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Highlights of Interim Budget 2019-20
IANS
New Delhi
Last Updated : 01 Feb 2019 04:23:48 PM IST
Highlights of Interim Budget 2019-20
Finance Minister Piyush Goyal

 

Here are the key highlights from Finance Minister Piyush Goyal's Interim Budget 2019-20

Tax

1. Within 2 years, tax assessment will be done electronically

2. IT returns processing in just 24 hours

3. Minimum 14% revenue of GST to states by Central government

4. Custom duty abolished from 36 Capital Goods

5. Recommendations to GST Council for reducing GST rates for home buyers

6. Full rebate up to Rs 5 lakh annual income after all deductions

7. Standard deduction increased from Rs 40,000 to Rs 50,000

8. Exemption on tax on second self-occupied house

9. Ceiling Limit of TDS u/s 194A increased from Rs 10,000 to Rs 40,000 for women

10. Ceiling Limit of TDS u/s 194I increasedd from Rs 180,000 to Rs 240,000

11. Capital tax Benefit u/s 54 increased from investment in one residential house to two residential houses.

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

13. Benefit given to unsold inventory increased from one year to two years

Other Areas


14. State share increased to 42%

15. PCA restriction abolished from 3 major banks

16. 2 lakh seats will increase for the reservation of 10%

17. Rs 60,000 crore for MGNREGA

18. Rs 1.7 lakh crore to ensure food for all

19. 22nd AIIMS to open in Haryana

20. Approval has to be given to PM Kisan Yojana

21. Rs 6,000 per annum to be given to every farmer having up to 2 hectare land. Applicable from September 2018. Amount will be transferred in 3 installments

22. National 'kamdhenu ayog' for cows. Rs 750 crore for National Gokul Mission

23. 2% interest subvention for farmers pursuing animal husbandry. Creation of separate department for fisheries.

24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.

25. free gratuity limit increased to Rs 20 lakh from Rs 10 lakh

26. Bonus will be applicable for workers earning Rs 21,000 monthly

27. 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.

28. Our government delivered 6 crore free LPG connections under Ujjawala scheme

29. 2% interest relief for MSME GST registered person

30. 26 weeks of Maternity Leave to empower the women

31. More than Rs 3 lakh crore for defence

32. One lakh digital villages in next 5 years

33. Single window for approval of Indian filmmakers.

Mobile data usage in India up 50%: Goyal

Finance Minister Piyush Goyal on Friday said mobile data usage in India has increased by a phenomenal 50 per cent within no time and the cost of data and voice calls in the country are now possibly the lowest in the world.

"Mobile and its parts manufacturing companies have grown from 2 to 268 now, creating thousands of jobs in both urban and rural areas of the country," said Goyal while presenting the Interim Budget for 2019-20 in the Lok Sabha.

"We aim to have one lakh digital villages in the next five years," he added.

Average rate of inflation down to 4.6%: Goyal

Finance Minister Piyush Goyal on Friday said that the average rate of inflation has been brought down to 4.6 per cent, which is the lowest for any central government since the start of economic reforms in 1991.

While presenting the Interim Budget for 2019-20, Goyal informed the Lok Sabha that the average rate of inflation between 2009-14 was 10.1 per cent and this had come down to 4.6 per cent under the NDA government.

According to Goyal, in December 2018 the inflation rate further come down to just over 2 per cent.

Goyal announces pension scheme for unorganised sector workers

Finance Minister Piyush Goyal on Friday announced the "Pradhan Mantri Shram Yogi Mandhan", a scheme to provide assured monthly pension of Rs 3,000 per month for workers in the unorganised sector.

While presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said the scheme will benefit 10 crore workers and might become the world's biggest pension scheme for the unorganised sector in the next five years.

Under the scheme, the workers will receive a monthly pension of Rs 3,000 after 60 years of age. The workers will then have to contribute Rs 100 per month towards the scheme.

 




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