Budget 2018: Key Highlights & Summary #India

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💰Budget 2018: 🗝Key Highlights & Summary

Fiscal Situation
🔸 Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal

🔸 GST revenue will be received only for 11 months, that will have an effect on balance sheets

🔸 Rs 21.57 lakh crores transferred as net GST to states as against projection of Rs 21.47 lakh crores

Tax
🔸 85.51 lakh new tax payers filed income tax returns in FY17

🔸 NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET

🔸 Growth in direct taxes (till Jan 15) is 18.7 %

🔸 100% tax deduction is allowed to co-operative societies

🔸 Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17

🔸 Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices

🔸…

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