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Budget 2018: What gets costlier, what gets cheaper

Budget 2018: What gets costlier, what gets cheaper
Feb 01
Budget 2018: What gets costlier, what gets cheaper
Finance Minister Arun Jaitley hiked customs duties on a number of products in the Union Budget 2018-19 (Picture Courtesy: Scroll.in)

A large number of imported items including mobile handsets, cars, motorcycles, fruit juices, perfumes and footwear will become costlier as the Finance Minister Arun Jaitley on Thursday hiked customs duties on these products in the Union Budget 2018-19.

However, select items such as imported raw cashew nuts, solar tempered glass and raw materials and accessories of cochlear implants will become cheaper with the government today reducing import duties on these items.

The following is a list of imported items that will become costlier:

* Cars and motorcycles

* Mobile phones

* Silver

* Gold

* Vegetable, fruit juices, including orange and cranberry

* Sunglasses

* Miscellaneous food preparations other than soya protein

* Perfumes and toilet waters

* Sunscreen, suntan, manicure, pedicure preparations

* Preparations for oral dental hygiene, denture fixative pastes and powders; dental floss

* Pre-shave, shaving or after-shave preparations,

* Deodorants, bath preparations, depilatories, perfumery

* Scent sprays and similar toilet sprays

* Truck and bus radial tyres

* Silk Fabrics

* Footwear

* Coloured gemstones

* Diamonds

* Imitation jewellery

* Smart watches/wearable devices

* LCD/LED TV panels

* Furniture

* Mattresses

* Lamps

* Wristwatches, pocket watches, clocks

* Tricycles, scooters, pedal cars, wheeled toys, dolls’ carriages, dolls, toys, puzzles of all kinds

* Video game consoles

* Articles and equipment for sports or outdoor games, swimming pools and paddling pools

* Cigarette and other lighters, candles

* Kites

* Edible/vegetable oils such as olive oil, groundnut oil


RelatedUnion Budget 2018: All major announcements


The following is the list of imported items that will become cheaper:

* Raw cashew nuts

* Raw materials, parts or accessories used in making cochlear implants

* Select capital goods and electronics such as ball screws and linear motion guides.

* Solar tempered glass or solar tempered glass used for manufacture solar panels/modules

With PTI inputs

Phones from manufacturers like Apple to cost more as government hikes import duty on mobiles

Phones from manufacturers like Apple to cost more as government hikes import duty on mobiles
Feb 01
Phones from manufacturers like Apple to cost more as government hikes import duty on mobiles
The customs duty on mobile phones was hiked to 20% from 15% (Representational Image)

Finance minister Arun Jaitley on Thursday announced a hike in customs duty on mobile phones to 20% from 15% to provide further impetus to domestic manufacturers in line with the government’s ‘Make in India’ initiative.

Presenting the Union Budget 2018-19, Jaitley said he was making a calibrated departure from the usual practice of reduction in customs duties.

He said this is being done in view of the “substantial potential” for domestic value addition in sectors like food processing, electronics, auto components and footwear. The move, Jaitley said, will lead to the creation of more jobs in the country.

“To further intensify domestic value addition and ‘Make in India’ in these sectors, I propose to increase the customs duty on certain items. I propose to increase customs duty on mobile phones to 20% from 15% and on some other parts and accessories to 15%,” he said.


RelatedUnion Budget 2018: All major announcements


Commenting on the decision, Indian Cellular Association (ICA) National President Pankaj Mohindroo told PTI that this will be the last nail in the coffin of imports. “We are reaching a situation where imports would be nearly impossible,” Mohindroo added.

He said since bulk of mobile phones are manufactured domestically, there will be no impact on their prices. The exception will be a few brands, that are still making phones overseas.

“There will be no increase in mobile phone prices since 81% of the volume and 84.5% of value is manufactured in India and we will cross 90% in both terms in 2018,” he explained noting that the government seems to be determined to increase value addition in domestic manufacturing.

The prices of manufacturers like Apple, which are assembled in China and imported here, are expected to go up in the backdrop of the hike. Local manufacturers like Lava and Comio, meanwhile, welcomed the hike

Customs duty on smart-watches and wearables has been doubled to 20%, while specified parts and accessories of mobile phones have seen a duty hike to 15% from the current range of 7.5-10%.

Video game consoles will also attract a customs duty of 20%, up from 10%.

With agency inputs

Budget 2018 for Individuals: No change in income tax, more cess and higher deductions

Budget 2018 for Individuals: No change in income tax, more cess and higher deduction of expenses
Feb 01
Budget 2018 for Individuals: No change in income tax, more cess and higher deduction of expenses
Finance Minister Arun Jaitley left the income tax rates for 2018-19 unchanged

Much to the dismay of tax paying individuals, Finance Minister Arun Jaitley on Thursday left the income tax rates for 2018-19 unchanged while increasing the cess levies on it by 1 percent.

