Benefits and Drawbacks of Budget 2017-18

Finance Minister Arun Jaitely has presented the Budget for the Financial Year 2017-18 in the Parliament today. Even though Budger 2018-19 focused more on agriculture and healthcare, there are several positive changes on the direct tax side. To let the people understand, here we’ve listed the Benefits and Drawbacks of Budget for the year 2018-19.

Advantages:

Tax Payers:

  • Deductions for salaried taxpayers increased to Rs. 40,000
  • Companies with turnover up to Rs. 250 Cr Corp tax rate extended to 25%
  • Rewards for honest tax payers
  • 100% tax deduction to companies with turnover of Rs. 90,000 and registered as farmer producer companies

Education:

  • Two new planning and architecture schools in IITs

Rural Development:

  • Rs. 1 lakh Cr for RISE
  • Rs. 14 lakh Cr for enhancing rural livelihood
  • 80 million poor families to be given free gas connection under Ujjwala scheme

Startups and Entrepreneurs: 

  • Rs. 4.6 lakh Cr sanctioned for MUDRA scheme

Health and Education:

  • Budget for health, education and social security increased from Rs. 1.22 lakh Cr to Rs. 1.38 lakh Cr
  • Targets to build another Rs. 2 Cr toilet under Swatch Bharath campaign
  • 50% more than cost of crop production to farmers
  • Rs. 2000 Cr fund to upgrade rural agri market

Disadvantages:

  • Customs duties on mobiles hiked from 15% to 20%

Unchanged:

  • No change announced for personal income tax

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