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Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

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

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 budget 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.

Here are some reactions on from industry-experts

Technology

Arvind Bali, CEO, Videocon Wallcam

The budget has a clear push towards socio-economic growth of the country with aggressive focus on agriculture, education, rural economy, healthcare and infrastructure. The allocations aimed towards rural India will increase consumption which boost industries and help in nation building. Focus on digital solution and new age technologies is a big push in terms of creating the right environment for the next level of development in India. The increase in customs duty will further boost 'Make in India'.

Real Estate

Group Satellite

"Disappointing budget from the perspective of private sector involvement in creating mass housing stock that will make homeownership a reality for all Indians. Budget has unfortunately ignored the stressed and vilified real estate sector that is in desperate need of Government support through specific targeted tax breaks that help make building affordable homes in India viable." - Sarjan Shah, MD, Group Satellite.

Pacific India Group

"The budget this year is a boost to 'Make in India' initiatives and aimed at a progressive development of the rural and growth of the entire country. The focus on infrastructure, social inclusion and progress, education, agriculture and healthcare are steps in the right direction. Though there is not much in terms of addressing the problems faced by the realty sector but the move towards no adjustment in case of the circle rate not exceeding 5 % of sale consideration is a welcome move. Standard deduction for transport, medical reimbursement for salaried taxpayers and incentives for Senior citizens will help increase disposable income at hand." -Abhishek Bansal, Executive Director of Pacific India Group.


Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

2,706 BSE-listed companies to gain from cut in corporate tax rate   Over 2,700 companies listed on the Bombay Stock Exchange (BSE) are likely to gain from the proposed cut in corporate tax rate to 25% proposed by Budget 2018 from the existing 30%

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Despite price hike in Budget, Amazon, Flipkart selling iPhones at old rates   Apple Inc on February 5 revised the price of its iPhones and smart watches in India. The move from the US-based technology giant came after Finance Minister Arun Jaitley in his Budget 2018 speech announced a hike in import duty on smartphones to 20 per cent from 15 per cent earlier. Apple said the price hike had come to effect starting February 5, but most e-commerce platforms in the country continue to sell the iPhones at their original launch prices – that is, lower than the revised prices.

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Markets slump: Will govt scrap LTCG tax? Adhia says will 'look into' fixes The government will look into what it can do after a slump in local market reflecting global sell-off, the finance secretary said on Tuesday.   Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley.

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

RBI to turn hawkish, keep rates on hold through middle of 2019: Poll   The Reserve Bank of India will keep interest rates on hold through at least the middle of 2019 even though inflation is above its medium-term target and is expected to stay that way, a Reuters poll found.     A majority of economists also expect the central bank's tone to turn hawkish when it announces its latest policy decision on Wednesday.    While retail inflation hit a 17-month high in December and is expected to remain above the RBI's 4 per cent target over the coming 12 months, growth in Asia's third-largest economy likely slowed markedly in the financial year ending March 31, complicating the RBI's policy path. 

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Murmurs of discontent among NDA allies over election-year budget   The Telugu Desam Party (TDP), a key ally of the Bharatiya Janata Party (BJP), on Friday said it was disappointed with the Union Budget but would not walk out of the National Democratic Alliance (NDA) just yet.

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Budget announcements on the farm sector: Markets, not MSP, is the focus   The budget announcements on the farm sector, especially the one that commits to ensure a minimum support price (MSP) for crops, which is equal to 1.5 times the cost of production—which the Swaminathan commission had recommended in 2006—raised eyebrows. 

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Budget 2018: Tax loophole plugged for corporate mergers and amalgamations   The Union Budget for 2018-19 has proposed to tax all mergers and amalgamations in which a company with higher accumulated profit merges with a company with lower profits, or with a company that made losses, and reduced capital to avoid paying dividend distribution tax (DDT).

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Budget 2018 impact: Steel sector to see a marginal increase in fuel cost   The steel sector is likely to see a marginal increase in fuel cost, since the new Customs duty surcharge will affect the price of imported coking coal. 

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Budget 2018: Proposal on A-rated paper likely to deepen bond market   Allowing fund managers to invest in 'A' rated securities paper is expected to expand the bond market, improve liquidity in debt instruments and allow long-term players like insurance and pension companies to earn higher returns.

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Budget 2018 impact: Govt volte-face on insurance merger surprises regulator   The government’s announcement in the Union Budget on Thursday to merge three state-owned general insurance companies — National Insurance, Oriental Insurance and United India Insurance — has caught the sector regulator Insurance Regulatory Development Authority of India (IRDAI) by surprise.  

Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

It is not protectionism of kind other countries are doing: Hasmukh Adhia   It is not protectionism of the kind other countries are doing. We are saying our MSME (micro, small and medium enterprises) sector is capable of making certain goods that other countries are trying to dump in India. 

First Published: Fri, February 02 2018. 10:19 IST
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Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

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

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 budget 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.

Here are some reactions on from industry-experts

Technology

Arvind Bali, CEO, Videocon Wallcam

The budget has a clear push towards socio-economic growth of the country with aggressive focus on agriculture, education, rural economy, healthcare and infrastructure. The allocations aimed towards rural India will increase consumption which boost industries and help in nation building. Focus on digital solution and new age technologies is a big push in terms of creating the right environment for the next level of development in India. The increase in customs duty will further boost 'Make in India'.

Real Estate

Group Satellite

"Disappointing budget from the perspective of private sector involvement in creating mass housing stock that will make homeownership a reality for all Indians. Budget has unfortunately ignored the stressed and vilified real estate sector that is in desperate need of Government support through specific targeted tax breaks that help make building affordable homes in India viable." - Sarjan Shah, MD, Group Satellite.

Pacific India Group

"The budget this year is a boost to 'Make in India' initiatives and aimed at a progressive development of the rural and growth of the entire country. The focus on infrastructure, social inclusion and progress, education, agriculture and healthcare are steps in the right direction. Though there is not much in terms of addressing the problems faced by the realty sector but the move towards no adjustment in case of the circle rate not exceeding 5 % of sale consideration is a welcome move. Standard deduction for transport, medical reimbursement for salaried taxpayers and incentives for Senior citizens will help increase disposable income at hand." -Abhishek Bansal, Executive Director of Pacific India Group.


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