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Union Budget Key Highlights 2019-20

Updated on July 16th, 2019 in Finance & Accounts

India’s second union finance minister Mrs Nirmala Sitharaman on Friday presented the budget for 2019-2020. In her budget speech, Mrs Sitharaman said that the government will introduce an inter-operable ATM with the aim of one nation one card for travelling across India, make housing affordable by introducing new laws and make new interest subvention scheme for MSMEs and women. Here are some major highlights that you must know about budget 2019.

Taxes

  • No change in personal income tax rates
  • Additional 1.5 lakh INR tax relief on home loans
  • Petrol & diesel to get costlier
  • Hike in custom duty on fuel by 1 rupee, gold and precious items
  • Higher surcharge rate on the super-rich: 3% surcharge on 2 crore INR income and 7% on 5 crore INR and above
  • Annual turnover limit for 25% Corporate tax raised to 400 crore INR from 250 crore INR
  • Any Taxpayers with an annual turnover of less than 5 crore INR have to file only quarterly return
  • Increase in Direct tax revenue by 78%
  • PAN and AADHAAR can be used interchangeably for ITR who don’t have PAN cards

Affordable housing

  • To promote house renting new tenancy law will be formed and shared with states.
  • Rental laws to be reformed

To promote digital payments

  • 2% TDS on bank withdrawals of 1 crore INR in a year for business payments
  • MDR charges waived on cashless payment

Ease of living

  • 3,000 INR pension per month for informal sector workers
  • AADHAAR card for NRIs under 180 days on arrival in India

Economy

  • Fiscal deficit in Financial Year 2019 at 3.3% of the GDP

Women empowerment

  • Women SHG Interest Subvention programme to be expanded to all districts in India
  • 1 lakh INR loan to be provided for SHG women members
  • 5,000 rupees overdraft facility for every verified SHG woman member having a Jan Dhan account

Banking reform

  • Govt will provide one-time 6-month credit guarantee on the purchase of high-rate pooled assets of NBFC amounting of 1 lakh core INR in this FY
  • Propose to provide 70,000 crore INR capital for PSU Banks
  • Regulation of Housing Finance Companies to move to RBI from National Housing Bank

MSME

  • Propose easing angel tax for startups
  • Angel tax: would not require scrutiny from the Income Tax department for a startup
  • 2% interest subvention for GST-registered MSME on fresh or incremental loans.
  • ‘Start up India’ Scheme to continue till 2025
  • Propose to commence television channel for start-ups
  • To extend pension benefit to retail traders with an annual turnover of less than 1.5 crore INR
  • New payment platform for MSMEs to be created

Education

  • To attract foreign students in higher education government to launch ‘Study in India’ programme.
  • Allocate 400 crore INR for world-class higher education institutions in the financial year 2020.
  • New Education policy to be launched
  • National research foundation to fund, coordinate and promote research in the country.
  • New Higher Education Commission with a focus on higher autonomy
  • New national education policy to propose changes in school, higher education

Tourism

  • Seventeen iconic world-class tourist sites to be developed

Foreign Direct Investment

  • For the Single brand retail sector, local sourcing norms will be relaxed
  • Government to open FDI in aviation, insurance, animation AVGC and media

GST

  • Roll out of new simplified single monthly return.
  • Implementation of fully automated GST Refund module and invoice details to be captured in a central system.

Reference link: https://timesofindia.indiatimes.com/

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