Interim Budget 2019 Live | Latest Updates & Highlights


Here are all announcements made by the Modi government in its last and 6th budget being the vote on account. Indian Interim Budget 2019-2020 was announced by the interim Finance Minister Mr. Piyush Goyal at the parliament house from 11 AM on 1st Feb 2019, Friday. There were a lot of hopes and rumors but let us see how the Interim Budget 2019 presented by the transitional government has in store for the common man, farmers, corporates and each one of us

Major Relief to Farmers:

  • Farmers owning up to 2 hectares to get Rs 6,000 per year to be transferred directly in the bank account in 3 equal installments. And the first installment of Rs 2000 to be transferred in their accounts soon, says FM
  • Also, for the welfare of farmers and for doubling their income, a historic decision has been taken to increase MSP (Minimum selling price) by 1.5 times of the production cost. This will be done for all 22 crops.
  • 2% interest waiver for those availing loan by KCC (Kisan Credit Card)
  • Timely Repayment of loans by farmers stuck by a natural disaster will give them 3% rebate in loan interest
  • Government to allocate Rs 20,000 crore for farmer scheme in the current fiscal
  • Finance Minister says govt to create a separate department of fisheries
  • Govt achieved 98% rural sanitation coverage
  • 8Cr free LPG connections to rural females government claim to have already 6Cr free connection given under Ujjawala yojna
  • Govt will set up 1 lakh digital villages in the next 5 years

MSME

  • PMSYM new shryam yogi maandhan upto 15,000 income pension monthly 3000 after 60 years age. Contribution 55 and 100/- the equal amount by the government contributed to the organized sector. Minimum 500Cr allocated.
  • Minimum pension 1000
  • Death of worker EPFO 2,50,000 to 6,00,000
  • Govt projects now have to source 25% of their requirements from SMEs: FM Goyal
  • 2% interest subvention on MSME loans with a ticket size of Rs 1 cr: FM
  • For MSME
    59 Minutes 1 Cr loan

Income Tax

  • Benefits to middle-class taxpayers
  • Salary, pension, senior citizens
  • Individual taxable income 5 lac full tax rebate
  • Gross income 6.5 lakhs no income tax with 80C
  • Standard Deduction 40 to 50 K. 4700 cr to more than 3 cr salary and pension earner benefited
  • Notional Rent  payable if 1 self-occupied tax payable proposed notional rent tax on second self-occupied house
  • TDS on 10,000 to 40,000 bcz women keep saved money in banks benefit small depositors and non-working spouses
  • TDS on rent 180,000 to 2,40,000
  • 54 investment in one residential house to two residential house capital gains upto 2 Cr can be availed once in a lifetime 
  • 81 IBA for making available affordable housing extented to one more year i.e to all hosuing projects approved till march 2020
  • Unsold inventory of property 1 year to 2-year tax on notional rent increased no tax 
  • Additional deductions of  HL 
    EL
    NPS
    MI
    MExp
    No tax to high-income group too 18500 cr to 3 cr middle-class taxpayer self employed + small buss+ pensioner+ sen citizen+ small earners 

 

  • Government contribution to NPS increasing by 4% total 14%
  • Gratuity payment limit has been increased from Rs 10 lakh to Rs 20 lakh: FM
  • Simplification of the DT system reduce taxes, tax development, simple, collections increased 2013 to
  • ITR 3.79 Cr to 6.85 Cr marking 80% growth in the tax base
  • ITD now online, assessment, queries, refund all online 99.54% ITR was online last year were accepted without scrutiny. 
  • Pathbreaking technology assessee friendly
  • 24 HRS processing ITR and refund issue same day
  • Verification assessment for security online without personal interface in next 2 years
  • Scrutiny through anonymous digital interface removing bureaucracy
  • BEL 2 to 2.5 in 2014 
  • co upto 250 cr 30 to 25% done 95% done + new manufacturers added
  •  Direct tax collections at Rs 12 lk cr in FY19 from Rs 6.38 lk cr in 2014
  • Number of tax filers increased from 3.79 cr in FY14 to 6.85 cr this yr: FM
  • FM says Rs 1.30 lk cr undisclosed income brought under the tax net

Employment

  • ESI not 15,000 21,000 now
  • upto 21,000 income 7000 bonus
  • Rs 35,000 crore disbursed under one rank one pension since 2014: FM
  • India’s youth have turned into job creators from job seekers. The country has become the second-largest hub for startups: Piyush Goyal
  • A committee under NITI Aayog to be set up for denotified nomadic & semi-nomadic communities says, FM Piyush Goyal.

GST

  • Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns: FM
  • GST collections in January 2019 has crossed Rs 1 trillion, says FM
  • Average GST collection at Rs 97,100 crore per month: FM Goyal
  • GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket, says FM Piyush Goyal
  • The Group of Ministers is examining how prospective house buyers can benefit under Goods & Services Tax: FM
  • GST registered MSME units to get 2% interest subvention on loan of 1 crore

 

Benefits to Women

More than 70% beneficiaries of MUDRA are women: FM

26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country: FM

Digital India

 

  • India poised to become $5 tn economy in next 5 years: FM Goyal
  • Electric vehicles is a key part of govt’s vision for 2030: FM

 

India 2030

 

  • 10 Dimentional approach has been pronounced in the budget as a foundational step towards India 2030
  • Comprehensive healthcare system by 2030: FM
  • EVs will eventually provide energy security, reduce oil import dependence. Electric vehicles key part of Govt’s vision for 2030: FM

Fiscal Year 2020

  • Expenditure target for FY20 at Rs 27.84 lakh cr: FM Goyal
  • FM sets FY20 Fiscal Deficit target at 3.4%
  • 28% increase in allocation for scheduled tribes in FY20: FM

     

Indian Railways operating ratio seen at 95% for 2019-20 from 96.2% in 2018-19, says FM

FM says 1.53 Lk houses constructed under PMAY in last 5 years

Finance Minister says Rs 38,572cr allocated for National Education Mission

So, how was the most talked about Interim Budget for you? Was it overrated and under delivered or it was a master card played well ahead of Lok Sabha election due in May? Find all the updates on Live Budget 2019 on Tax2win.

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