Like every Financial Year, this FY has also given many people good vibes about their expenses and changes in tax slots. The Finance Minister Arun Jaitley presented the budget for FY 2018-19 on Thursday, which seems like a cocktail of some pros and cons. This Budget has brought a smile on many faces but some heads went down with this huge announcement. In this article we have summed up the pros and cons of Budget 2018. Have a look!
· Finance Minister Arun Jaitley announced a hike on the minimum support price for Kharif crops by 1.5 times
· Senior citizens got a lifetime relief with no TDS on FDs and post office deposits upto Rs 50,000
· The custom duty on mobile phones has risen from 15% to 20%. This is supposed to help domestic manufacturers
· Standard deduction of Rs 40000 for salaried people
· Crypto-currencies granted no legal status
· Rs 7100 crore Package for the textile sector.
· With a cut in excise duty, Petrol price got deducted by Rs 4.48 rupee/litre
· With a cut in excise duty, Diesel price got deducted by Rs 6.33 rupee/litre
· Ujwala scheme offers free gas connection for 8 crore poor women
· companies registered as farmer-producer companies with turnover of Rs 100 crore relieved by 100% tax deduction
· Since the middle class had expected change in tax slabs but change in personal income taxes might have disappointed them
· To create more jobs, a tax cut for big corporates was needed, which could have helped revive private investment
What do you think about the Union Budget 2018-19? Did your expectations meet? Do let us know in the comments section below!