E-Paper
Budget 2019 highlights: Cess on petrol and diesel increased by Re 1
Budget 2019 Key Highlights: Prior to the presentation, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20.
Finance Minister Nirmala Sitharaman has started her Union Budget 2019 speech in Lok Sabha.
Prior to the presentation, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20. Sitharaman, 59, handed over a copy of the Union Budget to President Ram Nath Kovind before her maiden budget speech.
(Follow Budget 2019 live updates here)
Breaking away from tradition, Sitharaman carried Budget papers in a red folder instead of a briefcase.
Here are the Budget 2019 Key Highlights:
Tax proposals
* For purchase of affordable housing, enhanced interest deduction of up to ₹3.5 lakh proposed
* Funds raised by start ups will not require any Income Tax scrutiny
* Everywhere you are required to quote PAN, you can give Aadhaar number.
* Annual cash withdrawals over ₹1 crore to be taxed at 2 per cent.
* Faceless assessment, a paradigm shift in IT dept functioning.
*Petrol and diesel cess increased by Re1/litre.
*Companies with annual turnover over ₹ 400 crore now under 25% bracket.
*Gold other precious metals to get costlier as hike in customs duty from 10% to 12.5% is proposed
*”I propose to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel,” says FM.
*No income tax for annual income up to ₹ 5 lakhs
*A nominal basic excise duty on tobacco proposed
Other proposals
* Investment norms to be eased in single brand retail .
* India’s sovereign external debt to GDP is among the lowest globally at less than 5%. Govt will start raising a part of its gross borrowing program in external markets in external currencies.
*NRIs with Indian passport will get Aadhar on arrival in India without 180-day mandatory wait.
* Strategic sale of PSUs will be undertaken, says Sitharaman.
* We will go back to basics and push ‘Zero budget farming’ i.e. zero dependence on debt and emphasis on lower production costs. Some states have already done it: FM.
*Will consider opening up FDI in aviation, media, insurance. 100 pc will be allowed in insurance intermediaries.
*Massive programme of railway station modernisation will be launched this year.
*Finance Minsiter announces easing of KYC norms.
*A model tenancy law will be finalised soon.
* Doordarshan to host a channel exclusively for start ups. This channel will be run by startups themselves: FM
*Payment platform for MSMEs soon.
*Study in India campaign will focus on bringing foreign students to higher education institutions in India.
*”We’ll invest widely in agricultural infrastructure. We’ll support private entrepreneurship in driving value addition to farmers produce and those from allied activities too, like bamboo, timber & also for generating renewable energy. Ann daata ko kyun oorja daata bana nahi sakte?
* Extension of pension benefit for retail traders and shopkeeper earning less than ₹1.5 crore.
* Our aim is to ensure ‘One nation one grid’ for the common man. One nation, one grid for electricity, one gas grid, one water grid and regional airports will be the backbone of business activity.
*Comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity.
*Government envisions using rivers for cargo transport,it will also decongest roads and railways.
*Railway infrastructure would need an investment of ₹50 lakh crores between 2018 and 2030. PPP to be used to unleash faster development and the delivery of passenger freight services.
*Want to make India more attractive FDI destination, says Nirmala Sitharaman.
*Housing for all by 2022: 1.95 crore houses are proposed to be provided to eligible beneficiaries.
*It’s right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25% to 35%, says FM.
*Annual Global Investors’ Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India, says Nirmala Sitharaman.
*To harness India’s space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO.
* ”Gandhipedia’ is being developed to sensitize the youth about positive Gandhian values,” says FM.
