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Union Budget 2018-19 Live Updates, Highlights, FM’s Announcement, Analysis


Union Budget 2018-19

As we all know that, Finance Minister Arun Jaitley is presenting the last full budget of the current term of Narendra Modi government in Parliament. If you want to know Live Updates of Budget 2018 then you can read the highlights of Union Budget 2018-19 that are presented here.

In the Parliament, Finance Minister Arun Jaitley has started presenting the Budget 2018. This time, people want the income tax exemption limit, increase in tax on home loans. At the same time, excise duty on petrol and diesel will be reduced. This time we will also see whether farmers' debt will be forgiven or not.

So, to know all the FM’s Announcement on Budget and analysis of Union Budget 2018 is discussed in this page completely. So, you can read out Budget 2018 Live Updates from this page that is presented by the expert team members of www.privatejobshub.in.

Union Budget 2018-19 Live Updates:

Live updates on the finance minister’s Union Budget 2018 speech:

2.23pm: Uttar Pradesh chief minister Yogi Adityanath says out of 24 new medical colleges, eight will open in Uttar Pradesh. There are provisions to build infrastructure and relief has been given to salaried class.
1.56pm: The finance minister has tried to make improvements for farmers but the problems of farmers and rural people are enormous. The measures may not be sufficient,” says former PMHD Dewe Gowda.
1.54pm: “Under the Prime Minister Gram Sadak Yojana, there will also be work to connect villages to rural Haat, higher education centres and hospitals,” says PM Modi.
1.49pm: “For women, for more employment opportunities and increased take-home salaries, the EPF rate has been reduced to 8.33%,” says PM Modi.
1.33pm: “This Budget is farmer friendly, common citizen friendly, business environment friendly and development friendly. It will add to ‘Ease of Living’,” says PM Modi.
1.33pm: “Budget 2018 strengthens the hopes and expectations of 1.25 billion people of the country,” says PM Modi.
1.03pm: NHPS will strengthen growth in the health sector by creating lakhs of jobs and will increase accountability, says NITI Aayog CEO Amitabh Kant.
1.02pm: “The government has attempted to pay lip service to farmers and to other marginalised sections of society, but it is a classical case of too less and completely at the inappropriate time,” says Congress leader Manish Tewari.
12.48pm: Sensex at 35,526.23, down by 438.79 points.
12.46pm: FM proposes to increase the custom duty on mobiles from 15% to 20% and on some other mobile parts to 15%, and some parts of TVs to 15%.
12.45pm: FM proposes to increase the health and education cess to 4%.
12. 43pm: FM proposes to tax long-term capital gains exceeding Rs 1 lakh in listed stock at 10%.
12.38pm: Rs 50,000 additional benefit to senior citizens for investment in mediclaim.
12.35pm: A standard deduction of additional Rs 40,000 for salaried employees. This move will benefit 2.5 crore taxpayers.
12.34pm: No changes in the structure of income tax for individuals.
12.33pm: Rs 7000 crore will be the revenue foregone for the reduced corporate tax on MSMEs.
12.32pm: I propose to extend the benefit of the reduced corporate rate of 25% for companies with reported turnover of up to Rs 250 crore.
12.28pm: 100% tax exemption for the first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above.
12.27pm: 41% more returns were filed this year, which shows that more people have joined the tax net.
12.26pm: Demonetisation was received by honest taxpayers as ‘Imaandaari ka utsav’.
12.24pm: Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19.
12.19pm: Automatic revision of MPs’ emoluments every five years, indexed to inflation.
12.19pm: Emoluments of President, Vice President and Governor being revised: Rs 5 lakh; 4 lakh; Rs 3.5 lakh per month respectively.
12.18pm: The Sensex is now in the red.
12.17pm: Recapitalisation to enable PSU banks to lend Rs 5 lakh crore.
12.13pm: The government will assign every enterprise in India a unique ID on the lines of Aadhaar.
12.08pm: Redevelopment of 600 major railway stations has been taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru...
12.06pm: The government proposes to revamp the system of sanctioning of loans to SMEs. The information required for sanctioning the loan will be linked with GSTN and all required information can be fetched from GSTN Portal. It will help to grant the loans quickly and will help in reducing processing time.
12.05pm: UDAN will connect 56 unserved airports in India.
12.04pm: An institute is coming up at Vadodara to train people for the bullet train
11.51am: 70 lakh farming jobs have been created this year, shows an independent study.
11.50am: Rs 3 lakh crore allocated for PMMUDRA Yojana.
11.49am: The government is slowly but steadily progressing towards universal health coverage.
11.49am: Announce allocation of Rs. 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare
11.49am: Healthcare stocks trading higher after the government said it proposed to cover 100 million families via healthcare protection scheme. Apollo Hospital Ltd rose 4.1%, Thyrocare Technologies Ltd 2.6%, Healthcare Global Enterprises Ltd rose 3%.
11.48am: Mass formalization of MSME sector is happening after demonetization and GST.
11.46am: Total 187 projects sanctioned under the Namami Gange programme.
11.33am: Technology will be the biggest driver in improving education.
11.32am: Rs 14.34 lakh crore to be spent for providing livelihood to rural India through infrastructure building.
11.31am: Loans to self help groups will increase to Rs 75,000 crore by March 2019.
11.30am: We aim that by 2022, all poor people have a house to live in.
11.30am: In the next financial year, we target the construction of two crore toilets.
11.29am: Removal of crop residue to be subsidised in order to tackle the problem of
11.27am: Special scheme to address air pollution in Delhi-NCR region.
11.26am: Credit for agricultural activities is up from Rs 10 lakh crore to Rs 11 lakh crore.
11.25am: Fishery and aquaculture and animal husbandry funds with a total corpus of Rs 10,000 crore.
11.23am: Rs 500 crore announced for Operation Green.
11.16am: Agri-related stocks gain after it is said MSP for all crops to be increased by 1.5 times. Kaveri Seeds Co Ltd rose 2.4%, Jain Irrigation Systems Ltd 2.1%, Escorst Ltd rose 5%, Mahindra & Mahindra Ltd rose 2.2%.
11.10am: Budget 2018 will focus on agriculture and rural economy, health, infra, senior citizens: FM
11.09am: This year’s budget will focus on strengthening rural and agricultural economy.
11.04am: Finance minister Arun Jaitley begins his Budget speech.
11.00am: The Cabinet has approved the Union Budget 2018.
10.20am: Cabinet meeting is underway at Parliament ahead of the Union Budget. Prime Minister Narendra Modi has reached the Parliament House.
10.11am: The benchmark BSE Sensex regained the 36,000-mark by rebounding over 171 points in opening trade as investors built up positions ahead of the Union Budget to be unveiled by finance minister Arun Jaitley.
10.05am: The rupee weakened by 9 paise to 63.67 against the US dollar in opening trade at the interbank foreign exchange market ahead of the budget.
9.56am: Finance minister Arun Jaitley arrives at Parliament to present Union Budget 2018.
9.49am: Finance minister Arun Jaitley has met President Ram Nath Kovind at the Rashtrapati Bhavan.

