Budget: Highlights!
Posted on: 05/Jul/2019 2:17:37 PM
Here are the highlights of the budget presented by the finance minister Nirmala Seetharaman under the new cabinet headed by the Prime Minister Narendra Modi :
- Economy of India has increased from 1.5Trillion US$ to 2.70 Trillion US$ from the year 2014 - 15 to 2018. World 6th largest economy
- Multi model Terminal project for cargo transportation
- Metro Rail expansion - 210 Kms proposed
- Public and Private Participation in Railways for expansion and for passenger / freight services
- One Nation One Grid - Electricity for all Indian
- New Rental Act proposed
- 2% interest subvention for affordable housing
- Separate payment platform for MSME and for realizing Government bills
- Pension Scheme will be further extended to 3 crores and whose turnover is less than 1.5 crores per annum
- Interchangeability of PAN and Aadhar. Those who do not have PAN can also file return with Aadhar.
- AA rated bonds to be taken as collateral for NBFCs
- Social Stock Exchange - for Social Enterprises & Voluntary Organisation for raising funds
- 100% FDI for Insurance and FDI in Aviation, Media, Insurance, Animation
- Disinvestment of Air India
- Raising funds of 1,05,000 crores through disinvestment of PSUs
- 1.95 Crores of PMAY houses will be built during 2019 - 2021
- NSIL a commercial platform for Space – Commercialization of space products, etc by ISRO
- Proposed to upgrade 1,25,000 kms of road
- Capital boost of Rs. 75,000 crores for PSU banks
- RBI will be monitoring housing and will take over from NHB (National Housing Board)
- Jan Shakthi Mantralaya - Water Security & Resources - By 2024 - Water sufficient for all Indians
- Swaach Bharat Abhiyaan - Solid Waste Management will be done - 9.6 Crores toilets constructed - 5.6 Lakhs villages are open defecation free
- Gandhi - Paedia for enlightening youth about Mahatma
- New Higher Education Policy
- National Research Foundation (NRF) will be managing the fund activities for research, etc
- Focus on foreign students studying in India
- 10 Million youth will be trained includes Language Trainee, AI, Internet Optimization, 3D Printing, Robotics, Big Data
- Multiple Labour laws will be void and 4 labour codes will be introduced. Filing of returns will be simplified.
- Special Television Program exclusively for Startup and designed by them for enlightening VC, Funding, Taxation, Etc
- Interest Subvention for all districts of Indian to Women SHGs
- Verified Member of women SHG with Jandhan Bank Account will get the benefit of overdraft facility of Rs. 5000/-
- Loan of Rs 1,00,000/- for verified member of women SHG through Mudra scheme
- Digital repository for folks, traditional artisans, etc
- NBFCs are considered widely in the budget for promoting their activities and the comfort of 10% loss guarantee by Government will boost NBFCs to function easily.
- Creation of Special Reserve and Debenture Redemption Reserve by NBFCs
- 100 Lakhs crores investment proposed for the next 5 years towards infrastructure
- 25% tax for Corporates who turnover is upto 400 crores
- Mega Manufacturing Plants and tax benefits for industries manufacturing semi conductors, photo volatile, lithium batteries, laptops, computer server, etc U/s. 35AD of Income Tax Act
- Interest on loan towards purchase of electric vehicles to the extent of Rs. 1.5 Lakhs will be given as addition while computing the taxation
- GST rates for electric vehicles from 12% to 5%
- No scrutiny towards equity funds for Startups and the declaration with the requisite details to be furnished. No Assessing Officer can harass the Start ups for equity fund sourcing without the permission of higher authorities
- Interest on Housing loan for PMAY projects upto 45 Lakhs, 1,50,000 additional housing loan interest can be claimed, so put together Rs. 3.5 Lakhs
- Pre-filling of income tax returns - from Banks, stock exchanges, registration authorities, etc
- Faceless Assessment, Only Single Point of contact with Processing Cell and No where it will be mentioned about Assessing Officer and name
- TDS @ 2% for cash withdrawal from bank for above 1 crore in a year
- Surcharge will be increased for taxable income from 2.5crores to 5 crores and from 5crores above to 3% and 7% respectively.
- No tax for income up to 5 lakhs
- Basic Customs duty exempted for import of materials for manufacturing defence vehicles
- Basic Customs duty exempted for import of CRGO Sheets, Ethylene Dichloride, Naptha, etc
- Export duty exempt for Raw & Finished Leather
- Enhancement of duty of Rs.1 Per litre for diesel and Petrol
- Enhancement of duty from 10% to 12.50% for gold and precious metals
- Basic Excise duty for tobacco and tobacco products
- Legacy Dispute Resolution Scheme for quick resolution of pending litigations with erstwhile taxation.
- Zero Budget Farming, 10000 New Farmer Organization, ENAM for fair price of Farmer Products
