Union Budget 2019: Union Minister Piyush Goyal is presenting the Interim Budget 2019-20. The government has announced various incentives for the farmers and rural population. Without disturbing the existing reservation system, a 10 percent reservation for Economically weaker sections in educational institutions and government jobs has been ensured, said FM Piyush Goyal.
Budget2019: 2 percent interest subvention to farmers pursuing animal husbandry and fisheries: FM Shri Piyush Goyal
Budget2019: In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3 perceny interest subvention upon timely repayment:
Budget 2019: 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
Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age. This will benefit 10 crore workers in unorganized sector, may become the world’s biggest pension scheme for unorganized sector in five years
Budget2019: Gratuity limit increased from 10 lakh to 30 lakh rupees.
EPFO: High growth and formalization of economy has resulted in increased EPFO membership by 2 crore in last two years.
Budget 2019: 21 AIIMS operating or being established, 14 of these have been announced since 2014.
Budget 2019: AyushmanBharat, the world’s largest healthcare programme, launched to provide medical care to nearly 50 crore people, resulting in 3,000 crore savings by families of poor sections.
Allocation for NorthEastern Region proposed to be increased to 58,166 crore in this year, a 21% rise over previous year: FM
PM Awas Yojana: During 2014-18, 1.53 crore houses have been constructed under the scheme
Budget 2019: Already disbursed 35,000 crore rupees for the soldiers under OROP, substantial hike in military service pay has been announced.
Digital India: Piyush Goyal has also put emphasis on digital growth. It has announced digital villages in the budget.
Budget 2019: In the last 5 years under all categories of workers, minimum wages increased by 42 percent which is the highest ever : FM Piyush Goyal
Budget 2019: Single window clearance for filmmaking to be made available to Indian filmmakers, anit-camcording provision to be introduced to Cinematography Act to combat film privacy
Budget 2019: 34 crore JanDhanYojana accounts opened in last five years; Aadhaar almost universally implemented; ensuring poor and middle class receive government benefits directly: FM
Budget 2019: Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268: FM
Digital India job creation
To build a Digital India that reaches every citizen, our youth will lead us in this, by creating innumerable startups and jobs: FM
6 crore free LPG connections provided under Ujjwala yojana:FM
Piyush Goyal announces allotment of Rs 60,000 crore in MGNREGA
The government announced that all the tax refunds will be done within 24 hours. Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials, says FM
Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns: FM
Tax on Middle Class:
Budget 2019: We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years: FM
Budget 2019: Committed to eliminating the ills of black money; anti-#blackmoney measures taken have brought undisclosed income of about 1.30 lakh crore rupees to the surface; 3.38 lakh shell companies deregistered: FM
Budget 2019: Expanding rural industrialisation using modern industrial technologies, based on MakeInIndia approach, using grassroot MSMEs and startups across the country: FM
Income tax exemption slab for private, govt employees increased to 5 lakh
Income tax slab for the private and public sector employees have been increased in the Budget 2019-20. Income up t0 Rs 5 lakh income get full tax rebate, Piyush Goyal Announced. Standard deduction has been increased from current 40,000 to Rs 50,000.
EPF, Post Office Savings:
There will be no tax on interest earnings from EPF, Post Office Savings up to 40,000 per month.
Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime: FM