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Key highlights of the Union Budget for 2019!

Feb 02, 2019

Key highlights of the Union Budget for 2019!
Key highlights of the Union Budget for 2019! | Credit: Mid Day

With the Lok Sabha elections on its way, the Narendra Modi led NDA government announced the much-awaited budget for 2019. The budget is expected to benefit farmers and middle-class sector. Attributing to the former Finance Minister Arun Jaitley's illness, Piyush Goyal was appointed interim finance minister on January 23. 

2019 Union budget in a nutshell

1. Individuals with an annual income up to 5 lakh to receive a full tax rebate

2. People with gross income up to 6.5 lakh are eligible to tax exemption if they have invested in provident funds. More than 3 crore middle class people to benefit out of this scheme.  

3. 90% of GST payers who perform business with a 5-crore annual turnover to be allowed to return quarterly returns

4. Mega pension yojana to offer Rs. 3000 per month for workers over 60 years of age

5. Customs duty has been abolished from 36 Capital Goods

6. Farmers pursuing animal husbandry and fishing to get 2% interest subvention

7. Standard tax deduction for the salaried increased from 40000 to 50000

8. Second self-occupied house to get a tax exemption

9. People receiving rental income to face an increased TDS from 1.8 lakh to 2.4 lakh

10. Benefit u/s 80IB has increased to one more year i.e. 2020

12. Benefit has given to unsold inventory has increased to one year to two years.

13. State share has increased to 42%

14. PCA restriction has abolished from 3 major banks

15. 2 lakhs seats will increase for the reservation of 10%

16. 58,196 crores allocated for the northeastern region

17. 1.7 Lakh crore to ensure food for all

18. 22nd AIIMS will be opened in Haryana

20. National kamdhenu Aayog for cows. Rs. 750 crores for National Gokul Mission

21. 2% interest subvention for farmers pursuing animal husbandry and also create a separate department for fisheries.

22. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.

23. Tax-free Gratuity limit increase to 20 Lakhs from 10 Lakhs

24. Bonus to be availed for workers earning 21000 per month

25. The scheme of Pradhan Mantri Shram Yogi Mandhan assures that a farmer holding less than 2 hectares of land gets Rs. 6000 per year at three installments.

26. Ujjawala scheme offers 6 crores free LPG connections

27. 2% interest relief for the loan of 1crore for MSME GST registered people

28. Maternity leave of 26 weeks allowed for women

29. More than 3 Lakhs crores allocated for the defense department

30. One lakh villages to be digitized in the next 5 years

31. Single window clearance has been implemented for the Indian filmmakers to avoid film privacy.

Mr. Goyal has stated that India has seen a lot of economic improvement under BJP government as every rupee collected is spent on the welfare of India. 

PM Narendra Modi has been striving towards the upliftment of the marginalized, deprived and those belonging to the neo-middle class. The schemes introduced in the new budget give more to the low-income sector and comparatively less to the rich.

The leader of Congress, Mr. Rahul Gandhi has posted a counter-response that offering 17 rupees per day to the farmers is an insult than a help.

Mr. Arun Jaitley handled the criticism and expressed that the productivity of the farmers has gone up significantly. He challenged the opposition party to come up with better schemes if they could.

Precisely, the budget seems to be more helpful for those who earn less than 5 lakhs per year and towards the betterment of farmers and small scale businessmen.