Union Budget 2018 Live Updates
Finance Minister Arun Jaitley will present his fifth Budget today, a first after the PM Modi led government implemented the Goods and Service Tax (GST) bill. The common man is hoping that FM Jaitley would raise the Income Tax exemption limit by Rs 50,000 to Rs 3 lakhs. As eight states head to polls before 2019 Lok Sabha elections, the Budget 2018 may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance. This Union Budget is arguably the FM's toughest as he seeks to address farm distress, create jobs and boost growth.
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12: 46 pm
Custom duty on Mobiles and Televisions increased from 15% to 20%.
"Custom duties on import of mobile phone parts to be increased to 20% from existing 15%. This will boost jobs in the sector in India," says Finance Minister Arun Jaitley. Amendments to customs act being introduced to ease cross-border trade. Now pre-notice consultation to be introduced and penalties if timelines are not adhered to, he added.
Read more here
_________________
12: 44
Health and Education cess to increase by 1% to 4%
_________________
12: 40
Relief for senior citizens:
FM proposes to raise the deduction under health insurance premium to Rs 50,000. In case of senior citizens with critical illnesses, the deduction will be Rs 1 lakh.
_________________
12: 36
No changes in personal taxes: FM
But, the government has decided to allow a standard deduction of Rs 40,000 for salaried taxpayers, keeping in mind that they have been paying way more tax than individual business owners.
Read more here
________________
12: 30 pm
Reduction in corporate tax y 25% to micro medium and small companies with a turnover of 250 crores
_________________
12: 22
The number of effective taxpayers to 8.4 crore people
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12:20
Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19. GST revenue for only 11 months, instead of the usual 12 months, is 21.5 lakh crore.
Read more here
________________
12: 05
Cryptocurrency investors in India have to bear in mind that the government doesn't consider them legal tender. But they needn't worry too much because Jaitley has only said that the government will look to eradicate their usage for illegitimate activities, nothing about investing in them: FM Jaitley
Read more here
________________
12:00 pm
The government intends to multiply India's 124 airports to 5 times that number. We are ensuring that even those citizens who wear Hawaii chappal can fly in a hawai jahaj (aeroplane)," says Finance Minister Arun Jaitley.: FM
Read more here
_________________
11: 56
Mumbai locals are going to get even better at getting you to your destination on time. The government will spend as much as Rs 11,000 crore to add tracks to the Mumbai local train network: FM Jaitley
Read more here
________________
11: 50
Nearly 70 lakh formal jobs have been created this year...govt will contribute 12 % EPF in wages of new employment in all sectors. Facility of fixed-term employment will be extended
_________________
11: 48
One of the banking sector's most major concerns is likely to be addressed soon, going by Jaitley's speech. The finance minister has said that he will soon be announcing measures to help deal with NPAs of SMEs, reiterating that MSMEs are extremely important for our economy.
_________________
11: 45
Govt aims to improve quality of life in 115 district which have been identified. 47 projects under cleaning Ganga have been completed, he says, adding the project has gathered speed.
_________________
11: 42
24 new government medical colleges and hospitals, This will ensure at least 1 medical college in at least 3 constituencies.
_________________
11: 40
Healthcare Protection to a new level. A flagship national health protection scheme to cover 10 crore poor families. By providing them 5 lakh per family per year. The government will move towards a universal health coverage
_________________
11: 38
Health, Education and Social Protection is next on FM Jaitley's list. "Improvement in quality of teachers can improve quality of education.The government proposes to treat education holistically without segmentation," he says.
_________________
11: 36
Specialised Railway University in Vadodara.
_________________
11: 34
Every block with more than 50% tribal population and more than 20,000 population will have Eklavya Digital schools
________________
11: 32 am
14.34 lakh crores for creation of livelihood and infrastructure in the rural areas
________________
11: 30 am
The loans to Self help groups will increase 75,000 crores in this year will be given: FM Jaitley
_________________
11:28
The government has constructed around 6,000+ crores under the Swach Bharat Abhyan. 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.
__________________
11:25
Special Scheme to help reduce air pollution in the Delhi NCR region, Haryana, Punjab, Uttar Pradesh
________________
11:22
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, Jaitley says.
_________________
11:21
Setting up for a fishery, aqua and animal husbandry fund cost 10,000 crores
_________________
11: 20
Proposal to extend Kishan credit cards to fishermen
________________
11:18
We encourage farmers to do organic farming. 2,000 crores to develop agricultural markets
________________
11: 15 am
MSP for Kharif crops will be 1.5x cost of production. If prices are lower than MSP then the government has to ensure there are ways to make sure the farmers receive necessary MSP or an apt price for their products.
_________________
11:10 am
Agriculture and Rural economy: We want double the income of farmers by 2022
_________________
11:05 am
This year's budget will focus on agriculture and rural economy, infrastructure, to improve the quality of education in the country : Finance Minister
_________________
11:02
Indirect Tax system has been made simpler. India has performed well since our government took over in May 2014: FM Jaitley
________________
11:00
Finance Minister Arun Jaitley begins his speech
_________________
10:54 am
Finance Minister Arun Jaitley gets set to present Budget 2018 after attending the cabinet meeting
_________________
10:20 am
Cabinet meeting begins inside the Parliament ahead of the Union Budget presentation.
