Finance Minister Arun Jaitley delivered his Budget 2018 speech on Thursday, with the government focusing on the agricultural sector and farmers’ income. In his speech, Jaitley said Budget 2018 will focus on agriculture and rural economy, health, infra, senior citizens. He said structural reforms will help the Indian economy become the fifth largest in the world very soon.
Union Budget 2018- Personal Income Tax remains unchanged
- Rs 50,000 additional benefit to senior citizens for investment in mediclaim.
- Government has made many positive changes in the personal income tax rates applicable to individuals in the last three years therefore I do not wish to make any changes to this: Arun Jaitley.
- 100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above.
- After improvement in ease of doing business, finance minister says the focus is now on “ease of living”.
- 5 lakh WiFi hotspots to be set up in rural areas to provide easy Internet access.
- 1 lakh Gram Panchayats connected to optic fibre completed.
Government Employee Schemes in Union Budget 2018
- Govt will contribute 12% of the wages of new employees in EPF in all sectors for next 3 years
- Women contribution to EPF reduced to 8% for first 3 years
Finance Minister makes big announcement on cryptocurrencies like Bitcoin
Will take all steps to eliminate the use of Crypto-Currencies, will explore use of Blockchain technology in payment systems announced FM Jaitley. Finance Minister Arun Jaitley has said in his Budget speech that the currency is illegal and the government was not going to to recognise it.
The rising craze for bitcoin, a cryptocurrency that has rocketed to shocking highs, has already come under the government’s lens. Bitcoin can be an easy way to evade tax or snare unsuspecting small investors in ponzi schemes. The government has already begun a crackdown on illegal uses of this unregulated virtual currency.
However, Jaitley has announced that the government would adopt blockchain, the technology that supports cryptocurrencies.