View on the Union Budget 2018

Published on Feb 01 2018 - - Featured, NRI - -

Quote of Ms. Sripriyaa Kumaria – Director General ITEC m.e. &  Secretary General, Business Leaders Forum (BLF) – on the Union Budget 2018  announced by the Finance Minister Mr. Arun Jaitley

The Union Budget is a mixed bag with balances and checks and a few benefits for the middle class who are the actual tax payers.

Finance Minister Mr. Arun Jaitley had announced that UDAN (Ude Desh ka Aam naagrik) scheme will connect 56 unserved airports and 31 unserved helipads.

Connecting India is the need of the hour to help promote Indian businesses and economy and increasing Airport capacity to be hiked to handle 1 billion trips every year is a welcome move.

The government with an aim to provide poor people and common man treatment with an affordable cost,  24 new government medical colleges and hospitals being set up by upgrading existing district hospitals is a welcome move but the Health and education cess has been increased to 4 per cent which may affect this policy adversely.

Government’s decision to launch health scheme to cover 10 crore poor families is a good start.

FM Jaitley said 5 lakh Wi-Fi spots will be created in rural areas. 1 lakh Gram Panchayats connected to optic fibre completed. This is a welcome move but the major disappointment for common man is mobile phone and TV sets which shall be costlier as customs duty on mobile phones has been increased to 20% from the current 15%.

Another Welcome move for senior citizens is the Deduction on medical insurance premium for senior citizens which has been raised to Rs 50,000. For senior citizens with critical illnesses the deduction of Rs 1 lakh will give a great relief to the well-deserved senior citizens.

Proposed spending on rural infra is Rs 14.34 lakh crore is welcome move that goes hand in hand with the other rural development projects.

The reduction in corporate tax for companies with turnover upto Rs 250 cr to 25% will help companies will help small cap companies and promote SME growth. This is a wonderful initiative that will augment the “ Make in India “ project of the PM

Returning to the common man woes, The standard deduction in lieu of travel and medical expense reimbursement, which currently amounts to Rs 30,000. So the actual tax benefit would be only Rs 10,000 for each taxpayer, keeping in mind that the salaries class have been paying way more tax than individual business owner, much more could have been done for the common salaried man.

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