9.42am: Union Budget papers arrive at Parliament.

Check Complete Details About: Budget 2018-19

Union Budget 2018-19

What Common Man's Want’s in Budget 2018:
  • Increase basic income tax exemption limit to Rs 3 lakh (Rs 3.5 lakh for senior citizens)
  • Raise ceiling for deduction under Section 80C by at least Rs 50,000, making the new limit Rs 2 lakh
  • Re-introduce standard deduction for salaried class
  • Revise income tax slabs to introduce a new bracket for Rs 10 lakh to Rs 15 lakh (if not higher) and rejig tax rates accordingly, say at 5%, 10%, 20% and 30%
  • Revise allowance limits-apart from raising the cap for tax-free medical reimbursement to Rs 50,000 from the present limit of Rs 15,000, transport allowance needs to be hiked too
  • Allow deduction for interest on fixed return saving instruments for senior citizens along with deduction for routine medical expenses
  • Extend the leave travel allowance (LTA) exemption to yearly basis instead of twice in a block of four years; also expand the scope to cover international travel
  • Raise the tax exemption limit on lump sum withdrawal from NPS from the current 40% to 60%
  • Enhance the gratuity exemption limit for formal sector workers to Rs 20 lakh
  • Reduce GST on insurance products, if not make them fully-exempt
  • Double the tax benefit available for first-time home buyers from the current level of Rs 50,000
  • Increase the deduction limit of interest paid on home loan by home buyers, from Rs 2 lakh to Rs 3 lakh
  • Widen the tax deduction window on education loans from the current 8 financial years to the full tenure of the loan, keeping in mind the spiralling cost of education
  • Increase interest rate subsidies already provided on home loans to Middle Income Group households, aligning them with spiralling costs of property ownership in urban areas.
  • Raise Tax Deducted at Source limit for bank interest from the current Rs 10,000-this ceiling was set back in 1997.
  • Bring FD taxation at par with debt mutual funds
  • Enhance deductions on health insurance under section 80D to Rs 40,000 for individuals and Rs 50,000 for senior citizens
  • Raise tax exemption on preventive health checkup under section 80D to Rs 20,000 from the current Rs 5,000
  • Announce the country's first National Employment Policy (NEP)
  • Make an announcement regarding the regulation and taxation of cryptocurrencies
  • The bad news is that some experts predict that the tax burden of the high income group might go up through the levy of the capital gains tax on Indian-listed securities or the enforcement of an inheritance tax.
Check Out!!Why? 36% of India's Workforce to Face Job Threat

