Union Budget 2019 Announced | Highlights of The New Budget

Union Budget 2019- Highlights

FM Nirmala Sitharaman has presented one of the most crucial Union Budget 2019 after Modi’s second victory. It will become a guide for upcoming reforms and policies in the next 5 years of the Modi govt.

This year’s budget speech has laid out the roadmap and announced measures to tackle several aspects of the economy.

Middle-class people stay on the same page for the expected tax reliefs, fuel prices and gold prices.

In addition to this, FM mentions making digital payments cheaper, introduction/implementation of ATM-like One Nation Card for Pan- India travel and issuing new model on rental laws.

Given below are the important highlights of the New Crucial Union Budget:

CHECK DETAILS OF UNION BUDGET (GOVT.)

TAX RELATED CHANGES

  • No changes have been made in the personal income tax rates.
  • Custom duty on fuels raises by 1 rupee. The same increase is applicable to gold and precious items
  • Petrol and diesel are expectedly going to get costlier.
  • There will be a 3% surcharge on an income of Rs 2 crore; 7% on Rs 5 crore and above.
  • Corporate Tax rates have been slashed to 25% from 30% for companies with a turnover of up to 400 crores.
  • PAN and Aadhar for ITR can now be interchanged for those who don’t have PAN Cards.
  • Advises GST Council to reduce the tax rate on EVs from 12 per cent to 5 per cent.
  • Custom Duty to rise for the following: tiles, cashew kernels, vinyl flooring, auto parts, some synthetic rubber, digital and video recorder and CCTV camera.

CHANGES ON AFFORDABLE HOUSING

  • Modern tenancy laws will be shared with states to promote house renting.
  • Additional Rs 1.5 lakh tax relief on home loan for the purchase of a house up to Rs 45 lakh.
  • To promote digital payments: 2% TDS on withdrawals of Rs 1 crore in a year from your bank account for business payments.
  • MDR charges have been waived off on cashless payment.

IMPROVING LIFESTYLE

  • Issuing Aadhaar card for NRIs on arrival in India.
  • Rs 3,000 pension per month for workers from the informal sector.

CHANGES FOR TRANSPORTATION

  • Inter-operable One Nation One transport card: ATM-like Transport card for universal travel on various modes of transport (metro, road, railways etc).
  • Govt plans to create MRO (Manufacturing, Repair and Operate) industry.
  • PPP to be used to unleash faster development and the delivery of passenger freight services.
  • Comprehensive restructuring of National Highways Programme for creation of National Highways Grid.
  • The government envisions using rivers for cargo transport to decongest roads and railways.

ECONOMY CHANGES

  • Fiscal deficit in FY 19 at 3.3% of the GDP.
  • Govt will start raising part of borrowing in foreign currency.
  • Govt external debt to GDP is among the lowest in the world.

CHANGES IN RAILWAYS

  • A new PPP model will usher in the new dawn of Indian railways.
  • Railways to be encouraged to invest more in suburban rail network via SPVs.
  • Railway infrastructure will need an investment of Rs 50 lakh crore between 2018 and 2030.

CHANGES IN EDUCATION

  • Govt to launch ‘Study in India’ programme to attract foreign students in higher education.
  • Allocate Rs 400 crore for world-class higher education institutions in FY 20.
  • To unveil a new education policy.
  • National research foundation to fund, coordinate and to promote research in the country.
  • New Higher Education Commission with a focus on higher autonomy.
  • New national education policy to propose changes in school, higher education

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