Highlights of Budget 2018-19

Finance Minister presents Union Budget 2018-19 in Parliament

Finance Minister Arun Jaitley presents his Budget for the year 2018-19 in Parliament. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in the country. The Budget of 2018 is India’s first after the implementation of the Goods and Services tax (GST) in June last year. Below are Highlights of Budget 2018-19.  

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley departs from North Block to Rashtrapati Bhavan and Parliament House, along with the Minister of State for Finance and Shipping, Shri P. Radhakrishnan, the Minister of State for Finance, Shri Shiv Pratap Shukla and the senior officials to present the General Budget 2018-19, in New Delhi on February 01, 2018.
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley departs from North Block to Rashtrapati Bhavan and Parliament House, along with the Minister of State for Finance and Shipping, Shri P. Radhakrishnan, the Minister of State for Finance, Shri Shiv Pratap Shukla and the senior officials to present the General Budget 2018-19, in New Delhi on February 01, 2018.

Highlights of the Budget

* PAN to be used as Unique Entity Number for non- individuals from April 1.

* Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more.

* This budget will accelerate economic growth, it is focused on all sectors: PM Modi

* Prime Minister Narendra Modi praises his finance minister Arun Jaitley for delivering a budget that is “farmer friendly, common citizen friendly, business environment-friendly and development friendly.”

* Govt’s health scheme to cover 10 crore poor families is world’s largest government-funded health protection scheme.

* Arun Jaitley proposed to tax long term capital gains exceeding Rs 1 lakh at 10 per cent without indexation.

* Electronic IT assessment will be rolled out across the country, leading to greater efficiency and transparency: FM

* Mobile phones set to become costlier as custom duty on them has been increased to 20 per cent.

* Health and education cess has been increased to 4 per cent.

* For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000: FM Jaitley

* FM Jaitley proposes to introduce tax on distributed income by equity oriented mutual funds at 10 per cent.

* Standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses: FM Jaitley

* Companies with turnover of up to Rs 250 crore to be taxed at 25 per cent: FM

* Arun Jaitley says that the government does not propose any changes in tax slabs for the salaried class this year.

* FM proposes a fiscal deficit of 3.3% of GDP for 2018-19.

* Finance Minister Arun Jaitley proposes revising emoluments as per the following structure:

— Rs 5 lakh for the President of India
— Rs 4 lakh for the Vice President
— Rs 3.5 lakh for the Governors

* Jaitley also proposes automatic revision of emoluments of Parliamentarians every five years, indexed to inflation.

* We have already exceeded our disinvestment target, announces Arun Jaitley.
Disinvestment target for 2017-18 has been exceeded and will reach Rs 1 lakh crore. Target for 2018-19 is Rs 80,000 crore.

* 5 lakh WiFi hotspots will be set up in rural areas to provide easy internet access.

* Government will take all steps to eliminate use of cryptocurrencies which are funding illegitimate transactions.

* Govt announces Amrut program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth Rs 19,428 core will be awarded: FM

* NITI Aayog will establish a national programme to direct our efforts in the area of Artificial Intelligence towards national development: FM

* Airport capacity to be hiked to handle 1 billion trips every year.

* Arun Jaitley says that 4,000 km of new railway track will be laid down by 2019.

* All railways stations with footfall more than 25,000 to have escalators, says the Finance Minister.

* Mumbai transport receives Rs 40,000 crore.

* The government will undertake redevelopment of 600 major railway stations across the country.

* Arun Jaitley announces capital expenditure of Rs 1,48,528 crore for Indian Railways in 2018-19.

* National Heritage City Development Augmentation Scheme has been undertaken to preserve and protect heritage cities in the country, announces the Finance Minister.

* Government to contribute 12 per cent of EPF contribution for new employees in all sectors: FM

* Infrastructure is the growth driver of economy: Jaitley

* Target of 3 lakh crore for lending under PM Mudra Yojana: FM

* MSME enterprises are a major element for growth, says Jaitley. He also added that mass formalisation of MSME sector is happening after demonetisation and GST.

* Govt will launch health scheme to cover 10 crore poor families, Arun Jaitley says.

* The Government is slowly but steadily progressing towards universal health coverage: FM

* Government aims to bring 60 crore bank accounts under the Jan Dhan Yojana.

* Eklavya schools to be started for Scheduled Tribe populations: Finance Minister

* Rs 600 crore allocated to Tuberculosis patients undergoing treatment.

* Govt will set up two new Schools of Planning and Architecture, says Finance Minister Jaitley.

