Finance Minister Piyush Goyal has arrived at Parliament and will present Interim Budget 2019 at 11 am. Ahead of the Budget session, Union Minister Narendra Singh Tomar said, “Sabka Saath, Sabka Vikas’ has been our government’s mantra and it will reflect in the Budget”.
With the Lok Sabha elections just a few weeks away, this Budget and the budget session is extremely crucial for the Narendra Modi-led National Democratic Alliance (NDA) government.
Interim Budgets in the past from Morarji Desai’s speech in 1962 to P Chidambaram’s proposals in 2014 have, however, also made political announcements.
As Goyal presents the Interim Budget, all eyes will be on him to see if he would announce sops for various segments, which might benefit the ruling party in the coming elections, or stick to the path of fiscal consolidation.
Some reports have suggested that Interim Budget 2019 might offer tax sops to the middle class, and corporations could get relief packages to beat agrarian distress and pressures felt by small-scale industries.
according to the budget(Live update on budget):-
- For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops Direct transfer to benefit 12 crore farmers
- To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved
- Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6000 per year for each farmer, in three instalments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares landholding.
- The 4R approach and a number of measures have been implemented to ensure clean banking: FM Piyush Goyal
- Rashtriya Kamdhenu Aayog to enhance productivity of cows, look after their welfare.
The Pradhan Mantri Kisan Samman Nidhi will benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.
- Without disturbing the existing reservation system, a 10% reservation for Economically weaker sections in educational institutions and government jobs has been ensured.
- High growth and formalization of economy has resulted in increased EPFO membership by 2 crore in last two years.
- Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6000 per year will be transferred to each farmer, in three instalments. This transfer will be directly done to farmers’ bank accounts. The benefit will be for farmers with less than 2 hectares of landholding.
- Gratuity limit increased from 10 lakh to Rs 30 lakh.
- Have increased allocation for Rashtriya Gokul Mission scheme to Rs 750 crore for protection of cows.
- Pradhan Mantri Kisan Samman Nidhi allowance to cost the govt Rs 75,000 crore oin total.
- Pradhan Mantri Kisan Samman Nidhi distribution to be with effect from December 2018.
- Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with contribution of Rs 100 per month, for workers in unorganized sector after 60 years of age.
- 50% of the GDP comes from sweat and toil of 42 crore workers in unorganized sector.
- Pradhan Mantri Kisan Samman Nidhi payments will be made in three equal instalments of Rs 2,000 each.
- Committee under NITI Aayog to be set up to identify and denotify nomadic and semi-nomadic communities; Welfare Development Board to be set up under Ministry of Social Justice & Empowerment for welfare of these hard-to-reach communities and for tailored strategic interventions.
- The Pradhan Mantri Kisan Samman Nidhi will be fully funded by the govt, announces Finance Minister Piyush Goyal.
- Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.
- 75% of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country.
- Defence budget exceeds Rs 3 trillion for first time ever.
- 9 nine priority areas identified; National Artificial Intelligence Portal to be developed soon.
- Pradhan Mantri Shram Yogi Mandhan scheme to give a pension of Rs 3000 a month to people in the unorganised sector after the age of 60 years.
- Already disbursed Rs 35,000 crore for our soldiers under OROP, substantial hike in military service pay has been announced.
- OROP, pending for last 40 years, has been implemented by us, says Goyal.
- Safest year in Railway history, all unmanned crossings on broad guage eliminated.
- Rs 64,587 crore Rail outlay for FY20
- Gone beyond incremental growth in infra, to attain transformative achievements.
- India is the fastest highway developer in the whole world, 27 kms of highways built each day, projects stuck for decades completed; Sagarmala will help faster handling of import and export cars.
- North East allocation proposed to increase 21%
- Piyush Goyal’s Budget 2019 speech:
1. India has achieved over 98% rural sanitation coverage
2. 5.45 lakh villages declared ODF
3. Swachh Bharat now a national movement
- Our commitment to promote renewable energy is reflected in our initiative to set up International Solar Alliance; installed solar generation capacity has increased 10 times in last five years; lakhs of new jobs being created by the sector
- Ease of shooting to be extended to Indian film makers as well
- PM Shram Yogi Mandhan scheme for pension to people in the unorganised sector to benefit 100 million
- Single window clearance for shooting of films
- Urgent action needed to increase hydrocarbon production to decrease imports; change in bidding procedure and exploration procedure being implemented
- Simplification of direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in increase in tax collections and return filings
- 34 crore Jan Dhan Yojana accounts opened in last five years; Aadhaar almost universally implemented; ensuring poor and middle class receive government benefits directly
- Impactful steps taken in reducing tax, bringing benefits for middle class citizens
- Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials
- 99.54% returns have been accepted without any scrutiny
- Direct tax collections from Rs 6.38 trillion in 2013-14 to almost Rs 12 trillion; tax base up from 3.79 crore to 6.85 crore
- GST is undoubtedly the biggest taxation reform implemented since Independence; through tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business
- 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
- Our government is committed to eliminating black money from the country, says Piyush Goyal
Most items of daily use are now in the 0-5% slab making GST beneficial for the middle class.
