100 Highlights Key Points of Budget 2019 – 5th July 2019
Union Budget Key Highlights.100 Highlights of Budget 2019 – Nirmala Sitharaman(Finance Minister) – Hello, Let’s Study Together Readers, As you all know that finally today is Union Budget 2019 Declared by Our Finance Minister Nirmala Sitharaman (Finance Minister).What are the benefits and losses of this Union Budget 2019?Here we are providing a Key Highlights of Union Budget 2019.So Let’s begin.
Top 100 Highlights of Budget 2019
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PAN, Aadhaar interchangeable for filing of IT returns, ITR can be filed without PAN by quoting Aadhaar.
- No income tax for less than 5 lakh per annum income
- 3% Increase in surcharge for individuals with incomes between 2 to 5 crores 7% increase in surcharge for incomes above 5 crores
- Propose to increase special additional duty and road and infrastructure cess on diesel and petrol by Re 1
- Direct tax revenue has grown 78 percent from 2014 to 2019. The tax collection has increased to 11.37 lakh crore to 2018-19 from 6.37 lakh crore from 2013-14.
- Additional Rs 1.5 lakh deduction has been proposed on interest paid for affordable housing loans till March 2020.(For Purchase of house Upto Rs. 45Lakh)
- Startups will not require scrutiny by IT department.
- 25 percent of corporate tax on companies with turnover of Rs 400 crore
- India’s ease of doing business ranking jumped up from 172 to 121.
- To discourage practice of making business payments in cash, I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account
- GST on EVs lowered from 12 percent to 5 percent.
- 350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans
- Propose to extend period of exemption of capital gains arising from sale of residential house for investment in startups to 31-3-2021
- Rs 100 lakh crores for infrastructure over the next five years.
- Propose to consider issuing Aadhaar cards for NRIs with Indian passport after coming to India, instead of them waiting for mandatory 180 days
- GST rates have been eased with a relief of Rs 92,000 crore provided during the year. Further measures are being worked out to ease filing returns and tax compliance. A simplified single monthly return is now being ruled out. Taxpayers with an annual turnover of less than Rs 5 crooe will have to file only quarterly returns
- Business establishments with annual turnover of Rs 50 crore will offer low-cost digital mode of payments to customers and no charges or merchant discount rates shall be imposed on customers as well as merchants
- The Securities Transaction Tax or STT is proposed to be restricted to the difference between settlement and strike price of options
- Public sector banks to be provided with Rs 70,000 crores to boost capital.
- The government to improve youth skills in technological areas such as Artificial Intelligence, Big Data, Robotics, etc
- One woman in every SHG shall be made eligible for a loan of Rs 1 lakh under MUDRA scheme
- NRI investment in Indian capital market is less. I propose to merge the NRI portfolio investment scheme route with FPI route
- 95 crore houses proposed to be provided under PMAY Grameen by 2021
- 25 lakh kilometers of roads will be upgraded.
- The government proposing to streamline multiple labour laws into a set of ‘four labour codes’
- Tv program for the start-ups Stand up india scheme for entrepreneurs. A new channel is proposed to be started under Doordarshan bouquet to provide a platform for startups to disseminate information in the industry
- Rs 100 lakh crores for infrastructure over the next five years.
- By 2022, power and LPG will be provided to all households. Assures that every single rural family will have electricity and clean cooking facility by 2022
- India has the potential to become hub of higher education, we will propose ‘Study in India’ programme to get foreign students to India.
- 9.6 crore toilets have been constructed in the Swachh Bharat Abhiyan
- Public holding in listed firms may go up to 35% from the current 25%
- Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme.
- Propose setting up a Social Stock Exchange for listing Social enterprises, voluntary organisations. Social Stock Exchange under SEBI proposed
- The government is setting an enhanced target of Rs 1,05,000 crore for disinvestment during FY20 and will continue with disinvestment of PSUs in the non-financial space as well
- More than 45,000 public toilets have been uploaded on Google maps and nearly 1 crore citizens have downloaded the Swachhta app
- 100% FDI will be permitted for insurance intermediary. FDI inflows have remained robust despite global headwinds. India’s FDI inflows remained strong despite global slippages. We saw a 6% y-o-y growth in foreign investment Government is mulling organizing an annual global investors’ meet in India
- Payment platform for MSMEs to be created.
