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Indian New Union Budget 2018 - 19: EximGuru.com

Indian New Budget 2018 - 2019

Key to Budget[English]
Budget Speech[English]
Budget at a Glance[English]
Annual Financial Statement[English]
Finance Bill[English]
Receipt Budget[English]
Expenditure Budget[English]
Customs & Central Excise Notifications

Budget changes in Custom Duty

Budget changes in Excise Duty

Budget changes in Service Tax
The Macro Economic Framework Statement[English]
The Medium Term Fiscal Policy Statement[English]
The Fiscal Policy Strategy Statement[English]
Implementation of Budget Announcements 2017-2018 [English]
Output Outcome Framework for Schemes 2018-2019 [English]

Indian Union Budget 2018 Highlights

  • Propose to tax LTCG of 10% for gains exceeding Rs 100,000
  • Govt levies long-term capital gains tax of 10% for over Rs 1 lakh investments
  • Customs duties hiked on mobiles to 20 prevent from 15 per cent; on TVs to 15 prevent to boost domestic manufacturing.
  • No change in personal income tax structure

  • MSME corporate tax for 2018-19 has been cut to 25% up to revenue of Rs 250 cr

  • FM says Rs 90,000 cr extra collected as personal Income Tax in last 1 year. will continue with tax policies that reward honest tax payers.

  • 25% Corp tax rate extended to companies with turnover up to Rs 250 cr

  • Arun Jaitley says propose to allow 100% tax deduction to companies registered as farmer-producer companies with a turnover of Rs 100 crore.

  • 8.5 million new taxpayers have filed returns for FY17

  • Infrastructure outlay increased from Rs 4.94 lakh cr to almost Rs 6 lakh cr FY19

  • Revised Fiscal deficit FY18 at Rs 5.95 lakh cr, or 3.5% of GDP. Committed to 3% fiscal deficit in FY19

  • FM Jaitley says personal tax buoyancy has improved significantly.

  • Total revised expenditure 21.575 lakh crore

  • Infrastructure outlay increased from Rs 4.94 lakh cr to almost Rs 6 lakh cr FY19

  • Individual enterprises will now have unique IDs

  • Jaitley proposes a law to facilitate automatic revision of emoluments for MPs every five years based on inflation

  • Emoluments of the president to be revised to Rs 5 lakh, Rs 4 lakh for the vice president and Rs 3.5 lakh for governors

  • Proposes inflation-linked revision of salary of Members of Parliament

  • Disinvestment was pegged at highest level of Rs 72,500 crore in last years Budget and the government has been successful in exceeding the target. For 2018-19 the disinvestment target is set at Rs 80,000 crore.

  • PSU general insurers to be merged, listed.

  • Extra Budgetary expenditure of Rd 5.97 lakh cr for infra, says Jaitley

  • Grameen Agricultural Market (GRAM) will provide farmers a means to sell directly to buyers: FM Arun Jaitley

  • Will take steps to curb illegal transactions using cryptocurrencies

  • Two industrial defence corridors on cards

  • After Aadhaar, a unique identity for every business.

  • Govt has identified 372 specific business reform actions to improve ease of doing business; Evaluation of performance under this programme to be based on user feedback

  • The government does not take cryptocurrency as legal. Will take strict action, says Arun Jaitley

  • 1 lakh gram panchayats have been connected to high-speed broadband. Allocates Rs 10,000 crore to set up 5 lakh Wi-Fi hotspots to provide broadband access to 5 crore rural citizen

  • 500,000 wi-fi hotspots on cards to servive 50 mn rural dwellers.

  • The low-cost air connectivity scheme, UDAN, will connect 56 unserved airports and 31 unserved helipads

  • Will add 90 km of tracks to Mumbal’s local train network at Rs 11,000 crore to also allocate Rs 17,000 cr for Bengaluru metro network

  • FM stresses that the government does not consider cryptocurrencies as legal tender and will take measures to eradicate use of crytocurrencies for illegitimate activities

  • The government will spend as much as Rs 11,000 crore to add tracks to the Mumbai local train network, Jaitley said.

  • Finance Minister says to eliminate 4,267 unmanned rail crossings at broad gauge network. All stations with more than 25,000 footfall will have elevators.

  • FM says allocate Rs 1.38 lakh cr in FY19 Vs Rs 1.22 lk cr in FY18 for govt health and education programmes.