- GST collections in January 2019 has crossed Rs 1 trillion
- Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about Rs 1.30 trillion to the fore; 3.38 lakh shell companies were deregistered.
- India poised to be $5 trn economy in 5 years, $10 trn in 8 yrs
- Indian Customs is implementing full digitization of exim transactions and leveraging RFID for logistics
- 14% growth in state tax collections was guaranteed and underwritten by Centre
- Infrastructure Development
1. More than 100 operational airports
2. Domestic passenger traffic doubled in last 5 years
3. Today, India is the fastest highway developer in the world
We have gone beyond incremental growth,to attain trans-formative achievements, says Piyush Goyal.
- GST registered MSME units to get 2% interest subvention on loan of 1 crore
- Comprehensive healthcare system by 2030
- Revised fiscal deficit target for FY19 at 3.4%
- Expenditure to rise by 13% from Revised Estimate 2018-19 to BE 2019-20
- FM announces fiscal deficit as a proportion of GDP – 3.4% for the coming year, considering need for income support for farmers
- Capital expenditure – Rs 3.36,292 trillion, says FM Piyush Goyal
- 56,619 crore made in BE 2018-19 for welfare of SCs and STs, increased to 62,474 crore in RE 2018-19 has been further increased to 76,800 crore in BE 2019-20
- Today Job Seeker, has become Job Creator : FM Piyush Goyal
a. Under SkilI India more than 1 crore youth are being trained to earn livelyhood
b. Under Mudra Yojana 15.56 cr loans have been disbursed amounting to Rs 7 lakh 23 thousand
Today Job Seeker, has become Job Creator
- Your tax helps provide dignity to our sisters and mothers
- Individual tax payers with annual tax income up to Rs 5 lakh will get full tax rebate
- Full tax exemption for those earning up to Rs 5 lakh
- Along with completion of fiscal deficit consolidation programme, we will now focus on debt-to-GDP ratio consolidation
- Standard deduction for the salaried raised to Rs 50,000 from Rs 40,000
- No TDS on house rent up to Rs 2.4 lakh per year
- TDS limit hiked from Rs 10,000 to Rs 40,000 on post-office, bank savings
- An allocation of Rs 1.59 trn for capital expenditure in railways, compared to the Rs 1.48 trn in Budget 2018-19
- On behalf of all the people of India and our Government, thank all our taxpayers for their valuable contribution to nation-building and for providing a better quality of life to poor and marginalized
- Around 3 crore middle class taxpayers will get tax exemption
- Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to Rs 2 crore; can be exercised once in a lifetime
- Decoding tax bonanza in Interim Budget 2019: ‘Acche Din’ for the Common Man!
Individuals with income up to Rs 5 lakh will not have to pay any income tax
Individuals with income up to Rs 6.5 lakh will not need to pay any tax if they make investments in PFs, prescribed equities
Standard Deduction raised to Rs 50,000/yr from Rs 40,000/yr
No TDS on house rent up to Rs 2.4 lakh per year
No TDS on bank, post office interest up to Rs 40,000, up from Rs 10,000
Income Tax returns to be processed within 24 hours and returns will be paid immediately
All assessment and verification of IT returns will be done electronically, without any intervention by officials
GoM to suggest ways to reduce GST for house buyers
Direct tax collections increased from Rs 6.38 trillion in 2013-14 to almost Rs 12 trillion
Tax base up from Rs 3.79 crore to 6.85 crore
- Stay with us for post-Budget press conference by Union Finance Minister Piyush Goyal at 1:30 pm
- Interim Budget 2019: Cash dole for small farmers
Rs 6,000 to be transferred into accounts of small farmers who have less than 2 hectares land
Farmers to be provided Rs 6,000 per year in three installments, to be fully funded by the central government
This will benefit 12 crore farmers, at an estimated cost of Rs 75,000 crore
MSP hike by 1.5 times the production cost for all 22 crops
2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards
Farmers to get 5% subvention on timely loan repayment
- Finance Minister Piyush Goyal announced a 2 per cent interest subvention for MSMEs that have taken a loan of Rs 1 crore. Goyal’s Interim Budget meant projects have to mandatorily source 25 per cent from SME sector. Last year, the government had extended the reduced corporate tax rate of 25 per cent to companies with turnover of up to Rs 250 crore in his speech presenting Budget 2018-19 in Lok Sabha. The then FM had claimed 99% of the companies filing their tax returns belonged to the Rs 250 crore turnover bracket.
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