Union Budget 2019
This year, Modi government has presented interim budget. Ministry of Finance has discussed on General vs Interim Budget Analysis. Get Live Updates of Union Budget, highlights by Piyush Goyal, Tax relief etc here.
Prime Minister Modi congratulates to finance Minister Piyush Goyal and his team for this excellent Budget. Prime Minister also said that this budget will empower the poor, strengthen the farmers and help realize the dream of the middle class peoples.
Union Budget by Piyush Goyal:
Individuals with a gross income of Rs 6.5 lakh will have to pay no tax if they make an investment. Piyush Goyal, the finance Minister also said standard deduction would be raised from Rs 40,000 to Rs 50,000.Piyush Goyal has presented the sixth and hence, the interim budget of the Narendra Modi government on Friday.
According to the interim budget, the main focus is on giving big push to investment in agriculture, small and medium industries, and health sectors. To check Union Budget 2019-20 (LIVE UPDATES), go through this page designed by team of www.recruitmentinbox.com
Union Budget 2019
This is not just an Interim Budget, but it is a medium for development of country. Because of the ‘josh’ of the Indian citizens, the country is changing day by day. Mr. Goyal said that Development has become a movement in our government.
Highlights of Interim Budget 2019:
Union Budget 2019 Highlights: There will be a special focus on the agriculture sector in the budget:
- Fiscal deficit for 2018/19 seen at 3.4% of GDP
- Poor farmers to get 6,000/- per year under PM Kisan scheme
- Unorganized Labour to get 3,000/- per month after age of 60 under mega pension scheme
- No income tax for income up to 5,00,000/-
- Standard deduction to be raised from 40,000 to Rs. 50,000/-
- All farmers affected by natural disasters to get 2% interest subvention upfront for entire loan period
- Current account deficit for 2018/19 seen at 2.5% of GDP
- Farmers up to 2 hectare of land to come under PM Kisan scheme
- Government launches mega pension scheme for social security coverage of unorganised labour
- Fiscal deficit for 2018/19 seen at 3.4% of GDP
- Recovered 3 lakh crore via bankruptcy code
- Bank of India, Bank of Maharashtra and Oriental Bank no more under RBI’s prompt corrective action
- Two per cent interest subvention to farmers pursuing animal husbandry and fisheries.
- “Urgent action needed to increase hydrocarbon production to decrease imports; change in bidding procedure and exploration procedure being implemented,” Goyal added.
- Poor farmers to get 6,000 per year under PM Kisan scheme
- PM Kisan to transfer cash directly to farmers under PM Kisan scheme
- Poor farmers to get cash in three equal installments under PM Kisan scheme
- PM Kisan scheme for poor farmers to cost government 75,000 crore FY20
- PM Kisan scheme for poor farmers to get 20,000 crore in FY19
- PM Kisan scheme to transfer cash directly to farmers’ accounts
- PM Kisan scheme to start transfer of cash with effect from December 2018
- Government announces Rashriya Gokul Mission to support poor owning cows
- Rashriya Gokul Mission cow scheme to get 750 crore in the current year
- Central government to alone support PM Kisan scheme
- All farmers affected by natural disasters to get 2-5% interest subvention
- Gratuity cap doubled to 20 lakh
- Government to contribute equally in pension accounts under mega pension scheme
- Unorganised labour to get 3,000 per month after age of 60 under mega pension scheme
- Government to implement mega pension scheme for unorganised labour from this year itself
- Mega pension scheme is for people with income up to 15,000 per month
- PM mega pension scheme to benefit 10 crore people
- Total of 8 crore cooking gas cylinders to be distributed by next year under PM Ujwala Yojna
- Government to contribute 14% under New Pension Scheme
- India is the second biggest hub for start-ups
- A National Programme for Artificial Intelligence covering 9 areas to be promoted
- Government projects to source 25% material from SMEs, 3% from only women-owned SMEs
- GEM platform to cover all public sector enterprises to promote local industry, trade
- SME loans with ticket size of 1 crore to get 2% interest subvention