_________________
10:10 am
Union Budget being checked by security outside Parliament
_________________
9:54 am
Arun Jaitley arrives at the Parliament to present the last budget of the Modi government before 2019 elections. Breaking with tradition, Jaitley will deliver the Budget speech in Hindi this time
_________________
9:10 am
Finance Minister Arun Jaitley leaves for Parliament with the 'Budget Suitcase'
_________________
12: 46 pm
Custom duty on Mobiles and Televisions increased from 15% to 20%.
"Custom duties on import of mobile phone parts to be increased to 20% from existing 15%. This will boost jobs in the sector in India," says Finance Minister Arun Jaitley. Amendments to customs act being introduced to ease cross-border trade. Now pre-notice consultation to be introduced and penalties if timelines are not adhered to, he added.
Read more here
_________________
12: 44
Health and Education cess to increase by 1% to 4%
_________________
12: 40
Relief for senior citizens:
FM proposes to raise the deduction under health insurance premium to Rs 50,000. In case of senior citizens with critical illnesses, the deduction will be Rs 1 lakh.
_________________
12: 36
No changes in personal taxes: FM
Read more here
________________
12: 30 pm
Reduction in corporate tax y 25% to micro medium and small companies with a turnover of 250 crores
_________________
12: 22
The number of effective taxpayers to 8.4 crore people
_________________
12:20
Revised fiscal deficit estimate for 2017-18 is 3.5% of GDP, fiscal deficit of 3.3% expected for 2018-19. GST revenue for only 11 months, instead of the usual 12 months, is 21.5 lakh crore.
Read more here
________________
12: 05
Cryptocurrency investors in India have to bear in mind that the government doesn't consider them legal tender. But they needn't worry too much because Jaitley has only said that the government will look to eradicate their usage for illegitimate activities, nothing about investing in them: FM Jaitley
Read more here
________________
12:00 pm
The government intends to multiply India's 124 airports to 5 times that number. We are ensuring that even those citizens who wear Hawaii chappal can fly in a hawai jahaj (aeroplane)," says Finance Minister Arun Jaitley.: FM
Read more here
_________________
11: 56
Mumbai locals are going to get even better at getting you to your destination on time. The government will spend as much as Rs 11,000 crore to add tracks to the Mumbai local train network: FM Jaitley
Read more here
________________
11: 50
Nearly 70 lakh formal jobs have been created this year...govt will contribute 12 % EPF in wages of new employment in all sectors. Facility of fixed-term employment will be extended
_________________
11: 48
One of the banking sector's most major concerns is likely to be addressed soon, going by Jaitley's speech. The finance minister has said that he will soon be announcing measures to help deal with NPAs of SMEs, reiterating that MSMEs are extremely important for our economy.
_________________
11: 45
Govt aims to improve quality of life in 115 district which have been identified. 47 projects under cleaning Ganga have been completed, he says, adding the project has gathered speed.
_________________
11: 42
24 new government medical colleges and hospitals, This will ensure at least 1 medical college in at least 3 constituencies.
_________________
11: 40
Healthcare Protection to a new level. A flagship national health protection scheme to cover 10 crore poor families. By providing them 5 lakh per family per year. The government will move towards a universal health coverage
_________________
11: 38
Health, Education and Social Protection is next on FM Jaitley's list. "Improvement in quality of teachers can improve quality of education.The government proposes to treat education holistically without segmentation," he says.
_________________
11: 36
Specialised Railway University in Vadodara.
_________________
11: 34
Every block with more than 50% tribal population and more than 20,000 population will have Eklavya Digital schools
________________
11: 32 am
14.34 lakh crores for creation of livelihood and infrastructure in the rural areas
________________
11: 30 am
The loans to Self help groups will increase 75,000 crores in this year will be given: FM Jaitley
_________________
11:28
The government has constructed around 6,000+ crores under the Swach Bharat Abhyan. 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.
__________________
11:25
Special Scheme to help reduce air pollution in the Delhi NCR region, Haryana, Punjab, Uttar Pradesh
________________
11:22
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, Jaitley says.
_________________
11:21
Setting up for a fishery, aqua and animal husbandry fund cost 10,000 crores
_________________
11: 20
Proposal to extend Kishan credit cards to fishermen
________________
11:18
We encourage farmers to do organic farming. 2,000 crores to develop agricultural markets
________________
11: 15 am
MSP for Kharif crops will be 1.5x cost of production. If prices are lower than MSP then the government has to ensure there are ways to make sure the farmers receive necessary MSP or an apt price for their products.
_________________
11:10 am
Agriculture and Rural economy: We want double the income of farmers by 2022
_________________
11:05 am
This year's budget will focus on agriculture and rural economy, infrastructure, to improve the quality of education in the country : Finance Minister
_________________
11:02
Indirect Tax system has been made simpler. India has performed well since our government took over in May 2014: FM Jaitley
________________
11:00
Finance Minister Arun Jaitley begins his speech
_________________
10:54 am
Finance Minister Arun Jaitley gets set to present Budget 2018 after attending the cabinet meeting
_________________
10:20 am
Cabinet meeting begins inside the Parliament ahead of the Union Budget presentation.
_________________
10:10 am
Union Budget being checked by security outside Parliament
_________________
9:54 am
Arun Jaitley arrives at the Parliament to present the last budget of the Modi government before 2019 elections. Breaking with tradition, Jaitley will deliver the Budget speech in Hindi this time
9:10 am
Finance Minister Arun Jaitley leaves for Parliament with the 'Budget Suitcase'
source: ANI
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