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Union Budget 2019 Highlights
By: Tupaki Desk | 1 Feb 2019 8:44 AM GMT
Union Finance Minister Piyush Goyal Today presented the final budget of NDA Government in the Parliament. He claimed, 'Decisive mandate given by the people in 2014 helped NDA Government reverse policy paralysis and continue structures reforms. India is all set to become a 5 trillion dollar economy in the next 5 years and 8 trillion dollar economy in 8 years'.
Double-Digit Inflation has been successfully controlled, from 10.1 percent in 2009-14 to 2.1 percent in Dec 2018.
Fiscal Deficit has fallen to 3.4 percent.
Direct Tax Collections increased from Rs 6.38 lakh crore in 2013-14 to Rs 12 lakh crore. 99.54 percent returns have been accepted sans any scrutiny. GST Collections touched Rs 1 lakh crore in January 2019.
Tax Rebate for Individuals having annual income up to Rs 5 lakh. Those Individuals with gross income of up to Rs 6.5 lakh needn’t have to pay any tax if they make they invest in provident funds and prescribed equities.
TDS Threshold Rental Income raised from Rs 1.8 lakh to 2.4 lakh.
Gratuity Limit Increased from Rs 10 lakh to 30 lakh.
TDS Threshold on interest from Bank & Post Office Deposits increased from Rs 10,000 to 40,000.
Businessman will less than Rs 5 lakh annual turnover can file quarterly returns.
Pradhan Mantri Kisan Samman Nidhi Scheme: Farmers having less than 2 hectares of land will be paid Rs 6,000 per year in three instalments. Estimated cost of this scheme is around Rs 75,000 crore.
2 Percent Interest Subvention to Farmers dependant on Animal Husbandry and Fisheries.
2 Percent Interest Subvention to Farmers affected by severe natural disasters. Additional 3 Percent Interest Subvention guaranteed on Timely Loan repayment.
Mega Pension Yojana: Monthly Pension of Rs 3,000 for Senior Citizens (60 or more) with contribution of Rs 100 per month. 10 Lakh People of the unorganised sector will get benefitted from this scheme.
LPG Connections: Right now, Government is providing Rs 6 crore LPG Connections. Over 8 crore free LPG Connections will be offered next year.
10 Percent Reservation for Economically Weaker Sections of General Category: Won’t disturb the existing reservation system.
Rs 35,000 crore disbursed to soldiers under One Rank One Pension (OROP) Scheme. Defence Budget will be raised to over Rs 3 lakh crore. Substantial Pay Hike for Soldiers.
Construction of Rural Roads: 15.8 lakh out of total 17.84 lakh habitations have been inter-linked with roads under Pradhan Mantri Gram Sadak Yojana (PMGSY). Rs 19,000 crore allocated for the construction of Rural Roads.
Cost of Voice Calls and Data in India is one of the lowest in the World. Mobiles and Mobile Parts Manufacturing increased in the country from 2 to 268.
Single Window Clearance for Filmmaking will be introduced. Anti-Camcording Provision will be brought under Cinematography Act to prevent Film Piracy.
Allocation for North Eastern Region raised to Rs 58,166 crore. A 21 percent increased compared to last year.
Double-Digit Inflation has been successfully controlled, from 10.1 percent in 2009-14 to 2.1 percent in Dec 2018.
Fiscal Deficit has fallen to 3.4 percent.
Direct Tax Collections increased from Rs 6.38 lakh crore in 2013-14 to Rs 12 lakh crore. 99.54 percent returns have been accepted sans any scrutiny. GST Collections touched Rs 1 lakh crore in January 2019.
Tax Rebate for Individuals having annual income up to Rs 5 lakh. Those Individuals with gross income of up to Rs 6.5 lakh needn’t have to pay any tax if they make they invest in provident funds and prescribed equities.
TDS Threshold Rental Income raised from Rs 1.8 lakh to 2.4 lakh.
Gratuity Limit Increased from Rs 10 lakh to 30 lakh.
TDS Threshold on interest from Bank & Post Office Deposits increased from Rs 10,000 to 40,000.
Businessman will less than Rs 5 lakh annual turnover can file quarterly returns.
Pradhan Mantri Kisan Samman Nidhi Scheme: Farmers having less than 2 hectares of land will be paid Rs 6,000 per year in three instalments. Estimated cost of this scheme is around Rs 75,000 crore.
2 Percent Interest Subvention to Farmers dependant on Animal Husbandry and Fisheries.
2 Percent Interest Subvention to Farmers affected by severe natural disasters. Additional 3 Percent Interest Subvention guaranteed on Timely Loan repayment.
Mega Pension Yojana: Monthly Pension of Rs 3,000 for Senior Citizens (60 or more) with contribution of Rs 100 per month. 10 Lakh People of the unorganised sector will get benefitted from this scheme.
LPG Connections: Right now, Government is providing Rs 6 crore LPG Connections. Over 8 crore free LPG Connections will be offered next year.
10 Percent Reservation for Economically Weaker Sections of General Category: Won’t disturb the existing reservation system.
Rs 35,000 crore disbursed to soldiers under One Rank One Pension (OROP) Scheme. Defence Budget will be raised to over Rs 3 lakh crore. Substantial Pay Hike for Soldiers.
Construction of Rural Roads: 15.8 lakh out of total 17.84 lakh habitations have been inter-linked with roads under Pradhan Mantri Gram Sadak Yojana (PMGSY). Rs 19,000 crore allocated for the construction of Rural Roads.
Cost of Voice Calls and Data in India is one of the lowest in the World. Mobiles and Mobile Parts Manufacturing increased in the country from 2 to 268.
Single Window Clearance for Filmmaking will be introduced. Anti-Camcording Provision will be brought under Cinematography Act to prevent Film Piracy.
Allocation for North Eastern Region raised to Rs 58,166 crore. A 21 percent increased compared to last year.