- Pension benefits will be offered to 3 crore shop-owners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme
- A modern tenancy law will be finalized and given to the states
- Railway infra would need an investment of Rs 50 lakh crore between 2018 and 2030
- Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure.
- India’s first indigenous payment ecosystem for transport based on National Common Mobility Card was launched PM in March 2019, enabling people to pay multiple types of transport charges.This card runs on RuPay card and allows users to pay bus charges, parking charges, etc
- India have become fifth largest economy in the world. 5 years ago we stood at 11th position. In Purchasing Power Parity we are at number 3 only next to US and China
- Last mile delivery stood out, citizens in every nook and corner of the country felt the difference; our objective was and continues to be Mazbooth Desh Ke Liye Mazbooth Nagarik
- The department of fisheries will address critical gaps in the value chain, including production, quality control, post-harvest management, etc
- Mega programmes that we initiated in the first five years will now be further accelerated
- New metro rail projects have been approved during 2018-19. Also, during 2019, 210km of metro lines have been operationalized
- One Nation, One Grid” for power availability to states at affordable rates. It is therefore proposed to use Public-Private partnership to unleash faster development
- India’s FDI flows in 2018-19 remained strong compared to global at $54.2 billion, 6 percent higher than last year. The government will examine options of opening up FDI in media, animation and some other sectors to improve these flows further
- The Gaon (village), Garib (poor) and Kisan (farmers) are at the Centre of all our efforts.
- Lauds efforts of farmers in production of pulses
- 75000 entrepreneurs targeted in Agriculture sector
- Jal ministry to focus on providing adequate drinking water, which is a primary area of concern. We seek to provide water to all rural households under ‘har ghar jal. Steps such as these will help double farmers’ income by 2022
- Time for completion of houses under PMAY reduced from 314 days in 2015-16 to 114 days in 2017-18, enabling the scale of achievement in PMAY
- 1592 critical blocks over 256 districts identified for Jal Skhakti Abhiyan
- 6 crores toilets have been constructed under Swacch Bharat Abhiyaan
- Four new embassies to be opened in 2019-20, to improve footprint of India’s overseas presence and to provide better public services to local Indian communities
- A new series of coins including for Rs 20 will be made available for public use shortly
- For purchase of high-rated pooled assets of financially sound NBFCs amounting to a total of Rs 1 lakh crore, govt will provide a one-time six-month partial credit guarantee to PSBs for first loss up to 10%
- Record recovery of over Rs 4 lakh crore due to IBC (Insolvency code) have been effected in the last four years
- Government has smoothly carried out consolidation, reducing the number of PSBs by 8
- The government is developing 17 iconic tourism sites as world-class tourist centres to improve the flow of domestic and foreign tourists to these destinations. Documentaries with anthropological details will be stored for tourists
- To popularize sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India
- Under PMAY (Urban), over 81 Lakh houses with investment of about Rs 4.83 Lakh Cr have been sanctioned of which construction has started in about 47 Lakh houses. Over 26 Lakh houses have been completed of which nearly 24 Lakh houses have been delivered, to beneficiaries.
- Contribution of women is significant in every sector. The recent election saw record turnout of women voters, at par with men. We also have a record 78 women MPs in the House
- Approximately 35 crore LED bulbs have been distributed under the Ujala scheme, saving Rs 18,341 crore annually
- The Pradhan Mantri Shram Yogi Maan Dhan Yojana of providing Rs 3,000 – nearly 30 lakh workers have joined the scheme
- 100 new clusters to be set up in 2019-20 under SFURTI, which will enable 50,000 artisans to join the economic value chain
- Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local bodies in every panchayat in the country; this will be speeded under Universal Service Obligation Fund
- None of our technological institutions were in top 200 in 2014. But now, there are five in the list
- Focus on Global Education Model and R&D will arm the Youth of today to fight the unknown future we see ahead full of disruption and new age entry and exits
- Local sourcing norms for FDI to be eased for single-brand retailing sector.
