Budget India 2019 – Highlights
Over the past few weeks, the Indian Stock market was moving forward with the expectation of Budget Announcement. The Indian Stock market rallied before the budget day and in the budget day. No one expected on budget day, the prices of Automobile sector went up due to the price cut on GST and related news on Agriculture.
On February 1st, the budget bill for the 2019 was announced by the Finance Minister Mr. Piyush Goyal in parliament. Finance Minister said in the end of budget day, ‘It’s not an interim budget, this budget is the roadmap for development for Indian economy ‘. As everyone expected, the offer had in the Income Tax. Without changing the rates in the Income Tax slab, cleverly the tax rebate was offered.
It was called as a budget that would benefit for the Farmers, the Unorganized Labors and the middle class men. However as the opposition parties said that the budget was based on upcoming election. So, we can expect what are the things were going after the election, which will be held in the mid of the year 2019.
Few of the things mentioned in the Interim Budget 2019 – Highlights,
- Based on Budget 2019, the fiscal deficit for the Financial year 2019-20 is at Rs. 7.03 Lakh crore and its 3.4 percent on GDP.
- The expenditure for the Budget 2019 is Rs. 27.84 lakh crore was increased significantly as compared with the previous year, which was Rs. 24.42 lakh crore.
- For the Unorganized sector employees, there is a pension amount of Rs. 3000/- per month, whose salary up to Rs. 15,000/- per month.
- Farmers with less than 2 Hectares of Agricultural land, through Kisan Scheme they would be directly support by the amount of Rs. 6000/- per annum.
- Plan to link over one lakh villages through Digital Connectivity.
- 100 percent or Full Tax Rebate in Income tax for those earning up to Rs. 5 Lakhs.
- Standard Deduction amount increased to Rs. 50,000/- from the previous of Rs. 40,000/-.
- The TDS – interest income on Bank and Post Office Deposits has been increased from 10,000/- rupees to 40,000/- rupees.
- The Direct Tax systems are simplified. So, the returns would be processed within 24 Hours for the Refund.
- Small and Medium scale business will get two percent rebate on interest, while taking an incremental loan of 1 Crore rupees.
- The budget allocated to the Defense department, for the first time it has crossed three lakh crore rupees.
- Enhanced with technology on Customs for transactions.
- Single Window clearance for the film maker in its industry and Introducing of the Cinematograph Act to control the threat of Piracy.
- For Fisheries, the separate department to promote seafood export.
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