With the Lok Sabha elections only a few months away, Finance Minister Piyush Goyal presented NDA government's Budget today amidst a lot of hopes and expectations from across the spectrum of society right from the common people to industries. There is relief in income tax for the salaried and middle-class people. This is being hailed as a budget keeping in mind the forthcoming Lok Sabha Elections and is therefore on expected lines
New Delhi, News24 Bureau, Feb 1: With the Lok Sabha elections only a few months away, Finance Minister Piyush Goyal presented NDA government's Budget today amidst a lot of hopes and expectations from across the spectrum of society right from the common people to industries. There is relief in income tax for the salaried and middle-class people. This is being hailed as a budget keeping in mind the forthcoming Lok Sabha Elections and is therefore on expected lines. While major sections of the society have a reason to smile, oppostion is calling this a flop budget. Main highlights are here, and you judge it for yourself. PM narendra Modi's budget in 15 Points:
1. 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
2. Individual taxpayers having annual income upto 5 lakhs will get full tax rebate. Piyush Goyal thanks taxpayers for their contribution towards nation-building. Those with income up to Rs. 5 lakh will not be required to pay any tax," said Piyush Goyal, adding that individuals earning gross income of Rs. 6.5 lakh per year with investments for savings, would be exempt from tax.
The minister said these tax proposals would provide a benefit of Rs. 18,500 to 3 crore middle class taxpayers, self-employed and senior citizens.
3. Rs 1 crore loan can be obtained under 59 minutes, says Finance Minister Piyush Goyal while presenting the interim Budget for 2019-20 in the Lok Sabha. We are poised to become a 5 trillion dollar economy in the next 5 years and we aspire to become a 10 trillion dollar economy in the next 8 years, said FM.
4. GST collections in January 2019 has crossed Rs 1 lakh crore. The Group of Ministers is examining how prospective house buyers can benefit under Goods & Services Tax (GST)
5. Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials
6. A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy
7. 75% of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country
8. To ensure cleaner fuel and health assurance, the government 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. 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
9. Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer. This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore
10. Piyush Goyal: As a tribute to Mahatma Gandhi, world's largest behavioural change movement Swachh Bharat initiated; more than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF #Budget2019
11.Finance Minister Piyush Goyal in budget speech: Inflation in December 2018 was 2.1%. Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19.
12. Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation. I can confidently say, India is solidly back on track and marching towards growth and prosperity, FM said.
12. The government also decided to hike the gratuity limit from Rs. 10 lakh to Rs. 20 lakh from the next financial year.
13. Earlier, there was an exemption from paying personal tax on an income up to Rs 2.5 lakh, while income between Rs 2.5 lakh and Rs 5 lakh attracted five per cent tax. A 20 per cent tax was levied on the income in the range of Rs 5 lakh to Rs 10 lakh. An individuals income above Rs 10 lakh is taxed at 30 per cent. Now all this has changed.
14. The government on Thursday evening revised upwards its growth estimates for the two years since the notes ban -- 2017-18 and 2016-17 -- to 7.2 per cent and 8.2 per cent.
This was hours after it went into damage control mode as a yet-to-be-released report said unemployment was at a four-decade high in 2017-18. There was no mention of jobs in the budget.
15. "India is solidly back on track and marching towards growth and prosperity," Mr Goyal said to loud thumping by Prime Minister Narendra Modi and BJP lawmakers.
"The GST has continuously reduced... most items of daily use for poor and middle class are now in 0 to five per cent tax bracket," Mr Goyal said.