- Defence Budget crosses 3 lakh crore mark in FY20 Budget
- Budgetary support for railways for FY20 is 64,587 crore
- Railways’ operating ratio seen at 96.2% in FY19, 95% in FY20
- North-east states to get 21% higher budget allocation at 58,166 crore in FY20
- Will set up 1 lakh digital villages in next 5 years
- JAN Dhan, Aadhar and mobile have been game changers
- 34 crore Jan Dhan bank accounts opened in last 5 years
- Single window clearance to be made available to Indian film makers
- TV: Railways FY20 capex seen at 1.58 lakh crore
- Direct tax collections estimated at 12 lakh crore in FY19
- Poised to become a $5 trillion economy in 5 years
- Aspire to become a $10 trillion economy in 8 years
- 1.3 lakh crore undisclosed income brought under tax net
- 3,38,000 shell companies detected and their directors disqualified
- Average GST collection 97,100 crore
- Government lays out 10-year roadmap to improve ease of living
- Making India a pollution-free India in 10-year roadmap
- To lead world in transport and energy storage devices
- To bring down dependent on imports for energy needs
- Roadmap envisions people traveling in electric cars
- Tenth dimension of government’s India 2030 vision is healthy governance
- Fiscal deficit pegged at 3.4% of GDP for FY20
- Fifth dimension of government’s India 2030 vision is clean rivers
- Government to scale up Sagarmala programme
- Seventh dimension of India 2030 is to lead in space programmes
- Eighth dimension of India 2030 is to grow food in environment friendly manner
- Ninth dimension of India 2030 is a healthy India
- Tenth dimension of India 2030 programme is a comprehensive wellness system
- FY20 total expenditure seen at 27.84 trillion rupees
- FY20 capital expenditure seen at 3,36,292 crore
- Central schemes to get 3,27,679 crore FY20
- National education mission to get 38,572 crore FY20
- Integrated child development scheme to get 27,584 crore FY20
- SC, ST welfare to get 76,800 crore FY20
- Salary earners, pensioners to get tax benefit
- Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.
- Salary earners up to 5,00,000 annual income to get full tax rebate
- No income tax for income up to 5,00,000
- Salary earners of up to 6,50,000 income to not pay tax if they make tax related investments
- Standard deduction to be raised from 40,000 to Rs. 50,000
- No tax if you own second house
- No TDS on post office savings up to 40,000
- No TDS on rental income up to 2,40,000 per year
- No tax on notional rent on second house
- Capital gains tax exemption under Section 54 raised to 2 crore
- Tax on notional rent on unsold inventory to not be paid for 2 years
- The 4R approach has been implemented to ensure clean banking – Recognition, Resolution, Recapitalization and Reforms.
- Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding.
- This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.
You Can Also Check: Rail Budget 2019-20 (LIVE UPDATES)
Do you know: what interim budget?
An Interim Budget is a complete financial statement, very similar to a full Budget. Further, it is complete set of accounts, including both expenditure and receipts.
It is budget of a government that is going through a transition period. These budgets are common in democracies.
What is Annual Budget?
Annual budget has two parts:
- Summary of income and expenses made by the government in the previous year.
- Announcement of proposed ways to raise money from taxes and spending them on.
What is difference between vote on account and interim budget?
While a ‘Vote on Account’ discuss only with the expenditure side of the government’s budget, on the other hand, Interim Budget is whole set of accounts, including both expenditure and receipts.
Check Here: Current Members Of Parliament
When the annual Union budget is not passed by the Lok Sabha?
Annual Union Budget has to be passed by Lok Sabha alone. In case, Lok Sabha refuses to pass annual budget, then it states government of the day has lost the faith of Lok Sabha i.e. it does not have majority of Lok Sabha.
Will It Be Interim Budget Or Vote-On-Account On February 1?
Due to election in April-May 2019, government is looking to make Interim Budget. For more updates about Union Budget 2019, keep tuned with us.
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