Budget 2019 Highlights

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Income Tax reliefs:

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* No tax for those whose taxable income is less than Rs 5 lakh

* Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class

GST:

* Group of Ministers to suggest ways to reduce GST for house buyers

* Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore

* Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to file quarterly returns

* Indian Customs to fully digitised exim transactions and leverage RFID for logistic. Govt abolishes duties on 36 capital goods

* GST collections in January 2019 has crossed Rs 1 lakh crore

For farmers:

* Rs 6,000 per year assured income support for small and marginal farmers

* Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal instalment. The scheme will be effective from December 1, 2018.

* Interest subvention for farm loan takers: Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment

* 2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards

* Kamdhenu scheme for animal husbandry

Defence Budget:

* Govt increases defence budget to over Rs 3 lakh crore. Govt will provide additional funds for Defence, if needed.

* We have disbursed 35,000 crore rupees under #OROP scheme in the last few years

Tax exemptions on investments:

* Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities

* TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh

* Interest income up to Rs 40,000 in post offices and banks made tax free

* Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties

* Income tax relief on notional rent from unsold houses extended to 2 years from 1 year

Other tax related reliefs:

* Income Tax returns to be processed within 24 hours and refunds will be paid immediately

* Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by officials

Rural allocations:

* Rs 60,000 crore for MNREGA

* Rs 19,000 allocated for construction of rural roads under Gram Sadak yojana

Railways:

*Railway’s operating ratio seen 96.2% in FY19 Vs 95% FY20.

*Railway capex for FY20 set at record Rs 1.6 lakh crore

* Today there is not a single unmanned railway crossing on the broad gauge in India.

Fiscal Deficit:

* For FY19, government has revised the fiscal deficit target to 3.4 percent in FY 19. Fiscal deficit for 2019/20 estimated at 3.4 percent of GDP.

* Government’s stated commitment earlier was to bring down the fiscal deficit to 3.1 percent of GDP by the end of March 2020, and to 3 percent by March 2021

*Current account deficit at 2.5% of the GDP

* A single window clearance for filmmakers

* A single window clearance will be made available to filmmakers, anti-camcording provision to also to be introduced in Cinematography Act to fight piracy

* Nine priority sectors for govt: To build next-gen infrastructure – physical as well as social;

(1) To build a Digital India that reaches every citizen;

(2) Clean and Green India;

(3) Expanding rural industrialization using modern industrial technologies;

(4) Clean Rivers – with safe drinking water to all Indians;

(5) Oceans and coastlines;

(7) India becoming launchpad of the world;

(8) Self-sufficiency in food and improving agricultural productivity with emphasis on organic food;

(9) Healthy India;

(10) Minimum Government MaximumGovernance, with proactive, responsible and friendly bureaucracy

Social schemes:

*Govt to build 1 lakh digital villages

* 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

* To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections have been given already

* Committee under NITI Aayog to be set up for denotifed nomadic & semi nomadic communities

Sops for workers:

* Rs 3,000 per year pension for unorganised sector workers

* New Pradhan Mantri Shram Yogi Maandhan Yojana for unorganised sector workers with income up to Rs 15,000 per month. Beneficiaries will get Rs 3,000 per month pension with a contribution of Rs 100 per month after retirement. Govt allocates Rs 500 crore for the scheme

* Gratuity limit increased for workers to Rs 30 lakh

State of Economy:

*India is poised to become a $5 trillion economy in next 5 years, $10-trillion economy in the next eight years

* Black money: Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered

*GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket

*Fiscal deficit seen at 3.4 percent in FY 19 and Current account deficit at 2.5% of the GDP

* We have recovered Rs 3 lakh crore through Insolvency and Bankruptcy Code. Govt expects banks on the central bank’s Prompt Corrective Action list to be removed soon.

* Indian GDP: Growth in the last 5 years has been higher than that by any other govt. Spent Rs 2.6 lakh crore in recap of PSU Banks

* Average inflation in UPA government was 10% and we have brought that down to 4 percent. Inflation in December 2018 was 2.1%. If we had not controlled inflation our families would have been spending 35-40 per cent more on daily use items

* Transparent auctioning of natural resources like coal and oil

* Domestic air traffic doubled in the last 5 years

* Over 90 percent of the country covered under sanitation coverage. People have made this a social revolution and i thank the 130 crore people of the country. More than 5.45 lakh villages have been declared Open Defecation Free

* In the past, false promises were made but we have taken targeted expenditure on all dimensions

* Everybody will get electricity connection in the near future. We have provided 143 crore electricity bulbs to the poor

* Ayushman Bharat, the world’s largest healthcare programme, was launched to provide medical care to almost 50 crore people, resulting in Rs 3,000 crore savings by poor families

* Lower costs of Stents & Knee implants have benefited people. Government has announced 14 new AIIMS since 2014

* Loans worth Rs 7.23 lakh crore have been given under Mudra Yojana

*Monthly mobile data consumption has increased 50 times in the last 5 years; cost of data and voice calls in India is possiblly the lowest in the world

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