A quick glance at key takeaways of Budget 2018
– The government estimates 7.2-7.5% GDP growth in second half of the current FY18.
– Fiscal deficit for 2017-18 at 3.5% and projected for 2018-19 at 3.3%
– Divestment target for 2018-19 has been set at Rs 80,000 crore
– Proposed spending on rural infra is Rs 14.34 lakh crore.
– Rs 5 lakh per family annually to be given for medical reimbursement under the National Health Protection Scheme.
– Personal income tax slabs remain unchanged. However, standard deduction has been reintroduced at Rs 40,000 in lieu of the medical and transport allowance currently available.
– Deduction on medical insurance premium for senior citizens has been raised to Rs 50,000. For senior citizens with critical illnesses will get deduction of Rs 1 lakh.
– Capital gains tax has been reintroduced, with certain caveats, at 10% on gains of over Rs 1 lakh on investments.
– Capital gains made on shares until Jan 31 will be grandfathered. Short term capital gains remains unchanged at 15%.