Budget 2018 Live: Jaitley defends no income tax change, 'had to help needy'

Finance Minister Arun Jaitley delivered Union Budget 2018-19 speech. Get live updates on Budget 2018

BS Web Team  |  New Delhi 

Budget 2018 LIVE: Modi says it's aam aadmi, business-friendly Union Budget
Budget 2018 LIVE: Finance Minister Arun Jaitley

Finance Minister Arun Jaitley   Stress in the farm sector is real; a call had to be taken on reasonable MSP. Finance Minister Arun Jaitley   We have not been able to put up all the anti-evasion measures in place. So far, it is voluntary compliance. Once these measures are in place, revenue should not be much of a challenge. Finance Minister Arun Jaitley   In the coming year, I see a more comfortable situation as far as revenue is concerned. I had said, tax buoyancy in direct taxes has been 1.1, but because of demonetisation and GST it has been 1.9-2.1. The number of assessees has gone up. Finance Minister Arun Jaitley   When you start, you allocate a certain amount, and then provide as is required. We have provided Rs 20 billion (Rs 2,000 crore). Finance Minister Arun Jaitley   The health scheme was originally envisaged in the Niti Aayog itself. An expert in health public health who after detailed consultation, had come up with this idea. Originally, the presentation he made to the PM was for a universal health-care scheme. We felt we were unsure of the cost involved and the magnitude of the scheme. So we started it at a more achievable scheme. It takes care of hospitalisation and secondary and tertiary care. It will involve state and private hospitals. It is not based on a reimbursement model. It could be based on a trust model. Date of implementation is FY19. Finance Minister Arun Jaitley   You can see some connection between different steps taken by the government, where some social security setup in India is beginning to take shape.

2018 LIVE updates: 2018 LIVE updates: Finance Minister Arun Jaitley presented the for the financial year 2018-’19 in Parliament on Thursday. With an eye on the next Lok Sabha elections, Jaitley in his 2018-19 on Thursday proposed a major health insurance scheme for the poor, a higher minimum support price and a step up of Rs 1 lakh crore as institutional credit for farmers along with a spend of nearly Rs 6 lakh crore on infrastructure development.

To pay for this seeming bout of generosity, albeit with votebanks in mind, the finance minister has mopped up huge sums through three or four simple steps, mostly aimed at the middle class. While providing some sops to salaried individuals and pensioners, it has aimed to raise Rs 11,000 crore by increasing cess on income of individuals, from three to four per cent. Additionally, it has aimed to raise money by imposing a 10 per cent Social Welfare Surcharge on all imported goods.

The government has set a target of Rs 80,000 crore divestment target for 2018-19, the finance minister said adding that target for 2018-19 had exceed the target of Rs 72,500 crore and would touch Rs 1 lakh crore.

The opposition reacted sharply to the government's proposed with Congress leader P. Chidambaram saying Jaitley had failed the fiscal consolidation test that will have "serious consequences" on the economic growth rate.

First Published: Fri, February 02 2018. 10:19 IST

Budget 2018 Live: Jaitley defends no income tax change, 'had to help needy'

Finance Minister Arun Jaitley delivered Union Budget 2018-19 speech. Get live updates on Budget 2018

Will the Modi govt's last full Union Budget before general elections 2019 will be a populist one? All eyes are now on FM Arun Jaitley's Budget speech on Thursday
2018 LIVE updates: 2018 LIVE updates: Finance Minister Arun Jaitley presented the for the financial year 2018-’19 in Parliament on Thursday. With an eye on the next Lok Sabha elections, Jaitley in his 2018-19 on Thursday proposed a major health insurance scheme for the poor, a higher minimum support price and a step up of Rs 1 lakh crore as institutional credit for farmers along with a spend of nearly Rs 6 lakh crore on infrastructure development.

To pay for this seeming bout of generosity, albeit with votebanks in mind, the finance minister has mopped up huge sums through three or four simple steps, mostly aimed at the middle class. While providing some sops to salaried individuals and pensioners, it has aimed to raise Rs 11,000 crore by increasing cess on income of individuals, from three to four per cent. Additionally, it has aimed to raise money by imposing a 10 per cent Social Welfare Surcharge on all imported goods.

The government has set a target of Rs 80,000 crore divestment target for 2018-19, the finance minister said adding that target for 2018-19 had exceed the target of Rs 72,500 crore and would touch Rs 1 lakh crore.

The opposition reacted sharply to the government's proposed with Congress leader P. Chidambaram saying Jaitley had failed the fiscal consolidation test that will have "serious consequences" on the economic growth rate.
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