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. To know Interesting facts about the Union Budget candidates can check the below PDF. This PDF will help in understanding in-depth information about the Union Budget. In various Government exams, candidates come across questions about Politics in General Awareness. Hence this PDF can help to prepare for the exams.
Given below are the important highlights of the New Crucial Union Budget:
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.
- A comprehensive restructuring of National Highways Programme for the 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’ program 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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