Key Highlights from Budget 2018

Source:-

Corporate India on Thursday said the ‘Bharat’-oriented Union Budget 2018 with a thrust on improving the rural economy will create jobs, encourage entrepreneurship and sets the tone for future growth.

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Sharing views on the Budget 2018-19, corporate honchos cheered measures like the Rs5 lakh cover per family per year to 10 crore families for secondary and tertiary care hospitalization, saying these would help the broader objective of universal healthcare.

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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 a

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gainst a projection of Rs 21.47 lakh crores 

85.51 lakh new tax payers filed income tax returns in FY17

* NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET

* Growth in direct taxes (till Jan 15) is 18.7 %
* 100% tax deduction is allowed to co-operative societies 

* Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17

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Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices

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* LONG TERM CAPITAL GAINS EXCEEDING RS 1 L AKH WILL BE TAXED AT 10% WITHOUT INDEXING

Short term capital tax remains at 15% 

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* A tax on distributed income at 10%

* Education cess increased to 4% from 3% to collect additional Rs 11,000 crore 

* GST revenue will be received only for 11 months, that will have an effect on balance sheets 

* GST collections projection pegged at Rs 7.43 lakh crore in full year 2018-19 as against Rs 4.44 lakh crore in nine months of current fiscal. <br .. <br=””>

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