HIGHLIGHTS OF BUDGET 2019
Following are the highlights of the Budget 2019 presented by Union minister Piyush Goyal in the parliament. This is the last budget introduced by the NDA government, which is led by Prime Minister Narendra Modi before the Lok Sabha elections due by May.
Budget 2019 related to Tax:
- Within 2 years time, Tax assessment will be done electronically.
- IT returns will be proccessed in just 24 hours
- Minimum 14% revenue of GST will be shared with states by Central Govt.
- Custom duty has been abolished from 36 Capital Goods
- Recommendations to GST council has been provided for reducing GST rates for home buyers
- No tax will be leaived to taxpayers with annual income upto 5 lakh after all deductions
- Standard deduction has been increase from 40000 to 50000
- Exempt on tax on second self-occupied house
- Limit on TDS for annual interest income has been increased from 10000 to 40000
- Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
- Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
- Benefit u/s 80IB has increased to one more year i.e. 2020
- Benefit has given to unsold inventory has increased to one year to two years.
Budget 2019 Related to Other Areas:
- State share has increased to 42%
- PCA restriction has abolished from 3 major banks
- 2 lakhs seats will increase for the reservation of 10%
- 60000 crores for manrega
- 1.7 Lakh crore to ensure food for all
- 22nd AIIMS has to be opened in Haryana
- Approval has to be given to PM Kisan Yojana
- Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
- National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
- 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
- 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
- Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
- Bonus will be applicable for workers earning 21000 monthly
- The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
- Our government delivered 6 crores free LPG connections under Ujjawala scheme
- 2% interest relief for MSME GST registered person
- 26 weeks of Maternity Leaves to empower the women
- More than 3 Lakhs crores for defence
- One lakh digital villages in next 5 years
- Single window for approval of India film makers
Conclusion of Budget 2019
The intrim budget in the election year was presented by Union Minister Piyush Goyal on 1st Feb 2019, and he announced big relief to farmers and individual taxpayers. This was the last budget presented by NDA Government led by Prime Minister Narendra Modi before the Lok Sabha elections due in May.
The government had focused on relief related to:
- Income tax rules
- loan terms for small and home business
- farm loan waiver
- direct cash transfer to small farmer
Yesterday, the government estimated the Gross Domestic Product (GDP) growth for fiscal 2018 as 7.2 per cent, significantly higher than 6.7 per cent earlier.