A government in his 5 yr service can come up with only 5 Full Budget and the BJP government when formed in 2014 come up with 1st Full Budget. So in 2019, the government presented Interim Budget 2019 the last budget before going for general elections 2019. A budget is a summarization of all aspects of services provided by the government to benefit salaried class, farmers, workers, and others. In the absence of Arun Jaitley, who is currently in the United States for Medical Checkup the Finance minister Piyush Goyal started his maiden 2019-2020 budget speech to Parliament.
Highlights of Union Budget 2019
FM Piyush Goyal started budget 2019 while saying “I join the house in wishing Jaitley a speedy recovery, a healthy and long life in the service of the nation”, as Arun Jaitley, who had gone to the US on 13th January 2019 and underwent surgery for soft tissue cancer, Now listing some of the important points/benefits of Union Budget 2019:
- A huge relief to an individual taxpayer by increasing the limit to double from last year up to 5 Lakh for the full tax rebate.
- An individual taxpayer can benefit up to a gross income of 6.5 Lakhs/year including investments in provident funds and prescribed equities.
- Standard deduction has also been increased to Rs 50,000 from Rs 40,000 for salaried persons.
- TDS threshold on rental income raised from Rs.1, 80,000/- to Rs.2, 40,000/- annually
- This move of government in the budget will benefit 3 Crore middle-class taxpayers.
- ‘Pradhan Mantri Kisan Samman Nidhi’ benefits farmers with less than 2 hectares landholding. A sum of Rs 6,000 per year for each farmer in three installments and the scheme is likely to benefit 12 Crore small and marginal farmers, at an estimated cost of Rs 75,000 Crore.
- Gratuity (eligible once completing 5 yrs of service) limit also increased from Rs.10 Lakh to Rs.20 Lakh.
- The benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses and can be exercised once in a lifetime for a taxpayer having capital gains up to 2 Crore rupees.
- Goyal in his budget poised to become $5 trillion economies in next 5 yrs and $10 trillion economies in the next 8 years.
- Piyush Goyal with good news now for home buyers and real estate developers extended the benefits under section 80 (i) BA for one more years.
- Businesses having less than Rs. 5 crore annual turnovers comprises 90% of GST payers are allowed to return quarterly returns.
- Goyal takes notice of GST the undoubtedly the biggest taxation reform implemented since Independence and lets India became one common market with improving ease of doing Business.
- Goyal also pointed, continuously reducing GST resulting in relief of 80,000 crore rupees to consumers as max daily items range from 0%-5%.
- A rise of 21% from the previous year proposed for North Eastern region up to Rs 58,166 crore in this year.
- Increased allocation to Rs.750 crore in the current year for Rashtriya Gokul Mission which aims to conserve and develop Indigenous Breeds.
- FM Goyal said our government will set up a welfare development board with the help of NITI Aayog to help implement development programmes for nomadic and semi-nomadic communities.
- FM through ‘Pradhan Mantri Shram Yogi Mandhan’ scheme will provide assured pension of Rs 3,000/month with the contribution of Rs 100 per month for unorganized sector workers after 60 years of age.
- In place of crop loans rescheduling, the farmers affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.
- The 22nd AIIMS will be set up in Haryana soon.
- FM also pointed out the Mission Gaganyaan 2022 (sending 3 Indians to space for 7 days) in his speech.
- Single Window Clearance for approval of Indian filmmakers.