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Thankfully, only one more year to go: Rahul Gandhi on Modi govt’s budget

New Delhi: Taking a dig at the Modi federal government, Congress president Rahul Gandhi stated on Thursday that farmers had still not got a reasonable price and there were no jobs for the youth.

“4 years gone, still promising farmers fair rate. 4 years gone, elegant plans without any matching budgets. 4 years gone, no tasks for our youth. Thankfully, only 1 more year to go,” he tweeted.4 years

gone; still promising FARMERS a reasonable rate.
4 years gone; FANCY SCHEMES, without any matching budget plans.
4 years gone; no JOBS for our YOUTH.
Fortunately, only 1 more year to go. #Budget 2018– Office of RG( @OfficeOfRG) February 1, 2018 In his last spending plan prior to general elections, Financing Minister Arun Jaitley on Thursday revealed a variety of measures for< a href=http://zeenews.india.com/economy/union-budget-2018-finance-minister-arun-jaitley-focuses-on-agriculture-allocates-rs-14-34-trillion-for-rural-infrastructure-2077864.html target=_ blank > farming as well as the rural sector and announced a brand-new health insurance scheme for the poor, but provided little relief to the middle class.With the execution of the Goods and Services Tax and demonetisation causing distress in the economy, Jaitley announced massive spending on

rural and metropolitan facilities as likewise lower tax rates for little and medium enterprises.While continuing the 10-15 percent surcharge on super-rich, he raised the health and education cess, levied on all gross income, to 4 percent from 3 percent at present.Keeping the earnings tax rates and slabs unchanged, he presented a Rs 40,000 Standard Reduction for salaried staff members and pensioners in lieu of today exemption in regard of transportation and medical expenses.Presently, no tax applies on Rs 19,200 of transport allowance and medical expense of approximately Rs 15,000. This has now been subsumed into the brand-new Requirement Deduction of Rs 40,000 which may imply little benefit in tax saving thinking about that health

and education cess has gone up.Senior residents will get greater exemptions on income from interest on bank and post office deposits, health insurance premium and crucial disease expense.Jaitley, nevertheless, made import of a host of items -from cellphone to fragrances and toiletry, from watches to parts of automobiles, sunglasses to truck and bus tyres

, footwear to diamonds and edible oils to fruit juices -pricey by raising customs duty.Fourteen years after it was scrapped, he revived tax on gains made from the sale of shares to balance out earnings losses.Capital gains going beyond Rs 1 lakh from shares held for more than a year will be taxed at 10 percent. Presently, gains from equity financial investments held for more than 12 months are exempt from tax.In July 2004, the government had eliminated long-lasting capital gains tax on shares and changed it with the securities deal tax (STT) -a same-day tax credit system that continues.In the 110 minute speech, in which he kept switching from English to Hindi, Jaitley

announced plans for farming, rural real estate, natural farming, animal husbandry and fisheries with an overall allotment of Rs 14.34 lakh crore.Also, credit to agriculture would be raised to Rs 11 lakh crore in the coming fiscal from Rs 10 lakh crore and kisan credit card encompassed fisheries and animal husbandry farmers. Rs 2,000 crore will be offered advancement of agri market and export of farming products will be liberalised.In a bid to provide

universal healthcare, he announced a’ National Health Security plan

‘, offering a cover of up to Rs 5 lakh per family per year for 2nd and tertiary care hospitalisation to 10 crore poor and vulnerable family(about 50 crore beneficiaries). This, Jaitley stated, will be world’s biggest health defense plan. He dedicated an expense of Rs 1.38 lakh crore on health, education and social protection.But to money these, he let go of the fiscal consolidation roadmap. As an outcome, financial deficit for the existing fiscal will be 3.5 percent of the GDP as against the previous target of 3.2 percent, and 3.3 percent in 2018-19, as opposed to 3 percent set earlier.Fiscal deficit in 2016-17 was 3.5 percent of the GDP.Jaitley, who had in 2015 assured to minimize business tax from current 30 percent to 25 percent over four years, proposed lower tax rate of 25 percent for companies

with turnover of up to Rs 250 crore in 2016-17. The Union Budget plan 2018-19 was the last full budget prior to the basic elections next year, when a vote on account would be presented.

The next full budget plan will exist by the new federal government. (With PTI inputs)

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