Union Budget 2018-19
Highlights from Budget 2018-19: Fiscal Situation * Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal * GST revenue will be received only for 11 months, that will have an effect on balance sheets * Rs 21.57 lakh crores transferred as net GSTto states as against projection of Rs 21.47 lakh crores Tax  * 85.51 lakh new tax payers filed income tax returns in FY17 * NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET * Growth in direct taxes (till Jan 15) is 18.7 % * 100% tax deduction is allowed to co-operative societies * Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17 * Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices * Senior cit...