Union Budget 2019 Announced | Highlights of The New Budget
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.
- 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.
- 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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