Budget 2018 ! A More Give Than Take Event

One down many more days to go with the new BUDGET 2018 , which was presented by the Finance minister Arun Jaitley on 1st February 2018. After the flooding tweets on twitter and facebook by so many people lets grab some  highlights which should not be missed of Budget 2018.

On the second day of the Budget 2018 was the second-biggest post-Budget Day loss, Sensex crashed 840 points, a fall ever by points also closes just a tad above 35K.

Budget 2018 was more take than give especially for the tax payers. A reason to cheer for the senior citizens was given by introducing Standard Deductions by FM Arun Jaitley. Also an increased in take home pay for working women force. 

Under this new regime Budget 2018, any capital gains arising from the transfer or sale of a long term capital asset being an equity share or a unit of an equity oriented funds will be taxed if profit exceeds Rs 1 lakhs in the fiscal year 108-19.

The health care scheme presented in the Budget 2018 on 1st february 2018 aims to benefit almost 10 crore poor families for secondary and tertiary care hospitalization. Cynics are wondering how the government is going to fund such a wide prospect.

The Budget 2018 has introduced a hike in cess of the income tax from 3% to 4% , by increasing the tax payable by all the categories. Because of this change in the tax, the highest tax bracket i.e for Rs 15 lakhs income- goes up by Rs 2,625 , for middle income tax bracket  i.e Rs 5- Rs 10 lakhs- goes up by Rs 1,125 and the lower income bracket i.e Rs 2 lakhs- Rs 5 lakhs goes up by Rs 125.

Motilal Oswal Financial Services noted that the indirect tax estimate implies a sharp jump in buoyancy to 1.66 in FY19, from 1.14 in FY18 and a  27% growth in monthly run rate of GST collection. The gross taxes are budgeted to go beyond 12% of GDP for the first time.