* To tackle brain drain, Jaitley announces scheme to identify bright students pursuing B Tech in premiere engineering institutes, and providing them higher-education opportunities in the IITs and IISc. These students will receive handsome fellowships, and will be expected to dedicate a few hours to teach in higher education institutions weekly.

* Specialised railway university to be set up at Vadodara.

* Jaitley proposed integrated BEd programme for teachers: “training of teachers during service is essential.” Technology will be the biggest driver in improving the quality of education.

* Budget allocates money for social security and protection programme for all widows and orphaned children.

* We have a target to provide all Indians with their own homes by 2022, says Jaitley.

* Ujjwala scheme to amplify targets, will now provide 8 crore rural women free LPG connections.

* Air pollution in Delhi-NCR has been a cause of concern, govt has proposed subsidised machinery for in-situ management of crop residue in Punjab, Haryana, Uttar Pradesh and NCT Delhi.

* Govt of India will take necessary measures to put in place measures for the state government to purchase surplus solar power produced by local farmers at sutiable prices.

* Arun Jaitley proposes a sum of Rs 500 crore for ‘Operation Green’ on the lines of ‘Operation Flood’.

* Food processing sector is going at an average of 8 per cent per annum.

* We have been saying it for years that India is primarily an agricultural country: Jaitley

* Arun Jaitley on Minimum Support Price of agricultural products: Only increasing the MSP is not enough, the government will fix the MSP of agricultural products at 1.5 times the market rate.

* Our emphasis is on generating higher benefits and productive employment for the farmers: Jaitley while addressing the agricultural sector in his Budget speech 2018.

* Our government has worked sincerely, and without weighing the political costs, hoping that benefits are delivered to people at their doorsteps. The Direct Benefit Transfer system of India is a success story that is reiterated across the world: Jaitley.

* This year’s Budget will particularly focus on agriculture, says Jaitley.

* The finance minister also pointed out that India is one of the fastest-growing economies in the world.

* Indian economy has performed very well since our government took over in May 2014, says Arun Jaitley.

* Arun Jaitey recalls the measures — like GST, FDI, demonetisation, etc. — taken by the NDA government in the past four years that have impacted the economy of the country.

-01 February, 2018 / New Delhi /Microstat

Over 11.44 lakh ‘fake, duplicate’ PANs deactivated

Over 11.44 lakh ‘fake, duplicate’ PANs deactivated: Government

More than 11.44 lakh permanent account numbers (PANs) were deleted or de-activated in cases where multiple PANs were found allotted to one person, Parliament was informed on Tuesday.

Over 11.44 lakh 'fake, duplicate' PANs deactivated: Government

More than 11.44 lakh permanent account numbers (PANs) were deleted or de-activated in cases where multiple PANs were found allotted to one person, Parliament was informed on Tuesday.

This was informed by Minister of State for Finance Santosh Kumar Gangwar in a written reply to the Rajya Sabha.

“As on July 27, 11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person,” the minister said.

PAN is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person.

“One PAN for one person is the guiding principle for allotment of PAN,” Gangwar said.

He further said that as on July 27, 1,566 PANs have been identified as ‘fake’ which were allotted to either non-existent person or in the names of persons with false identities.

The facility to delete or de-activate the PAN is available with the Assessing Officer through application software.

During 2004 to 2007 also, an exercise for de-duplication of PAN was conducted in the tax department to identify probable duplicate PANs.

Replying to a question on recovery of undisclosed income post demonetisation, Gangwar said the Income Tax Department conducted searches in 900 groups of persons during November 2016 to March 2017, leading to seizure of Rs 900 crore and admission of undisclosed income of Rs 7,961 crore.

Besides, 8,239 surveys were conducted leading to detection of undisclosed income of Rs 6,745 crore.

“Information of various kinds of wrong-doings by about 400 persons was also shared with other law enforcement agencies such as Enforcement Directorate and Central Bureau of Investigation for appropriate action,” he said.

He further said during the current financial year (till June end) the department conducted searches in 102 groups, seizing assets worth Rs 103 crore.

Referring to the launch of ‘Operation Clean Money’ on January 31, Gangwar said about 18 lakh persons whose cash transactions did not appear in line with their tax profile were identified and approached through email/SMS.

Over 9.27 lakh responses were received giving information on 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore.

“Advance data analytics tools were deployed which further identified 5.56 lakhs new cases and about 1 lakh those cases in which either partial or no response was received in the earlier phase. Besides, about 200 high risk clusters of persons were identified for appropriate action,” the minister added.

-August 2, 2017, New Delhi