Budget 2019: Top announcements by Finance Minister Piyush Goyal
The Budget 2019 comes nothing but as a jackpot for small and middle class farmers as the Finance Minister announced a ‘sabka saath, sabka vikas’ Budget.
New Delhi: Ahead of the imminent Lok Sabha elections, the Modi government reached out to large electorate with its ‘Sabka Saath, Sabka Vikas’ budget.
The Budget 2019 comes as a jackpot for small and middle class farmers as the Finance Minister announced a cash dole-out for small farmers, a mega pension scheme for the unorganised sector and proposed to double the threshold income tax exemption limit to Rs 5 lakh.
Below are the highlights of Interim Budget:
# 6,000 rupees yearly direct support to farmers through PM-KISAN Programme.
# 3,000 rupees pension for unorganised sector workers earning upto 15,000 rupees through a mega Pension Scheme – Pradhan Mantri Shram- Yogi Maandhan.
# Present Income Tax rates to continue; Full tax rebate upto income of 5 lakh rupees for individual tax payers; Standard deduction raised to 50,000, a hike of 10,000 for salaried class.
Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate. 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 :FM Piyush Goyal#Budget2019#BudgetForNewIndia pic.twitter.com/4LgxrCK9u3
— PIB India (@PIB_India) February 1, 2019
# Direct tax system simplified; Returns to be processed in 24 hours with immediate refunds.
# 90 percent GST payers can file quarterly returns; Small and Medium Enterprises to get two percent interest rebate on incremental loan of one crore rupees; A Group of Ministers to examine GST burden on home buyers.
# Customs to go for digitalization of export and import transactions.
# Allocations to Health care, MGNREGA, SC/ST welfare programmes, Pradhan Mantri Gram Sadak Yojana, Development of infrastructure in North-East hiked substantially.
# A programme for genetic upgradation of cow – Rashtriya Kamdhenu Aayog.
# A separate Department of Fisheries.
# Electricity connection to all willing families by next month.
# Allocations to Defence budget crosses three lakh crore rupees for the first time.
# Over three lakh 38 thousand shell companies deregistered after demonetization.
# 10 point vision for 2030 to realize India’s social economic potential; 10 trillion dollars economy in 13 years.
# Government e-Market place – GeM to be extended to all Central Public Sector Enterprises.
# A container cargo movement to the North-East through Brahmaputra river; Allocation for infrastructure development in the region hiked by 21 percent.
#An All India Institute of Medical Sciences – AIIMS for Haryana.
# One lakh more villages to get digital connectivity; A National Centre on Artificial Intelligence Centre;
# Cinematograph Act to be tightened to check piracy.
# Single window clearance for shooting films to be made available to Indian film makers.
# Indigenous development of semi-high speed Vande Bharat Express train
# The fiscal deficit pegged at 3.4 percent of GDP are the highlight of the Interim Budget for 2019-20.