Business & Finance

Key Highlights of Union Budget 2019

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The Finance Minister, Piyush Goyal presented the Union Budget of 2019 that brought a sigh of relief to the Indian population.  The poorer section, as well as the middle class, is happy to see many new things that the present government has brought in budget 2019. The Finance Minister who is a Chartered Accountant by profession started Budget 2019’s speech in the midst of commotion created by the opposition in the parliament. Let’s take a look at the key highlights of the interim Budget 2019.

 

Key Highlights

The Key Highlights of the Interim Union Budget 2019 are as follows:

  • For individuals with income up to Rs. 6.5lakhs there is no income tax.
  • Complete tax rebate for those whose yearly income is up to Rs.5 lakhs.
  • No tax on the second self-occupied house.
  • Three crore middle-class taxpayers have been given the tax benefit of rupees 18,500crore.
  • Standard deduction has been raised from Rs. 40,000 to Rs.50,000
  • On post office savings, the TDS limit has been hiked to Rs. 40,000 from Rs.10,000
  • A group of ministers is looking for ways as for how to ease the GST burden on the homebuyers.
  • Fiscal deficit target has been set at 3.4% GDP for 2019-20
  • 12 crore marginal as well as small farmers will be provided with a guaranteed income of Rs. 6,000 every year under the Prime Minister KISAN scheme
  • For genetic up-gradation of Cow resources, Rashtriya Kamdhenu Ayog will be set up.
  • Rashtriya Gokul mission outlay has been augmented to Rs. 750 crore.
  • Completely new as well as separate fishery department for the wellbeing of Rs.1.5crore fishermen.
  • For the workers of unorganized sector workers fixed monthly pension of 10 crores under Pradhan Mantri Shram Yogi Maandhan scheme.
  • After 60 years Rs.3000 to the labors with the affordable contribution of only Rs. 55/100 every month.
  • 22nd AIIMS will be set up in Haryana in no time.
  • All willing households will be given electricity connections by March 2019.
  • A substantial enhance in allotment for scheduled tribes & scheduled castes.
  • An objective of 3% of the fiscal deficit to be achieved by the year 2020-2021.
  • A new committee will be set up under NITI Ayog for identification of all remaining de-notified semi-nomadic & nomadic tribes.
  • The defence budget for the first time crossed Rs. 3, 00,000 crores.
  • Ease for shooting films as well as access to Single Window Clearance for the Indian Filmmakers
  • For controlling piracy in Cinematograph Act introduction of anti-camcording provision.
  • For the traders & MSME renewed focus on the internal trade and DIPP renamed to Department for Promotion of Industries & Internal trade.

 

Conclusion

According to Piyush Goyal, India is moving towards building New India and it will be achieved by 2022. To him, it is not only a mere Interim Union Budget but is a medium of the development journey of the country and this development is no less than a mass movement during Modi Government’s tenure. 

The Finance Minister, Piyush Goyal presented the Union Budget of 2019 that brought a sigh of relief to the Indian population.  The poorer section, as well as the middle class, is happy to see many new things that the present government has brought in budget 2019. The Finance Minister who is a Chartered Accountant by profession started Budget 2019’s speech in the midst of commotion created by the opposition in the parliament. Let’s take a look at the key highlights of the interim Budget 2019.

 

Key Highlights

The Key Highlights of the Interim Union Budget 2019 are as follows:

  • For individuals with income up to Rs. 6.5lakhs there is no income tax.
  • Complete tax rebate for those whose yearly income is up to Rs.5 lakhs.
  • No tax on the second self-occupied house.
  • Three crore middle-class taxpayers have been given the tax benefit of rupees 18,500crore.
  • Standard deduction has been raised from Rs. 40,000 to Rs.50,000
  • On post office savings, the TDS limit has been hiked to Rs. 40,000 from Rs.10,000
  • A group of ministers is looking for ways as for how to ease the GST burden on the homebuyers.
  • Fiscal deficit target has been set at 3.4% GDP for 2019-20
  • 12 crore marginal as well as small farmers will be provided with a guaranteed income of Rs. 6,000 every year under the Prime Minister KISAN scheme
  • For genetic up-gradation of Cow resources, Rashtriya Kamdhenu Ayog will be set up.
  • Rashtriya Gokul mission outlay has been augmented to Rs. 750 crore.
  • Completely new as well as separate fishery department for the wellbeing of Rs.1.5crore fishermen.
  • For the workers of unorganized sector workers fixed monthly pension of 10 crores under Pradhan Mantri Shram Yogi Maandhan scheme.
  • After 60 years Rs.3000 to the labors with the affordable contribution of only Rs. 55/100 every month.
  • 22nd AIIMS will be set up in Haryana in no time.
  • All willing households will be given electricity connections by March 2019.
  • A substantial enhance in allotment for scheduled tribes & scheduled castes.
  • An objective of 3% of the fiscal deficit to be achieved by the year 2020-2021.
  • A new committee will be set up under NITI Ayog for identification of all remaining de-notified semi-nomadic & nomadic tribes.
  • The defence budget for the first time crossed Rs. 3, 00,000 crores.
  • Ease for shooting films as well as access to Single Window Clearance for the Indian Filmmakers
  • For controlling piracy in Cinematograph Act introduction of anti-camcording provision.
  • For the traders & MSME renewed focus on the internal trade and DIPP renamed to Department for Promotion of Industries & Internal trade.

 

Conclusion

According to Piyush Goyal, India is moving towards building New India and it will be achieved by 2022. To him, it is not only a mere Interim Union Budget but is a medium of the development journey of the country and this development is no less than a mass movement during Modi Government’s tenure. 

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