Hello and welcome to exampundit. As you know, Piyush Goyal presented the Interim Budget 2019-20. So, we decided to give you an Interim Budget 2019-20 Highlights PDF.
Interim Budget 2019-20 Highlights
The interim Budget, also known as a vote on account, will seek the Parliament’s nod for meeting the expenditure for the first six months of new fiscal 2019-20.
So, A full-fledged Budget will be presented in Parliament once the new Central government is formed after the general elections, due in March-April.
Tax announcements:
No tax till Rs 5 lakh income for individuals tax payers.
Also, Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class.
Similarly, Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh.
Interest income up to Rs 40,000 in post offices and banks made tax free.
Capital gains tax exemptions under Section 54 to be available to Rs 2 crore. Capital gains exemption to be available on 2 house properties.
Income tax relief on notional rent from unsold houses extended to 2 years from 1 year.
Income Tax returns to be processed within 24 hours and returns will be paid immediately.
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.
Group of Ministers to suggest ways to reduce GST for house buyers.
Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore.
Gratuity limit increased for workers to 30 lakh rupees.
Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
Two per cent interest subvention on loan of 1 crore for GST registered MSME units.
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.
Other key announcements:
Rs 6,000 per year pension for farmers.
Rs 3,000 per year pension for unorganised sector workers.
Interest subvention for farm loan takers.
Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
A single window clearance for filmmakers.
Indian Customs to fully digitized Exim transactions and leveraging RFID for logistic. Govt abolishes duties on 36 capital goods
Nine priority areas: To build next-gen infrastructure – physical as well as social;
(1) To build a Digital India that reaches every citizen;
(2) Clean and Green India;
(3) Expanding rural industrialization using modern industrial technologies;
(4) Clean Rivers – with safe drinking water to all Indians;
(5) Oceans and coastlines;
(7) India becoming Launchpad of the world;
(8) Self-sufficiency in food and improving agricultural productivity with emphasis on organic food;
(9) Healthy India;
(10) Minimum Government Maximum Governance, with proactive, responsible and friendly bureaucracy
Schemes and others
Single window clearance for film-making to be made available to Indian filmmakers. Also, anti-cam-cording provision to be introduced to Cinematography Act to combat film privacy.
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.
Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.
Two per cent interest subvention to farmers pursuing animal husbandry and fisheries.
Committee under NITI Aayog to be set up to identify and denotify nomadic and semi-nomadic communities. Similarly, Welfare Development Board to be set up under Ministry of Social Justice and Empowerment for welfare of these hard-to-reach communities and for tailored strategic interventions.
Pradhan Mantri Shram Yogi Mandhan
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 unorganised sector after 60 years of age.
So, this will benefit 10 crore workers in unorganized sector, may become the world’s biggest pension scheme for unorganized sector in five years.
Pradhan Mantri Kisan Samman Nidhi Scheme
Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding.
So, this initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.
Other announcements
2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards.
Also, Kamdhenu scheme for animal husbandry launched.
Govt to build 1 lakh digital villages
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 crops
Rs 60,000 crore allocated for MNREGA this year
Rs 19,000 allocated for construction of rural roads under Gram Sadak yojana
For securing our borders, govt increases defence budget to over Rs 3 lakh crore. Also, Govt will provide additional funds for Defence, if needed.
Similarly, the 4R approach has been implemented to ensure clean banking –
- Recognition
- Resolution
- Recapitalisation
- Reforms
Fiscal deficit has been bought down to 3.4%; CAD (current account deficit) likely to be 2.5% of GDP this year.
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Regards
Team Exampundit