  • Operations at 16 airports have started under regional connectivity scheme UDAAN

  • Allocate Rs 7,148 cr to textile sector; need investment of Rs 50 lakh cr for infra sector

  • Govt to construct tunnel at Sela Pass in Arunachal Pradesh

  • Budget is about Modicare, farmers and women empowerment

  • 470 APMCs have been connected to eNAM network, the rest to be connected by March 2018

  • Need Rs 50 lakh crore to improve infra, he says. We are confident of completing 9000 kms national highways to be by 2018- 19

  • Railways capex for FY19 will be at Rs 1.48 lakh cr

  • Women employees' contribution to EPF to be reduced to 8% from 10% for the first 3 years.

  • Nearly 70 lakh formal jobs have been created this year...govt will contribute 12 % EPF in wages of new employment in all sectors

  • Govt to contribute 12% of EPF contribution for new employees in all sectors.

  • Special focus on affordable housing announced

  • National Health Protection Scheme with 50 crore beneficiaries, will provide upto Rs 5 lakh per family per year for secondary and tertiary

  • Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE - Revitalizing Infrastructure in School Education

  • FM says the government will introduce 24 new medical colleges including upgrading certain existing colleges. This will ensure there is 1 government medical college in every state of the country.

  • The government will launch a flagship National Health Protection Scheme, which will have 50 crore beneficiaries. The Centre will give up to Rs 5 lakh per family per year. This will include secondary and tertiary healthcare

  • 24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals

  • 80 million poor families to be given free gas connection under Ujjwala scheme

  • 500 mn beneficiaries of govt health care scheme: FM Arun Jaitley

  • Allocate Rs 2,600 underground water irrigation plan in 96 districts

  • Finance Minister says two new planning & architecture schools to be set up in IITs

  • Finance Minister says will set up PM Research Fellow Scheme; 1000 B-Tech students to be selected

  • FM now spells out initiatives to address health issues holistically. 1.5 lakh centres health care centres will bring health closer to every household. The centres will provide free essential drugs and diagnosis. Corpus will be roughly Rs 1,200 crore

  • Rs 16,000 cr allocation for electricity connection to poor families

  • Eklavya schools to be started for Scheduled Tribe population

  • Integrated B.Ed programme to be initiated for teachers, to improve quality of teachers: FM Arun Jaitley

  • Rs 11 lakh cr for instant farm credit mooted next FY

  • Hope to grow at 7.2 per cent-7.5 per cent in the second half of 2017-18

  • The FM is now listing out all the new educational and training institutes that the government aims to introduce in the coming year to ensure improved quality of education in the country.

  • 8 crore free gas connections to women under UJJWALA and 4 crore electricity connections to the poor under Saubhagya Yojana

  • 6 crore toilets have been built so far under the Swachh Bharat campaign. The target for the next financial year is to build another 2 crore toilets.

  • Government led by PM Modi has implemented a series of fundamental structural reforms

  • The Swachh Bharat Mission seems to flying strong, having already resulted in 6 crore toilets being constructed across the country. An additional 2 crore toilets will be made in the next 2 years and this should go a long way in addressing the crucial issue of open defecation, especially in rural areas.

  • Ground water irrigation scheme under Krishi Sinchayi Yojana will be taken up in regions where less than 30% land gets assured irrigation currently. Our focus will be get more and more land under irrigation facilities

  • Finance Minister says propose to extend Kisan credit card to fisheries & animal husbandry farmers

  • Food processing sector is growing at average 8% per annum. Allocation in this sector is being doubled from 750 cr last year to 1400 crore in 2018-19.

  • Government proposes to launch Operation Green for which a sum of Rs 500 crore will be allocated.

  • Agri exports have the potential of USD 100 bn and therefore, state of art facility will be set up in 42 food parks for agri exports

  • proposes to extend kisan credit card to fisheries & animal husbandry farmers and allocate Rs 10,000 cr for fisheries & aquaculture, animal husbandry funds

  • Modi government has successfully implemented a series of structural reforms

  • The Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost

  • Grameen Agricultural Market (GRAM) will provide farmers a means to sell directly to buyers

  • Budget allocation in the food processing industry will be increased from Rs 715 crore to Rs 1,400 crore"

  • Operation green along lines of Op flood. Corpus Rs 500 cr:

  • Allocation in Food Processing Ministry formulates is being doubled to boost Food Processing; specialized agro-processing and financial institutions to be promoted by government

  • Cultivation of horticulture crops in clusters can boost production and marketing: Jaitley. Agri-market Development Fund with a corpus of Rs 20 billion to be set up for developing agricultural markets

  • Grameen Agricultural Market (GRAM) will provide farmers a means to sell directly to buyers

  • Finance Minister says will look at cluster development model for horticulture & agri crop

  • will look at cluster development model for horticulture & agri crops

  • Our government has eliminated middleman by promoting direct benefit transfer

  • We hope to grow at 7.2%-7.5% in the second half of 2017-18

  • Want farmers to earn 1.5x on their produce

  • PM aims to double farm income by 2022

  • The Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost

  • Recapitalised PSU banks are ready to support growth; achieved 7.5% average growth in three years of NDA government'.

