The Indian Wire » Business » Budget 2018 : Arun Jaitley proposed 4% tax on health and education
Business

Budget 2018 : Arun Jaitley proposed 4% tax on health and education

Taking a step forward towards the development of the nation, it has been decided that the existing 3 percent education tax on the personal income tax and corporation tax will now be replaced by a 4 percent health and education tax as proposed by the finance minister Arun Jaitley. He stated that this has been proposed so as to help and take care of the education as well as health needs of the rural and poor families in the country. Presently, the 3 percent tax out of which 2 percent tax is for primary education and 1 percent tax is for secondary and higher education is charged on the personal income tax and corporation tax.

There has been an increase in the tax by one percent in order to take care of the needs of education as well as the health of the below poverty line and rural families in India. A new four percent health and education tax will replace the original three percent education tax which will be charged on the payable tax. While presenting the budget of the year 2018-2019 in the parliament, Arun Jaitley stated that this increase in the tax levied will allow the collection of an estimated amount of Rs. 11,000 Crores.

In his budget speech, it was also mentioned by our finance minister that it has been decided that each and every block which has more than 50 percent of Schedule Tribe population and at least 20,000 tribal people will have an Ekalavya Model Residential School built for them by the year 2022. This step is definitely going to act as one step forward towards helping the below poverty line families and help them attain some good quality education along with taking care of their health issues.

Reach out to The Indian Wire!

Want to work with us? Looking to share some feedback or suggestion? Have a business opportunity to discuss?

You can reach out to us at [email protected] and we will get back in minutes.

Like us on Facebook!