Interim Budget Highlights 2019: Populist yet Restrained

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Respected Shri. Piyush Goyal, presented the Interim Budget 2019-20 this morning highlighting the radical decisions and measures taken by the present Government to lay down the foundation for the growth of the Country for the decades to come. The central theme of the Budget is empowering the farmers, SME’s and the middle class people across the board. While the focus on the Infrastructure development continues the Interim Budget aimed to provide more disposable income in the hands of the farmers and the mid-income group people. Some of the key highlights of the budget are summerised below: Tax

Within 2 years, Tax assessment will be done electronically
IT returns processing in just 24 hours
Minimum 14% revenue of GST to states by Central Govt.
Custom duty has abolished from 36 Capital Goods
Recommendations to GST council for reducing GST rates for home buyers
Full Tax rebate upto 5 lakh annual income after all deductions.
Standard deduction has increase from 40000 to 50000
Exempt on tax on second self-occupied house
Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
Benefit u/s 80IB has increased to one more year i.e. 2020
Benefit has given to unsold inventory has increased to one year to two years.

Other Areas

State share has increased to 42%
PCA restriction has abolished from 3 major banks
2 lakhs seats will increase for the reservation of 10%
60000 crores for manrega
1.7 Lakh crore to ensure food for all22nd AIIMS has to be opened in Haryana
Approval has to be given to PM Kisan Yojana
Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
Bonus will be applicable for workers earning 21000 monthly
The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
Our government delivered 6 crores free LPG connections under Ujjawala scheme
2% interest relief for MSME GST registered person
26 weeks of Maternity Leaves to empower the women
More than 3 Lakhs crores for defence
One lakh digital villages in next 5 years
Single window for approval of India film makers