  • 470 APMCs have been connected to eNAM network, the rest to be connected by March 2018: FM

  • Finance Minister says MSP for kharif crops to be 1.5 times cost of produce

  • Jaitley stresses on the government's focus on the farm sector, says the Centre wants to help farmers produce more

  • Jaitley: Our government has eliminated middleman by promoting direct benefit transfer

  • We are allocating natural resources in a more transparent manner, there is a premium on honesty now

  • From ease of doing biz to the 'ease of living', says finance minister

  • New India Budget has in store for agriculture and rural economy

  • Finance Minister says recapitalised PSU banks are ready to support growth; achieved 7.5% average growth in 3 three years of NDA govt.

  • Will work with states to provide more resources to improve quality of education: FM Arun Jaitley

  • From ease of doing business, our govt has moved to ease of living for the poor and middle class, says Arun Jaitley.

  • The Minimum Support Price of all crops shall be increased to at least 1.5 times that of the production cost: FM

  • Cluster-model approach to be adopted for agricultural production: FM Arun Jaitley

  • From ease of doing biz to the 'ease of living', says finance minister

  • Finance Minister says indirect tax structure has been simplified with GST rollout

  • Finance Minister says 6.2% GDP growth has signalled turnaround in economy

  • All structural reforms taken by Modi government will help India's growth: Arun Jaitley

  • Finance Minister says have decisively reversed policy paralysis & corruption

  • Finance Minister says promised to reduce poverty, expedite infra creation

  • We've achieved 7.55 average growth in first three years of NDA government

  • Budget2018 will focus on agriculture and rural economy, health, infra, senior citizens.

  • Finance Minister says FDI has gone up & IT is now easier to do biz in India due to reforms; now, there is a premium on honesty in India
    New India Budget has in store for agriculture and rural economy

  • DBT a global success story, says finance minister

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Date: 19-04-2018
Notification No.33/2018-Customs (N.T.)
Exchange Rates Notification No.33/2018-Custom(NT) dated 19.4.2018

Date: 18-04-2018
Notification No. 22/2018-Customs (ADD)
seeks to impose definitive anti-dumping duty on imports of Glassware, originating in, or exported from People's Republic of China and Indonesia. .

Date: 17-04-2018
Notification No. 21/2018-Customs (ADD)
seeks to extend the levy of anti-dumping duty, imposed on imports of Soda Ash originating in or exported from Russia and Turkey under Notification No. 8/2013-Customs (ADD), dated the 18.04.2013 for a further period of one year (i.e. 16.04.2019) or till the conclusion of the sunset review investigations initiated by the Designated Authority vide initiation notification No.7/4/2018-DGAD dated the 16th April, 2018, whichever is earlier.

Date: 16-04-2018
DGFT Notification No.02/2015-2020
Incorporatoin of new HS Codes for laying down import policy for Kabuli Chana, Bengal gram and Others under Exim Code 0713 of Chapter 07 of ITC (HS), 2017, Schedule - I (Import Policy).

Date: 16-04-2018
DGFT Notification No.03/2015-2020
Amendment in import policy conditions under Exim Code 9022 of Chapter 90 of ITC (HS), 2017, Schedule - I (Import Policy).

Date: 13-04-2018
Notification No.32/2018-Customs (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver.

Date: 12-04-2018
A.P. (DIR Series) Circular No.23
Liberalised Remittance Scheme (LRS) for Resident Individuals – daily reporting of transactions

Date: 11-04-2018
Trade Notice No- 2/2018-19
Launch of facility to check status of Importer Exporter Code (IEC) application made to DGFT

Date: 10-04-2018
Notification No. 43/2018-Customs
seeks to increase tariff rate of basic customs duty (BCD) on tariff items covered under tariff sub head 0404 10 ie. Whey and modified Whey, whether or not concentrated or containing added sugar or other sweetening matter, and under tariff item 0404 90 00 ie. Other Whey from present 30% to 40% by invoking section 8A (1) of the Customs Tariff Act, 1975.

Date: 10-04-2018
Notification No. 44/2018-Customs
seeks to amend notification No. 50/2017 Customs dated 30.06.2017 so as to maintain effective rate of BCD on Whey, concentrated, evaporated or condensed, liquid or semi-solid (0404 10 10) and Other Whey (0404 90 00) at 30%.

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