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Key highlights of Union Budget-2018

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 2-2-2018 - Mr. Arun Jaitley today presented the final full budget of Modi government before the country goes to polls next year, amid subdued economic growth and challenging fiscal situation. Given that rural India constitutes two-thirds of the country s population, the agricultural sector is generously rewarded in this Budget along with education, healthcare and other populist policies being the focus areas. During the Budget 2018 speech .....

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n, Mr. Jaitley said that GST had ensured tax simplicity while demonetisation had paved the way for a digital economy. With GST being a new taxation system subsuming Service Tax and Excise, this Budget did not see much changes in Indirect Taxes except changes in Customs Act and Tariff. Mobile phones and import of mobile phone parts are likely to be cost more with the Union Budget 2018 increasing Customs duty to 20% (from 15% existing) and 15% respectively. It was stated that Customs duty hike is .....

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number of sops for MSME sector and kept its focus on infrastructure creation, higher farmers income and economic reforms. Though certain announcements could have been made as regards future roadmap of GST to address various concerns of trade for ease of business for GSTN Network, GST return filing, refund to exporters, Tran 1 deadline, Open issues in transitional credits and other GST law related issues still left unanswered. General Economy Agriculture Minimum selling price(MSP) for Kharif crop .....

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rage of up to ₹ 5 lakh per family per year for secondary & tertiary care hospitalization. In order to further enhance accessibility of quality medical education and healthcare, 24 new Government Medical Colleges will be set up and Hospitals by upgrading existing district hospitals in the country. MSME ₹ 3,794 crore allocated to the MSME sector in the form of credit support, capital &interest subsidy and innovations. Employee provident fund Govt will contribute 12% to EPF for .....

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o Aviation Airport Authority of India (AAI) has 124 airports. It has been proposed to increase the airport capacity by at least 5 times to 1 billion trips a year, ₹ 60 crore has been allocated to kick start the initiative in 2018-19. Technology Allocation to Digital India scheme doubled to ₹ 3073 crore. Fiscal Situation Fiscal deficit is 3.5% of GDP at ₹ 5.95 lakh crore in 2017-18. Projected fiscal deficit to be 3.3% of GDP in the next fiscal. Miscellaneous ₹ 7,148 crore .....

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ral Goods and Services Tax Act, 2017 (12 of 2017) CUSTOMS: Arrival Manifest and Departure manifest: Reference to import manifest and export manifest, wherever they occur in the Customs Act, 1962, to include Arrival Manifest and Departure Manifest respectively. Expansion in the scope of Customs Act: Section 1 is being amended so as to expand the scope of the Customs Act to any offence or contravention committed thereunder outside India by any person. Insertion of new Sections 25A and 25B: A new S .....

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f duty of customs, leviable thereon subject to certain conditions. Changes in recovery provisions [Section 28]: Provision introduced for pre-notice consultation in non-fraud cases. Provision introduced for supplementary SCN within existing time period. Providing a definite time frame of 6 months (non-fraud cases) and 1 year (fraud cases) for adjudication of SCN which is extendable to further period of 6 months/ 1 year. If the SCN is not adjudicated even within the extended period, it would be de .....

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ower seed oil hiked from 12.5% to 30%; on refined edible vegetable oil from 20% to 35%. Customs duty on imitation jewellery hiked from 15% to 20%. Customs duty on Video game, Articles and equipment for sports or outdoor games, entertainment articles doubled from 10% to 20%. Introduction of Social Welfare Surcharge Levy of Social Welfare Surcharge @ 10%, as a duty of Customs on imported goods to finance education, housing and social security. However, rate shall be 3% in case of petrol, diesel, s .....

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gh speed diesel oil. EXCISE: Road and Infrastructure Cess on motor spirit, commonly known as petrol and high speed diesel oil, to be levied @ ₹ 8 per litre (@ ₹ 4 per litre in case it is manufactured in and cleared from 4 specified refineries located in the North-East India). Additional Duty of Excise [Road Cess] on motor spirit commonly known as petrol and high speed diesel oil has been abolished. Basic excise duty on Branded and Unbranded petrol and diesel has been reduced. SERVICE .....

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