India Wants Income Tax Relief, Affordable Houses, Better Infrastructure:

Corporate Taxation in Union Budget 2018
  1. Reduce corporate tax rate to 25% as promised (currently 30%); some predict the government will lower it to 27-28% as the first step
  2. Simultaneous rationalisation of the rates of Dividend Distribution Tax and Minimum Alternate Tax (MAT)
  3. Rationalisation of the interest deduction limitation provisions by excluding interest paid to unrelated parties
  4. Carve out tax provisions to streamline proceedings under Insolvency and Bankruptcy Code
  5. Continuation of investment allowance with lower thresholds to boost capex
  6. Remove the present restriction of allowing carry forward of losses only to industrial undertakings should be done away with; all mergers should be treated at par
Agriculture sector in Union Budget 2018
  1. Allocate more funds for crop insurance schemes
  2. Establish fund to guarantee credit to encourage investment in this sector
  3. Bump up allocation toward existing schemes related to MGNREGA, crop insurance and irrigation works as well as infrastructure related to cold chains to avoid wastage of perishable crops
  4. Strong agricultural regulations apart from promoting rural employment schemes
  5. Provisions to purchase the total output from farmers on fixed Minimum Support Price (MSP) assured by the government
  6. Treat dairy vertical like agriculture sector and make it tax-exempt
Infrastructure sector in Union Budget 2018
  1. Meet long-standing need for a single-greenfield authority for project approvals
  2. Tax revenue during the operation and maintenance period, not during the construction period.
  3. Higher funding support for key road projects, including Bharatmala project
  4. Budgetary allocation to the Sagarmala project, which aims at transforming and modernising India's ports in a bid to augment port-led development, as well as funding for government's plans to develop 106 inland waterways
  5. Announce measures to develop a seamless payment infrastructure in ports and integrate payment infrastructure at tolls and fuel retail outlets
  6. Eliminate differential tax treatment for shipping industry
  7. In urban transport, promote sustainable financing via dedicated funds
  8. Create a National Urban Transport Fund and state governments to be encouraged to generate additional funding
  9. Take adequate measures to meet target of 100% vehicle electrification by 2030
  10. Increase railways investments by 10% from 2017-18 budget and scale-up high-speed train network. The Government may also allocate funds for Modi's pet Bullet train project.
  11. Public listing of Ircon, IRFC and IRCTC to unlock value for Indian Railways
  12. Help aviation industry by reducing VAT on aviation turbine fuel to 1%
  13. Promote energy-efficient airports
  14. Bring airport operations and maintenance under public private participation (PPP)
  15. Zero rating for the Indian aviation MRO industry under the GST regime
  16. Higher subsidy for power users in the rural segment, especially irrigation. Additional allocation towards last mile rural electrification and "Power for all" scheme is expected to be made
IT/Tech sector in Union Budget 2018
  1. Extend weighted deduction under section 35 (2AB) for R&D activities to companies engaged in the development and sale of software or providing IT services
  2. Support digital payments infrastructure. Provide greater incentives for digital transactions, like reducing digital payment transaction fees
  3. Rationalise tariff structure, excise duties for mobile phones, tablet computers
  4. Increase allocation towards cyber security products and data compliance services
  5. With e-way bill rules expected to come into force soon, implement a simplified and smooth framework
  6. Though Tax Collected at Source (TCS) has been suspended till March 2018 for eCommerce companies, to keep things uncomplicated, delete the provision altogether
Banking sector in Union Budget 2018
  1. Allow full tax deduction for provisioning of non-performing assets at lenders
  2. Reduce the tenure of tax-exempted retail term deposits to minimum of 3 years from current 5
  3. Allow tax relief for proceedings under insolvency code
  4. NBFCs must be treated at a par with banks for tax provisions
  5. Provide blanket TDS exemption for payments to banks
  6. Abolish MAT for units in IFSCs and increase tax holidays
  7. Give details of the government's proposed Rs.2.11 lakh crs bank recapitalization plan
Healthcare sector in Union Budget 2018
  1. Healthcare services should continue to be exempt from taxes under GST
  2. Reduce high taxes (12-18%) levied on inputs such as consumables and medical equipment
  3. Enhance the limit of non-taxable medical reimbursement to at least ?50,000
  4. Weighted deduction available under section 35AD to a taxpayer engaged in building and operating a hospital must be restored to 150% (currently 100%) to reduce cost burden on patients
  5. Liberalise provisions of section 35AD to include new hospitals with less than 100 beds

