempered||5||NIL|
|Raw materials, parts or accessories for the manufacture of Cochlear Implants||2.5||NIL|
|Other articles of stone containing magnesite, dolomite or chromite||10||7.5|
|Bricks, blocks, tiles and other ceramic goods of siliceous fossil meals or of similar siliceous earths||10||7.5|
|Motor spirit commonly known as petrol||Rs. 6.48 per litre||Rs 4.48per litre|
|High speed diesel oil||Rs. 8.33 per litre||Rs. 6.33 per litre|
Source – http://www.india.com
|Item||From (Per Cent)||To (Per Cent)|
|Orange fruit juice||30||35|
|Other fruit juices and vegetable juices||30||50|
|Miscellaneous Food preparations (other than soya protein)||30||50|
|Perfumes and toilet waters||10||20|
|Beauty or make-up preparations and preparations for the care of the skin (other than medicaments), including sunscreen or suntan preparations; manicure or pedicure preparations||10||20|
|Preparations for use on the hair||10||20|
|Preparations for oral or dental hygiene, including denture fixative pastes and powders; yarn used to clean between the teeth (dental floss), in individual retail packages||10||20|
|Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, depilatories and other perfumery, cosmetic or toilet preparations, not elsewhere specified or included, prepared room deodorizers, whether or not perfumed or having disinfectant properties||10||20|
|Automobile and automobile parts|
|Specified parts/accessories of motor vehicles, motor cars, motor cycles||7.5/10||15|
|CKD imports of motor vehicle, motor cars, motor cycles||10||15|
|CBU imports of motor vehicles||20||25|
|Truck and Bus radial tyres||10||15|
|Parts of footwear||10||15|
|Cut and polished colored gemstones||2.5||5|
|Diamonds including lab grown diamonds-semi processed, halfcut or broken; non-industrial diamonds including lab-grown diamonds (other than rough diamonds), including cut and polished diamonds||2.5||5|
|Cellular mobile phones||15||20|
|Specified parts and accessories of cellular mobile phones||7.5/ 10||15|
|PCBA of charger/adapter and moulded plastics of charger/adapter of cellular mobile phones||NIL||10|
|Smart watches/wearable devices||10||20|
|LCD/LED/OLED panels and other parts of LCD/LED/OLED TVs||7.5/10||15|
|Specified parts for manufacture of LCD/LED TV panels||NIL||10|
|Preform of silica for use in the manufacture of telecommunication grade optical fibres or optical fibre cables||NIL||5|
|Seats and parts of seats [except aircraft seats and parts thereof], Other furniture and parts||10||20|
|Mattresses supports; articles of bedding and similar furnishing||10||20|
|Lamps and lighting fitting, illuminated signs, illuminated name plates and the like [except solar lanterns or solar lamps]||10||20|
|Wrist watches, pocket watches and other watches, including stop watches||10||20|
|Clocks with watch movements||10||20|
|Other clocks, including alarm clocks||10||20|
|Tricycles, scooters, pedal cars and similar wheeled toys; dolls’ carriages; dolls; other toys; puzzles of all kinds||10||20|
|Video game consoles and machines, articles for funfair, table or parlor games and automatic bowling alley equipment||10||20|
|Festive, carnival or other entertainment articles||10||20|
|Articles and equipment for sports or outdoor games, swimming pools and paddling pools [other than articles and equipment for general physical exercise, gymnastics or athletics]||10||20|
|Fishing rods, fishing-hooks and other line fishing tackle; fish landing nets, butter fly nets and similar nets; decoy birds and similar hunting or shooting requisites||10||20|
|Roundabouts, swings, shooting galleries and other fairground amusements; travelling circuses, traveling menageries and travelling theatres||10||20|
|Candles, tapers and the like||10||25|
|Date, sealing or numbering stamps, and the like||10||20|
|Cigarette lighters and other lighters, whether or not mechanical or electrical, and parts thereof other than flints and wicks||10||20|
|Scent sprays and similar toilet sprays, and mounts and heads therefor; powder-puffs and pads for the application of cosmetic or toilet preparations||10||20|
|Crude edible vegetable oils like Ground nut oil, Olive oil, Cotton seed oil, Safflower seed oil, Saffola oil, Coconut oil, Palm Kernel/Babassu oil, Linseed oil, Maize corn oil, Castor oil, Sesame oil, other fixed vegetable fats and oils.||12.5||30|
|Refined edible vegetable oils, like Ground nut oil, Olive oil, Cotton seed oil, Safflower seed oil, Saffola oil, Coconut oil, Palm Kernel/Babassu oil, Linseed oil, Maize corn oil, Castor oil, Sesame oil, other fixed vegetable fats and oils, edible margarine of vegetable origin, Sal fat||20||35|
|Refractory bricks, blocks, tiles and similar refractory ceramic constructional goods, other than those of siliceous fossil meals or similar siliceous earths||5||7.5|
|Other refractory ceramic goods||5||7.5|
|Levy of Social Welfare Surcharge on imported goods [other than those mentioned at S. No. 3 to 6 below] to finance education, housing and social security||—||10% of the aggregate duties of customs|
|Silver (including silver plated with gold or platinum), unwrought or in semimanufactured form, or in powder form||3% of the aggregat e duties of Customs|
|Levy of Road and Infrastructure Cess on imported motor spirit commonly known as petrol and high speed diesel oil||Rs 8/litre|
Source – http://www.india.com
Minister of finance Mr.Arun Jaitley presented the budget speech in Parliament. Jaitley continued to switch between Hindi and English in his two-hour speech to many people’s entertainment.
However, it was very fun, and soon Jaitley’s content was more interesting than the language he used.
The lion’s share of Jaitley’s speech has focused on farmers and farmers who proposed the 2018 budget. He also announced the National Health Protection Scheme, which is the largest in the world in his speech.
In addition, there are a few things that see the price change with the Union Budget 2018-2019:
What is the property?
“The customs duty on import of mobile phone components has increased by 20 percent to 20 percent,” Finance Minister Arun Jaitley said in his Union Budget speech.
Jaitley said that the move would “increase the smartphone sector jobs in India”.
Imported TVs, laptops
Customs tariff will also increase the import of televisions and laptops.
In fact, customs duty on goods such as cigarette lighters, toys, buses, truck tires, some furniture and sunglasses are increasing.
What to do
Petrol and diesel
Petrol and diesel prices up by Rs. 2 increased.
Footwear, leather products
“Employment-based tax incentives are expanding to the footwear and leather industry, promoting MSMEs, lowering corporate tax benefits to 25% and increasing the tax value to Rs 250 crore, Jaitley said.
Gas is used to reduce contamination
With the rise of Delhi, Haryana and Punjab governments, the government will try to subsidize the cost of machinery to deal with air pollution levels and the subsidy will be eliminated to prevent pollution from crop failure. In the management of the problem of the problem, “Jaitley said.
Jaitley announced that customs duty on raw casualty would be reduced from 5% to 2.5%. Its price is low.