BUDGET 2019 : KEY HIGHLIGHTS OF INTERIM BUDGET

BUDGET 2K19- KEY HIGHLIGHTS

#HIGHLIGHTS

Finance minister CA Piyush Goyal on Friday presented the much awaited Union Budget in Lok Sabha. Mr. Goyal was appointed interim finance minister on January 23 with Arun Jaitley undergoing treatment in the United States. Here is a look at the main points of the Budget presented by Piyush Goyal.

#TAX RELATED HIGHLIGHTS

1. Within 2 years, Tax assessment will be done electronically

2. IT returns processing in just 24 hours

3. Minimum 14% revenue of GST to states by Central Govt.

4. Custom duty has abolished from 36 Capital Goods

5. Recommendations to GST council for reducing GST rates for     home buyers

6. Full Tax rebate upto 5 lakh annual income after all deductions.

7. Standard deduction has increase from 40000 to 50000

8. Exempt on tax on second self-occupied house

9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000

10.Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000

11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.

12. Benefit u/s 80IB has increased to one more year i.e. 2020

13. Benefit has given to unsold inventory has increased to one year to two years.

#FOR FARMERS

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

2. 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.

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

4. 2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards 

5. Kamdhenu scheme for animal husbandry 

#RURAL ALLOCATIONS: 

1.   Rs 60,000 crore for MNREGA

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

#SOCIAL SCHEMES 

1. Govt to build 1 lakh digital villages 

2. 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 

3. 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 

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

#FOR WORKERS

#PENSION FOR WORKER

1.  Rs 3,000 per year pension for unorganised sector workers 

2. 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 

3. Gratuity limit increased for workers to Rs 30 lakh 

#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;

6.  India becoming launchpad of the world;

7. Self-sufficiency in food and improving agricultural productivity with emphasis on organic food;

8.  Healthy India;

9. Minimum Government Maximum Governance, with proactive, responsible and friendly bureaucracy 

This is just a trailer of the Budget, which after elections will take India on the path to development _Prime Minister Narendra Modi