FM’s Announcement and Analysis on Budget 2018:

Budget 2018 Updates in Hindi:

जीएसटी के बाद बजट के किस तरह के बदलाव आएंगे? इस सवाल पर राष्ट्रीय लोक वित्त एवं नीति संस्थान की सलाहकार और अर्थशास्त्री राधिका पांडे ने बताया कि पहले यह जान लें कि आम बजट के अमूमन दो हिस्से होते हैं।
आमतौर पर बजट के बाद ज्यादातर लोगों की यह जिज्ञासा रहती है कि बजट के असर से कौन कौन सी चीजें सस्ती और महंगी हुईं। यह सस्ते महंगे की मूल वजह दरअसल अप्रत्यक्ष करों में बदलाव से जुड़ी होती है। अब चूंकि जीएसटी लागू होने बाद ज्यादातर अप्रत्यक्ष करों में बदलाव की गुंजाइश खत्म हो गई है इसलिए सस्ता महंगा फैक्टर इस बार के बजट में कम दिखेगा।

इस बार वित्त मंत्री पूरा बजट भाषण हिंदी में देंगे। अभी तक बजट अंग्रेजी में पेश होता आया है। इससे पहले वित्त मंत्री ने राष्ट्रपति से मुलाकात की थी। मोदी सरकार के इस कार्यकाल का यह आखिरी पूर्ण आम बजट है।

रेल राज्य मंत्री मनोज सिन्हा भी संसद पहुंच चुके हैं। आज कारोबारी दिन है। बजट आने से पहले ही सेंसेक्स में 200 अंक की बढ़त हो गई है। थोड़ी ही देर में पीएम नरेंद्र मोदी भी संसद पहुंचने वाले हैं।

इस बार बजट की केवल 2,500 कॉपी ही छपी हैं। हर साल 8,000 कॉपी छापी जाती थीं। बजट के दस्तावेज संसद पहुंच चुके हैं। थोड़ी ही देर में वित्त मंत्री अरुण जेटली भी संसद पहुंचेंगे। इस बार बजट में मध्यम वर्ग को राहत मिल सकती है।

2013 के बजट में तब वित्त मंत्री पी चिंदबरम ने युवाओं के स्किल डिवेलपमेंट के लिए 1,000 करोड़ रुपए आवंटित किए थे। नेशनल फूड सिक्योरिटी बिल पास होने की उम्मीद से 10,000 करोड़ रुपए का आवंटन किया गया था। 16 दिसंबर 2012 की गैंगरेप की घटना के बाद निर्भया फंड के नाम पर 1,000 करोड़ रुपए दिए थे।

बजट में वित्त मंत्री जेटली युवाओं, महिलाओं, गांव, नौकरीपेशा लोगों, किसान, हेल्थ और शिक्षा पर विशेष जोर दे सकते हैं। इसी के तहत अरुण जेटली अगले वित्त वर्ष में आयकर छूट की सीमा बढ़ाकर तीन लाख कर सकते हैं।

यह केंद्र सरकार के इस कार्यकाल का आखिरी पूर्ण बजट है। अगले साल लोकसभा चुनाव होने हैं। वहीं साल 2018 में 4 राज्यों में विधानसभा चुनाव होने हैं। चुनावों को देखते हुए इस बार बजट लोकलुभावन हो सकता है।

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