“The government had made many positive changes in the personal income-tax rate applicable to individuals in the last three years,” Jaitley said in his Budget speech.

“Therefore, I do not propose to make any further change in the structure of the income tax rates for individuals.”

In the Budget 2017-18, Jaitley had reduced the income tax rate to 5 percent from 10 percent under the income slab from Rs 2.5 lakh per annum to Rs 5 lakh per annum.

However, Jaitley proposed to hike the cess on personal income tax by one percent.

“At present, there is a three percent cess on personal income tax and corporation tax consisting of two percent cess for primary education and one percent cess for secondary and higher education. In order to take care of the needs of education and health of BPL and rural families, I have announced programs…,” Jaitley said.

“To fund this, I propose to increase the cess by one percent. The existing three percent education cess will be replaced by a four percent health and education cess to be levied on the tax payable. This will enable us to collect an additional amount of Rs 11,000 crore.”


RelatedUnion Budget 2018: All major announcements


In addition, Jaitley proposed to “allow a standard deduction of Rs 40,000 in lieu of the present exemption in respect of transport allowance and reimbursement of miscellaneous medical expenses”.

“Apart from reducing paper work and compliance, this will help middle-class employees even more in terms of reduction in their tax liability. This decision to allow standard deduction shall significantly benefit the pensioners also, who normally do not enjoy any allowance on account of transport and medical expenses. The revenue cost of this decision is approximately Rs 8,000 crore,” Jaitley said.

“The total number of salaried employees and pensioners who will benefit from this decision is around 2.5 crore.”

The current tax-free limit for medical expense reimbursement is set at 15,000 per annum and transport allowance exemption of Rs 1,600 per month.

With IANS inputs

Budget for Mumbai Rail: Additional 150 km rail line, doubling of 90 km tracks at Rs 11,000 crore

Budget for Mumbai Rail: Additional 150 km rail line, doubling of 90 km tracks at Rs 11,000 crore
Feb 01
Budget for Mumbai Rail: Additional 150 km rail line, doubling of 90 km tracks at Rs 11,000 crore
Rs 11,000 crore was allocated for track doubling

The government on Thursday said it plans doubling of 90 km of the railway tracks in Mumbai at an estimated cost of Rs 11,000 crore and also proposed an additional suburban network of 150 km in the city.

“The Mumbai transport system, which is also the lifeline of the city, is being expanded and augmented at 90 km of double line track at an estimated cost of Rs 11,000 crore,” Finance Minister Arun Jaitley said in his Budget speech in Parliament.

He said the government is planning an additional suburban network of 150 km in the city at an estimated cost of Rs 40,000 crore, including elevated corridors in some sections.

Maharashtra Chief Minister Devendra Fadnavis expressed his gratitude for the much-needed allocation.

The Finance Minister said that to cater to the growth of Bengaluru metropolis, the government has planned a suburban rail network of 160 km at an estimated cost of Rs 17,000 crore.

The total capital expenditure allocated for Railways was also hiked to Rs 1.48 lakh crore, up from last year’s 1.31 lakh crore.


Related: Union Budget 2018: Key Railway Announcements


 

Union Budget 2018: Key Railway Announcements

Union Budget 2018: Key Railway Announcements
Feb 01
Union Budget 2018: Key Railway Announcements
Capital expenditure for Indian Railways has been increased to 1.48 lakh crore from 1.31 lakh crore last year

Finance Minister Arun Jaitley presented the Union Budget 2018-19 in the Parliament on Thursday, February 1. This was the second year wherein the Railway Budget was included in the General Budget.

Here are the key announcements pertaining to Indian Railways under the Union Budget for 2018-19:

* Rs 1,48,528 crore allocated as capital expenditure for Indian Railways for 2018-19, most of which will be used for capacity expansion.

* Target of 18,000 km of doubling of tracks set for next fiscal in a bid to eliminate capacity constraints.

* Railways to procure 12,000 wagons, 5160 coaches, and 700 locomotives.

* All railways stations with more than 25,000 footfall to have escalators.

* All railways stations and trains to have Wi-Fi and CCTVs progressively.

* Redevelopment of 600 major railway stations has been taken up.

* 4,267 unmanned level crossings to be eliminated in the next two years.

* Mumbai rail network to receive Rs 11,000 crore.

* Bengaluru Metro to get Rs 17,000 crore.

* Railways’ focus will be on safety, maintenance of railway tracks, increase in use of technology and fog safety devices.

* Foundation stone laid for a new institute in Vadodara to train the manpower required for the high-speed railway projects.