Union Budget 2018 live: Jaitley addresses India Inc on Budget

Tax compliance in the country is still not very high, says Jaitley

Long-term capital gains was a tough call, says Jaitley

On Thursday, the government proposed to tax LTCG of above Rs 1 lakh per annum at 10%, compared to the earlier rate of 20% after indexation when it was abolished in October 2004. Indexation is a process that neutralises the impact of inflation on profits.

Some sort of social security is beginning to shape up in India: Arun Jaitley

Philosophy behind Budget was to support sectors where support was actually required: Arun Jaitley

Finance minister Arun Jaitley on Thursday read out long portions of his speech in Hindi. The repeated resort to the vernacular, as much as the content of what he said, revealed the political nature of his Budget. The appeal was primarily to sections that make up the numbers at the hustings - the poor, farmers, lower middle class, young jobseekers, senior citizens.

India, the world's fastest growing aviation market, is expected to have a billion (100 crore) air travellers annually in the next 15 to 20 years. FM Jaitley said air travel would continue growing with the affordable regional connectivity scheme (RCS) that will see people wearing "hawai chappals in hawai jahaaz". The Budget says the airport capacity will be expanded by five times to cater to this requirement. At the moment, India is woefully short of airport infrastructure.

Unlike the customary post-Budget remarks of his predecessors as well as his own on the last three occasions, the PM spoke for a good 25 minutes, this time detailing provisions of the Budget: an effort which while underlining his imprint on the exercise also reinforced speculation that the government from now on would be in full poll mode with the budget as one of the battle cries.

The Budget pared excise duty on petrol and diesel, but took away the benefit by raising cess by an equal amount. So there's neither a Budget shock nor cheer for motorists. In other words, if pump prices aren't jumping on higher cess, they aren't coming down either because of the excise cut. This means you'll have to continue to pay more for motor fuels in tune with rising global crude prices.

The finance minister proposed to extend the Pradhan Mantri Vaya Vandana Yojana till March 2020 under which an assured return of 8% is given by the Life Insurance Corporation of India. The existing limit on investment of Rs 7.5 lakh was doubled to Rs 15 lakh. At a time when fixed deposit returns are around 7%, this will help senior citizens get higher interest rates.

Finanve Minister Arun Jaitley increased the duty on cars that are assembled in the country (through the completely knocked down kits) from 10% to 15%. Also, the FM slapped a Social Welfare Surcharge on imported products, adding an additional 10% on existing aggregate customs duties. He also raised the duty on certain parts and accessories used in the cars, a move that will surely impact the running cost for customers and manufacturing cost for companies.

When it comes to personal income tax, finance minister Arun Jaitley gave with one hand and took away with the other. While he reintroduced standard deduction — it was scrapped in 2004-2005 — Jaitley did away with medical and transport allowance, except for differently abled persons, and hiked cess from existing 3% to 4%.

Budget reflects government commitment to digitalisation: Nasscom

The Union Budget 2018-19 reflects the government's commitment to digitalisation for the country's development, IT industry's apex body Nasscom said on Thursday.

"The Budget reflects the government's commitment to digitalisation as a key force for the country's development strategy. The focus on 'ease of living' will spur greater use and deployment of technology across verticals, a Nasscom statement said.

They should understand that there is a lot of difference between NITI Aayog & Planning Commission. We do what we say. They spent their lives giving lip service so they believe everyone is like them, says Rajiv Kumar, NITI Aayog Vice Chairman on Congress' remarks

BJP allies hail budget's focus on poor, farmers

The BJP allies, Janta Dal (United), Lok Janshakti Party and Rashtriya Lok Samata Party today praised the Union Budget, saying it has rightly focused on agriculture, rural India and health sector.

Union minister and Lok Janshakti Party (LJP) chief Ram Vilas Paswan said the budget will boost farmers' income and also help Dalits and tribals

Budget gives new wings to aspirations of poor: Amit Shah

BJP chief Amit Shah today said the Union Budget would ensure that development touched all sections of society and help the government realise its dream of a "New India" by 2022.

Shah highlighted various budget provisions, especially those aimed at weaker sections, and said it was a pro-people Budget that would take the country ahead on the path to development.

