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We plan our budgets every month, it’s the Finance ministers chance to plan and execute the annual union budget, Finance Minister Arun Jaitley will present the current NDA government's fifth
;And this is Narendra Modi government’s last full budget before 2019 general elections.
Along with the provisions in the budget the “Budget Bag” has also undergone various transformations from being bulkier to sleek one. There are many doubts and queries in everybody’s mind around the reliefs they will or will not get. With GST in picture salaries people are expecting some relaxation in income-tax slabs similarly Corporates who contribute the largest share of direct taxes in India are also hoping good relief.
I remember as a teenager I used to hear the budget make a note of income-tax slabs and either I used to call up mom from our landline or wait for her to come home to break the news and wait to see her expressions if she is happy the budget used to be good else otherwise. Now I’m in her shoes and I know it’s just not about the income-tax slabs but for almost everything around us.
As per the finance India is "firmly on the path to achieve a growth of 8 per cent plus," and is expected to become the fifth largest in the world soon.;The budget purposefully will focus on Agriculture and farm sector along with Healthcare and infrastructure.
Let me break down it in simple words and see how this year’s union budget is going to affect our savings, education, healthcare, vacation and off-course kitchen.
Here we roll
Gas connections to 8 crore poor women under Ujwala YojanaTo reduce levels of air pollution and restrain farmers from burning the crop stubble Subsidies will be given for farm machinery to manage crop residue.Swachh Bharat Mission has led to over 6 crore toilet facilities being provided so far. In the next 2 years another 2 crore toilets will be added for defecation free countryIf your kid is planning to get into Medicine or architecture field it will be easier as 24 new government Medical colleges and many Architecture and agriculture colleges are being proposed.Aims to move from black board to digital board schools by 2022.;Next time if you are planning to go for a road trip, you can expect better roads as the budget proposes 9000 KMS national highways to be made by 2018- 19.Cryptocurrency is not getting recognized as a legal currency at least as of now, and Government will take measures to stop cryptocurrency circulation;so if you have invested in Bitcoins or any such currency time to disinvestIf you are planning to start your career as a salaried employee, the government has decided to try and make it worth your while. FM has announced that the government 12% EPF in wages of new employees in all sectors. This is as good news for freshers.;Women contribution to EPF reduced to 8% for first 3 years;
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Mumbai Locals are Mumbai’s lifeline, It was in news recently that the current network in insufficient hence the FM has proposed Rs.11, 000 crore to add tracks to the Mumbai local train network.Currently India has 124 Airport it is supposed to grow 5 folds in current fiscal year, hope the airlines and rates are also regulates so that our travel becomes fast and smooth.Members of Parliament will get an inflation-linked revision of salary, really?NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET;Railways stations with footfall more than 25000 will get Wi-Fi, CCTV and escalatorsSome relief in medical expenses as higher health insurance premium – from Rs. 30,000 to Rs. 50,000 annually warranted looking at the rising cost of health care.For Senior citizen interest on RD and FD is tax freeEducation Cess increased from 3% to 4%Corporates get relief in corporate taxMobile and TV will get costlier because of increase in custom duty10% tax will be applicable on shares bought post 31st Jan 2018
This is it, though people are saying it’s a farmers budget, it’s a peoples budget or it’s a budget with election in mind but for me it has not met my expectation in terms of income tax L slabs, there is nothing much for the middle class its either for economically week or for corporate giants, I don’t have anything in it for me!!!!!!!!!
Off course that’s my take, what do you think? This Budget made you happy, frown or sad, do share your reactions.
I hope this helps you get a better understanding of the union budget.