2019 Budget highlights: Petrol & diesel to get costlier

Written By Siddhu Manchikanti | Updated: July 05, 2019 14:31 IST
2019 Budget highlights: Petrol & diesel to get costlier

2019 Budget highlights: Petrol & diesel to get costlier
India will become 3 Trillion Dollar Economy this year which will make it the 6th largest economy in the world
India aspires to become 5 Trillion USD economy in the next 5 years
Need to heavily invest in Infra, Job Creation and Digital Economy
Mega programs initiated in the previous term of Modi will continue
Need to take structural reforms to reach 5 Trillion USD Economy
India Inc is India's Job Creator, the nation's Wealth Creator
Time to enter Aircraft Financing
657 km of Metro Rail has become operational across the country
Emphasis on Make In India
50 Lakh Crore investment needed in Indian Railways
10 Point Vision includes Make In India, Digital India, Water Management, Cleaning of Rivers, Export of Food Grain
- One Nation One Grid for power connectivity
- A modern tenancy law will be finalized and given to the states
- Union Government will create a payment platform for MSMEs to enable filing of bills and do the payments on the platform itself
- Will create a blueprint for gas grids, water grids and regional airports
- Propose changes to kickstart domestic & foreign investment
- We propose to set up a social stock exchange for social entities under SEBI regulations
- Public-Private Partnership in Railways
- The government will examine opening up FDI further in aviation, media. Local sourcing norms to be eased for single-brand retail FDI
- ISRO will spearhead commercialization of various space products
- Housing for Every Villager by 2022
- 1.25 Lakh Km with Rs 80,250 cr for upgradation of roads under PM Gram Sadak Yojana
-  A 'Gandhipedia' is being developed, about positive Gandhian Values
- Water for every household by 2024 under Jal Jivan Mission
- Every Single Family to have electricity by 2022
- A Special new channel in Doordarshan for startups
- We will increase our efforts to improve the skills of our youth in newer areas such as Artifical Intelligence, Big Data, Robotics, etc valued highly within and outside the country to ensure they can secure high paying jobs both in India and abroad
- The government proposes to consider issuing Aadhaar cards to NRIs with Indian passports in India without having to wait for the necessary 180 days
- Regulation of HFCs to move to the Reserve Bank of India (RBI) from NHB. RBI will now be overlooking housing
- The Govt Intends to open four new embassies, for better access public services especially to the local Indian communities in these countries
- Currently, only 25% tax rate is applicable to companies with an annual turnover of Rs 250 crore. This has been extended to companies with a turnover of up to Rs 400 crore. Only 0.7% of companies will remain outside of this 25% rate.
- Additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to buy electric vehicles.

- An additional deduction of Rs 1,50,000 on interest on loans borrowed under affordable housing
- Interchangeability of PAN and Aadhaar. Proposal to make the PAN & Aadhaar Interchangeable, so that Aadhaar can be used for verification with no requirement for PAN.

- Promotion of Digital payments. The Govt proposes to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account. BHIM, UPI, Aadhaar Pay, NEFT, RTGS can be used to promote less cash economy. Business establishments with an annual turnover of Rs 50 crore will have to use these modes of payments with no charges or merchant discount rates will be imposed on customers or merchants. RBI and banks will absorb these costs
- GST rates have been eased with a relief of Rs 92,000 Cr provided during the year. Measures are being worked out to ease filing returns and tax compliance.  Taxpayers with an annual turnover of less than Rs 5 crore will have to file only quarterly returns. A simplified single monthly return is now being ruled out.
- 1 Re hike in Petrol and Diesel prices