Highlights of Budget 2018 presented on 1st February 2018

  •  EPF contribution of women reduced from 12% to 8% (Employer & Employee both).
  • Corporate tax decreased from 30% to 25% for companies with annual turnover less than Rs 250 crore.
  • 100% tax rebate for farmer producer companies having a turnover of Rs 100 crore for five years from F.Y. 2018-19.
  • Custom duty on mobile phones increased from 15% to 20%.
  • Custom duty on raw cashews reduced from 5% to 2.50%.
  • The new name of Central Board of Excise and Customs is Central Board of Indirect Taxes and Customs.
  • Educational cess increased from 3% to 4%.
  • To control cash economy, payments exceeding Rs. 10,000 in cash made by trusts and institutions to be disallowed and would be subject to tax.
  • Deduction of 30 percent on compensation paid to new employees Under Section 80-JJAA to be relaxed to 150 days for footwear and leather industry, to create more employment.
  • No education cess on import shall be raised. But social welfare cess @10% shall be collected on the import of goods from outside India or SEZ, EOU, EHTP, STP.

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