Union Budget Key Highlights from Budget 2019
Union Budget Key Highlights – Hello, Let’s Study Together Readers, As you all know that finally today is New Union Budget 2019 Declared by Our Finance Minister Piyush Goyal (Temporary FM).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.
I am deeply conscious of the absence of Shri Arun Jaitley today. I am sure the House joins me in wishing Shri Jaitley speedy recovery, good health and a long life in the service of the nation.
1.Individual taxpayers having taxable annual income up to 5 Lakhs will get full tax rebate and therefore will not be required to pay any income tax.
2.If persons having gross income up to 6.50 Lakhs may not be required to pay any income tax if they make investments in provident funds,specified savings, insurance etc.(If they have deductions upto Rs 1.5 lakh)
3.For salaried persons, Standard Deduction is being raised from the current `40,000 to `50,000.
4.Exemption on tax on second self-occupied house.
5.Ceiling Limit of TDS under section 194A has increased from 10000 to 40000.(Interest earned on bank and post office deposits)
6.Ceiling Limit of TDS under section 194I has increased from 180000 to 240000
7.Capital tax Benefit under section 54 has increased from investment in one residential house to two residential houses.
8.Benefit under section 80IB has increased to one more year i.e. 2020
9.All farmers affected by severe natural disasters to will continue to get 2 per cent interest subvention and additional 3 per cent on timely loan repayment.
10.Government will deliver 8 crore free LPG connections to household”: Union Minister Piyush Goyal says in his Budget 2019 speech in Parliament.
11.Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age. We will benefit 10 crore workers in unorganized sector, may become the world’s biggest pension scheme for unorganized sector in five years.
12.Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to file quarterly returns.
13.Gratuity limit increased from 10 lakh to 30 lakh rupees.
14.Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from Rs 3.79 crore to Rs 6.85 crore. 99.54% returns have been accepted without any scrutiny. In January 2019, GST collections has crossed 1 lakh crore rupees.
15.Two per cent interest subvention on loan of 1 crore for GST registered MSME units.
16.Allocation for North Eastern region proposed to be increased to Rs 58,166 crore in this year a rise of over 21% from the previous year.
17.This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.
18.The 4R approach has been implemented to ensure clean banking – 1. Recognition 2. Resolution 3. Recapitalisation 4. Reform
19.Income Tax returns to be processed within 24 hours and refunds will be paid immediately
20.Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by officials
21.Rs 60,000 crore for MNREGA
22.Rs 19,000 allocated for construction of rural roads under Gram Sadak Yojana
23.Govt increases defence budget to over Rs 3 lakh crore. Govt will provide additional funds for Defence, if needed.
24.We have disbursed 35,000 crore rupees under #OROP scheme in the last few years
25.Railway’s operating ratio seen 96.2% in FY19 Vs 95% FY20. Railway capex for FY20 set at record Rs 1.6 lakh crore.
26.Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268.
27.Loans worth Rs 7.23 lakh crore have been given under Mudra Yojana
28.Over 90 percent of the country covered under sanitation coverage. People have made this a social revolution and i thank the 130 crore people of the country. More than 5.45 lakh villages have been declared Open Defecation Free
29.Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered
30.“Farmer having farmer credit card will get 5 per cent rebate on paying amount on time.”
31.Around 3 crore middle-class taxpayers will get tax exemption due to this measure.
32.India is poised to become a $5 trillion economy in next 5 years, $10-trillion economy in the next eight years.
33.Govt to build 1 lakh digital villages
34.For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crop.
35.A single window clearance will be made available to filmmakers, anti-camcording provision to also to be introduced in Cinematography Act to fight piracy
36.Government’s stated commitment earlier was to bring down the fiscal deficit to 3.1 percent of GDP by the end of March 2020, and to 3 percent by March 2021.Current account deficit at 2.5% of the GDP
37.India’s youth have turned job creators from job seekers, India has become the second largest hub for startups.
- 9 nine priority areas identified; National Artificial Intelligence Portal to be developed soon.
- Rs. 1 crore loan can now be obtained under 59 minutes.
- Transactions of more than 17,500 crore rupees on GeM programme, resulting in savings of 25%-28%
38.There are 21 AIIMS operating in the country. 14 of these 21 AIIMS have been announced since 2014. 22nd AIIMS is being set up in Haryana.