Chidambaram Sahab had made economy of country bankrupt. Banks were in bad state & had handed over the resources to the rich. PM is giving transparent, policy based administration: Dharmendra Pradhan on Chidambaram's remarks on Budget 2018

There was nothing new at all. It's not a people friendly budget. FM said nothing about unemployment. Medium & Small scale sectors are still suffering. It's a shame that has introduced only 1% education cess

Now that the announcement has been made for defence corridor, the first one will be built starting at Tamil Nadu, linking Chennai and Bengaluru. Announcement for the second corridor will soon be made

I did not hear any measure to boost exports, as the Govt has run out of ideas. FM has imposed additional custom duties to restrict imports.The PM's speech at and the spirit of Davos has been forgotten within a few days

Farm sector stress will continue. Medical health care is a big jumla. Nothing in the budget to boost private investment. No tax relief to the average tax payer: P Chidambaram on Union Budget 2018

Congress leader and former finance minister P Chidambaram is addressing media

Contribution of the salaried class has been recognized for the first time. Step by step, in every budget, I have been putting surplus money in the hands of the middle-class taxpayer, says finance minister Arun Jaitley

Government has always tried to help economically weak. This includes increasing 'Ujjawala Yojana' beneficiaries. Also, mega health scheme is a huge scheme, says finance minister Arun Jaitley

Confident of limiting the fiscal deficit target for 2018-19 within 3.3%, says finance minister Arun Jaitley replying to a media query, citing that full 12 months of GST revenue will be accessible to meet the target

Budget proposes an institutional mechanism to fix the emoluments of the elected members, thereby addressing the criticism that they fix their own salaries

Budget 2018 lends fiscal prudence with the requirements and needs of the economy today

Post-GST, there is a positive impact on personal and corporate income tax, says finance minister Arun Jaitley

We looked at the areas that require the maximum support, and agriculture and rural sectors came foremost in our mind, says finance minister Arun Jaitley

Finance Minister Arun Jaitley is addressing a press conference after presenting the budget

Union budget anti-poor, pro-capitalists: Mayawati

BSP supremo Mayawati has dubbed the Union Budget presented in Parliament as anti-poor and pro-capitalists.

In a statement, she said like the previous budgets of the Narendra Modi government, this one was also "anti-poor and pro-capitalists".

Arvind Kejriwal alleges Centre was "continuing" with its "step- motherly" treatment to Delhi

Kejriwal said he had expected some financial assistance for important infrastructure projects for the national capital. His deputy Manish Sisodia also expressed unhappiness over Delhi's share in central taxes and duties remaining unchanged, saying the BJP-led Centre treats Delhi residents as "second-grade citizens".

Watch: Team TOI discusses main points of Budget 2018

People wearing 'Hawai Chappal' will also be able to use Hawai Jahaj: FM

In the 1 hour 45 minute speech, 1 hour was for the poor. This is indeed historic. The opposition has become too pessimistic: Union minister MJ Akbar

Its a balanced budget which is for every section of society, especially the focus on farmers and health services of the poor. Economy will also get a boost. I congratulate PM Modi and FM Jaitley

I want congratulate Prime Minister Narendra Modi on announcing the world's biggest national health protection scheme. This budget is for the development of the poor, for farmers and increasing their income, senior citizens and women: Union Minister Smriti Irani pic.twitter.com/NseafQcGww

& ANI (@ANI) February 1, 2018

Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more.

PAN to be used as Unique Entity Number for non- individuals from Apri 1.

Positive that the country will reach new heights of development after this budget, says PM as he concludes his address

Centre's decision to contribute 12 per cent of wages of new workers in EPF for the next 3 years will give social security to employees: PM

We have taken a courageous step by slashing the tax rate of all MSMEs by 5 per cent: PM

This Budget is cosmetic, we are still waiting for 'achche din'

Several decisions have been taken keeping in mind the concerns of senior citizens: PM

Setting up 24 new medical colleges across the country will provide healthcare to people and education opportunities to students

PM Modi lauds "world's largest healthcare scheme" announced by Arun Jaitley during his budget speech

Kisan credit card will help secure easy loans for farmers

The farmers, dalits, tribal communities will gain from this Budget. The Budget will bring new opportunities for rural India: PM

Centre will consult with states on MSP, says PM Modi

Our focus is on consolidating farmers' income