Union Finance Minister, Piyush Goyal today presented the much-awaited national budget in Lok Sabha for the year 2019-2020. He has been appointed as the interim finance minister on January 23rd after the retirement of Arun Jaitley in the United States. There was much tension prevailed as it is the budget just before the parliamentary elections in some major states.
Here are the main highlights of the Union Budget 2019:
1) Double-Digit Inflation has been successfully controlled, from 10.1 percent in 2009-14 to 2.1 percent in Dec 2018.
2) Fiscal Deficit has fallen to 3.4 percent.
3) Direct Tax Collections increased from Rs 6.38 lakh crore in 2013-14 to Rs 12 lakh crore. 99.54 percent returns has been accepted without any scrutiny. GST Collections touched Rs 1 lakh crore in January 2019.
4) Tax Rebate for Individuals having annual income up to Rs 5 lakh. Those Individuals with gross income of up to Rs 6.5 lakh need not have to pay any tax if they make they invest in provident funds and prescribed equities.
5) TDS Threshold Rental Income raised from Rs 1.8 lakh to 2.4 lakh.
6) Gratuity Limit Increased from Rs 10 lakh to 30 lakh.
7) TDS Threshold on interest from Bank & Post Office Deposits increased from Rs 10,000 to 40,000.
8) Businessman with less than Rs 5 lakh annual turnover can file quarterly returns.
9) Government is launching a historic programme namely “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)”. Farmers having less than 2 hectares of land will get Rs 6,000 per year in three installments. An estimated cost of this scheme is around Rs 75,000 crore.
10) 2 Percent Interest Subvention to Farmers who are dependant on Animal Husbandry and Fisheries.
11) 2 Percent Interest Subvention to Farmers affected by severe natural disasters. Additional 3 Percent Interest Subvention guaranteed on Timely Loan repayment.
12) Mega Pension Yojana: Monthly Pension of Rs 3,000 for Senior Citizens (60 or more) with a contribution of Rs 100 per month. 10 Lakh People of the who are in unorganised sector will get benefits from this scheme.
13) LPG Connections: Right now, Government is providing Rs 6 crore LPG Connections. By next year it will provide 8 crore free LPG Connections.
14) 10 Percent Reservation for Economically Weaker Sections of General Category: won't disturb the existing reservation system.
15) Rs 35,000 crore disbursed to soldiers under One Rank One Pension (OROP) Scheme. Defence Budget gets a raise to over Rs 3 lakh crore. Substantial pay hike for soldiers.
16) Construction of Rural Roads: 15.8 lakh out of total 17.84 lakh habitations have been inter-linked with roads under Pradhan Mantri Gram Sadak Yojana (PMGSY). Rs 19,000 crore allocated for the construction of Rural Roads.
17) Cost of Voice Calls and Data in India is one of the lowest in the World. Mobiles and Mobile Parts Manufacturing increased in the country from 2 to 268.
18) Single Window Clearance for Filmmaking will make an introduction. Anti-Camcording Provision will be available under the Cinematography Act to prevent Film Piracy.
19) Allocation for North Eastern Region raised to Rs 58,166 crore, it is 21 percent more than the previous year.