Union Budget 2019 Highlights

Fri Jul 05 2019 13:33:52 GMT+0530 (IST)

Finance Minister Nirmala Sitaraman presented the maiden budget of NDA-2 in Lok Sabha on Friday (July 5th, 2019).

Indian Economy was $1.85 trillion in 2014. It has gone up to $2.7 trillion by now and will become $3 trillion economy in 2019 itself, making it the fifth largest in the World. In purchasing power, India is only next to US and China. India will reach it's target $5 trillion economy by 2024.

Fiscal Deficit came down to 3.3% from 3.4%.

Aadhaar and PAN are interchangeable. People who don't have PAN can file income tax returns using their Aadhaar Number.

5 Lakh Minimum Limit For Taxpayers

Direct Taxes: Revenue increased by 78 percent to Rs 11.37 lakh crore

25 Percent Tax on the Companies with annual turnover of Rs 400 crore or above. This change is going to cover 99.3% of the existing companies.

GST Rate on Electric Vehicles reduced to 5 Percent. In addition, Income Tax deduction of Rs 1.5 lakh on interest on loans will be permitted to purchase Electric Vehicles.

Additional Deduction of Rs 1.5 lakh for interest paid of loans borrowed for affordable Housing upto March 31st, 2020.

New 20 Rupee coins will be available soon.

Rs 70,000 crore recapitalisation for Public Sector Banks.

Target of Rs 1.05 lakh crore has been set for Air India disinvestment.

NRIs with Indian Passports can avail Aadhaar Cards without waiting for the mandatory 180 days.

17 Tourism Sites in the country will be developed as world-class tourist destinations.

One Woman in every Self-Helf Group (SHG) will be eligible for a loan of Rs 1 lakh under the Mudra Scheme.

Distribution of 35 crore LED Bulbs saving Rs 18,341 crore annually.

New TV Channel to be established for Start-Ups

Under PMAY-Urban, 81 lakh houses costing Rs 4.83 lakh crore were sanctioned. Construction began in over 41 lakh houses. Housing for every villager by 2022.

95% of the cities have become Open Defecation Free. 9.6 crore toilets were constructed so far.

1.25 lakh kms of road to be laid in the next 5 years at a cost of Rs 80,000 crore

Rs 50 lakh crore to be spend for Railway Infrastructure from 2018 to 2030.

Loans of upto Rs 1 crore to be offered to MSMEs.

Under PM Karam Yogi Maan Dhan Scheme, Pension benefits will be extended to 3 crore retail traders and shopkeepers who’s revenue is below Rs 1.5 crore.

Excise Duty on Fuel increased by 1 percent

Custom Duty on Gold and Precious Metals increased from 10 percent to 12.5 percent.

2 Percent TDS on Cash Withdrawals exceeding Rs 1 crore in a year from Bank Accounts.

One Nation One Grid for Power Connectivity

Under Jal Jivan Mission, Water for every household by 2024

Electricity for every household by 2022