The key highlights from Interim Budget 2019- Civil Service Gurukul
Income Tax reliefs:
* No tax till Rs 5 lakh income for individuals taxpayers.
* Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class.
Tax exemptions on investments:
* Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they
make investments in provident funds and prescribed equities.
* TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh.
* Interest income up to Rs 40,000 in post offices and banks made tax free.
* Capital gains tax exemptions under Section 54 to be available to Rs 2 crore. Capital
gains exemption to be available on 2 house properties.
* Income tax relief on notional rent from unsold houses extended to 2 years from 1 year.
Other tax related reliefs:
* Income Tax returns to be processed within 24 hours and returns will be paid immediately.
* Within nearly two years, almost all assessment and verification of IT returns will be done
electronically by an anonymised tax system without any intervention by officials
* Rs 6,000 per year assured income support for small and marginal farmers.
* Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal installment. The scheme will be effective from December 1, 2018.
* Interest subvention for farm loan takers: Farmers affected by natural calamities to get
2% interest subvention and additional 3% interest subvention upon timely repayment.
* 2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through
Kisaan credit cards.
* Kamdhenu scheme for animal husbandry.
* Group of Ministers to suggest ways to reduce GST for house buyers
* Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh
crore; The tax base is up from Rs 3.79 crore to 6.85 crore
* Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST
payers, will be allowed to return quarterly returns
* Indian Customs to fully digitised exim transactions and leveraging RFID for logistic. Govt
abolishes duties on 36 capital goods
* GST collections in January 2019 has crossed Rs 1 lakh crore
Sops for workers:
* Rs 3,000 per year pension for unorganised sector workers.
* New Pradhan Mantri Shram Yogi Maandhan Yojana for unorganised sector workers with
income up to Rs 15,000 per month. Beneficiaries will get Rs 3,000 per month pension with
a contribution of Rs 100 per month after the retirement. Govt allocates Rs 500 crore for the
Gratuity limit increased for workers
* Rs 60,000 crore for MNREGA
* Rs 19,000 allocated for construction of rural roads under Gram Sadak yojana
* Govt increases defence budget to over Rs 3 lakh crore. Govt will provide additional funds
for Defence, if needed.
* We have disbursed 35,000 crore rupees under #OROP scheme in the last few years
* A single window clearance for filmmakers
* Nine priority sectors for govt:
To build next-gen infrastructure – physical as well as
social; (1) To build a Digital India that reaches every citizen; (2) Clean and Green India; (3)
Expanding rural industrialization using modern industrial technologies; (4) Clean Rivers –
with safe drinking water to all Indians; (5) Oceans and coastlines; (7) India becoming
launchpad of the world; (8) Self-sufficiency in food and improving agricultural productivity
with emphasis on organic food; (9) Healthy India; (10) Minimum Government
Maximum Governance, with proactive, responsible and friendly bureaucracy.
*Govt to build 1 lakh digital villages.
* For the welfare of farmers and for doubling their income, historic decision was taken to
increase MSP by 1.5 times the production cost for all 22 crops.
* To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala
Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore
connections have been given already.
* Committee under NITI Aayog to be set up to for denotified nomadic & semi nomadic
* A single window clearance for filmmakers to be made available to filmmakers, anti camcording provision to also to be introduced to Cinematography Act to fight piracy.
State of Economy:
*India is poised to become a $5 trillion economy in next 5 years, $10-trillion economy in the next eight years
* Black money: Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered
*GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax
*Fiscal deficit seen at 3.4 percent in FY 19 and Current account deficit at 2.5% of the GDP
* We have recovered Rs 3 lakh crore through Insolvency and Bankruptcy Code. Govt
expects banks on the central bank’s Prompt Corrective Action list to be removed soon.
* Indian GDP: Growth in the last 5 years has been higher than that by any other govt.
Spent Rs 2.6 lakh crore in recap of PSU Banks
* Average inflation in UPA government was 10% and we have brought that down that to 4
percent. Inflation in December 2018 was 2.1%. If we had not controlled inflation our
families would have been spending 35-40 per cent more on daily use items
* We conducted transparent auctioning of natural resources like coal and oil
* Domestic air traffic doubled in the last 5 years
* Over 90 percent of the country has been covered under sanitation coverage. People
have made this a social revolution and i thank the 130 people of the country. More than
5.45 lakh villages have been declared Open Defecation Free
* In the past, false promises were made but we have taken targeted expenditure on all
* Everybody will get electricity connection in the near future. We have provided 143 crore
electricity bulb to the poor
* Ayushman Bharat the world’s largest healthcare programme was launched to provide
medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families
* Lower costs of Stents & Knee implants have benefitted people. Government has
announced 14 new AIIMS since 2014
* Loans worth Rs 7.23 lakh crore have been given under Mudra Yojana
* Today there is not a single unmanned railway crossing on the broad gauge in India.
Railway’s operating ratio seen 96.2% in FY19 Vs 95% FY20. Railway capex for FY20 set
at record Rs 1.6 Lakh Cr
*Monthly mobile data consumption has increased 50x in last 5 years; cost of data & voice
calls in India is possible the lowest in the world