- A Gandhipedia is being developed to sensitize youth and society at large on positive Gandhian values:
- We aim to make India open-defecation free by October 2, on 150th birth anniversary of Mahatma Gandhi
- More than 95% of our cities have declared themselves open-defecation free
- 5 lakh villages are now open-defecation free
- Ease of doing business to extend to farmers and they should not face state level arbitrages Back to Basics – zero budget farming farmers are being trained on this – extend to others
- The government is contemplating organising an annual global meet to get all three sets of global players: Industrialists, corporate leaders, corporate sovereign and venture funds
- Angel tax – Startup will not come under the scrutiny of Angel Tax. There will no enquiry or verification by Assessment Officer of Income Tax unless there is approval from the supervising officer in terms of funds raised.
- Defence sector needs modernization. Import of defence equipment is being exempted from basic customs duty
- Proposes incentives to IFSC including profit linked deduction u/s. 80LA for 10 years in 15 years block
- Separate NPA trust with PFRDA. A move for providing the pensioners’ ease of investment and procedure.
- Foreign shareholding limit of CPSEs is proposed to be hiked to permissible sectoral limits
- India’s sovereign external debt to GDP is among the lowest globally at less than 5%, she points out
- Govt proposes to return the regulation authority over housing finance sector from National Housing Board to the RBI
- Broadbased committee to evaluate and suggest actions for moving forward on gender analysis of budget to be formed
- NPAs of commercial banks have reduced by over Rs 1 lakh crore over the last year
- To upgrade level of teaching, Gian initiative was started. It was a roadmap to counter challenges, To upgrade level of teaching, Gian initiative was started. It was a roadmap to counter challenges. To upgrade quality of teaching, the GYAN was started aimed to bring in the global pool of scientists and researchers, she says, adding such initiatives have paid off. From no single Indian institute in top 200 universities ranking until 5 years ago, we now have 3 institutions in the top 200 global institutions bracket. To make India a hub of higher education the government proposes ‘Study in India’ to bring in foreign students to pursue education here
- Greater focus on R&D through a National Research Foundation. This will fund, promote research. Funds will be assimilated from schemes running across various ministries
- 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries
- Propose to establish National Research Foundation to fund and coordinate research in India
- India has emerged as a major space power. Time has come to harness this ability commercially. New Space India Limited, a public sector enterprise, has been incorporated to tap the benefits of R&D carried out by Isro. The company will spearhead commercialization of various space products
- Every verified woman SHG member having a Jan Dhan account, an overdraft of 5000 rupees will be allowed
- Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly
- Govt will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself
- As key source of capital to Indian economy, it is important to ensure hassle-free experience to foreign portfolio investors. We plan to streamline KYC to make it more investor-friendly
- Upfront incentive to be offered on purchase of EVs
- It is proposed that several reform measures will be taken up to promote rental housing
- Indian Economy well within capacity to reach $5 tn target in a few years. Our economy was $1.85 trillion when we assumed power and it reached $2.7 trillion. We have the capacity to reach 5 million US in five years. It took us over 55 years to Indian economy to reach $1 trillion but the people’s hearts filled with Vishwas and Akansha (hopes of the people of the country) has helped us achieve the next couple of trillions within a short span
- If before India Inc understood Swadeshi they now look at Make in India. Gone are the days of policy paralysis and Licence Raj regimes. India is now a wealth creator, says Sitharaman, adding she wishes to announce a number of reforms to further the country’s growth prospects.
About Union Budget:
A government budget is an annual financial statement which outlines the estimated government expenditure and expected government receipts or revenues for the forthcoming fiscal year. Union Budget is defined under Article 112 of the Indian Constitution. It is also referred to as the annual financial statement (AFS).
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