Today, finance Minister Arun Jaitley announced the Union Budget 2018 and the major focus was on farm distress as well as the stressful fiscal situation.
This was the 5th and the last budget of Modi Government; the main aim of the government is to attract small business owners. No changes were made in the personal income tax slabs.
The finance minister said that new opportunities will be given for rural India and that farmers and dalits will benefit immensely from the same. Moreover, use of cryptocurrency was declared illegal in India; many investors are investing their money in cryptocurrency like Bitcoin and others, but after this budget, the usage has been termed “Illegal”.
Even the Make In India campaign has received a boost from this budget; custom duty on mobiles has been increased, so if you want to buy foreign mobiles, the cost will be more.
The government on Thursday reintroduced Long Term Capital Gains (LTCG) tax in Union Budget 2018-19.
Long term capital gains exceeding Rs 1 lakh on sale of equity shares/units of Equity oriented Fund are proposed to be taxed at 10% without allowing any indexation benefit, said Finance Minister Arun Jaitley in Lok Sabha during his Budget speech.
However, existing investors will be exempted from capital gains tax up to January 31, 2018. All gains made thereafter this cut-off date will be taxed.The imposition of this tax could earn government Rs 20,000 crore in revenue during the next year.
Source : BT