Well, the wait is over!! All you want to know about Budget 2019 by the Modi Government is here. The way Modi Government make a come back in 2019, Budget 2019 is not that which would be appreciated by the majority of India which makes BJP won again. I have summed up all the major points of the highlights of budget 2019 :
1. Corporate tax on companies
Companies with an annual turnover of 400 crores or more, will now be under 25% corporate tax rate brackets. So far, companies doing business up to Rs 250 crore were taxed at a rate of 25 percent.
2. Disinvestment target for the fiscal year 2019-20
The finance minister has increased the disinvestment target of 2019-20 to Rs 1,05,000 crore. It was kept in the interim budget of Rs 90,000 crore. Sitharaman said that the government’s borrowings from foreign countries on GDP are the lowest on the global level. It is below five percent.
3. Work on the goal of every home water
The Finance Minister said that it is the Government’s priority to provide clean drinking water to every citizen of the country. The government is working on the goal of ‘every house burning’ until 2024. He said that the government has also proposed to expand the Swachh Bharat Mission for solid waste management in every village.
4. Government banks to get Rs 70,000 crore capital
The government will put a capital of Rs 70,000 crore in public sector banks. This will increase the ability of lending to these banks. The Finance Minister said that the non-performing assets of public sector banks (NPAs) have decreased by one lakh crore rupees.
5. Those who do not have PAN will be able to fill it with base IT returns
Those who do not have PAN can fill income tax returns through the base. Nirmala Sitharaman said that in order to encourage investment in Gift City, the government has proposed several tax benefits.
6. Petrol-diesel expensive
An increased surcharge of two rupees per liter on diesel and petrol. Due to the increase in prices of petrol and diesel, daily commodity items will become expensive.
7. Raise direct tax collection
Direct tax collections increased by 78 percent. In 2013-14 tax, the collection was 6.38 lakh crores, which increased to Rs 11.37 lakh crores in 2018.
8. New Coins For Common Citizens
On March 7, 2019, issued new series coins worth rupees one, two, five, 10, 20 rupees for visually impaired citizens. These coins will be made available to common people for use soon.
9. TDS on more than one crore withdrawals
Now to get more than one crore rupees from the yearly account, two percent TDS will be paid.
10. Aadhar to NRI
Proposal for issuing Aadhaar card for non-resident Indians (NRIs) holding Indian passports. So far, such NRIs have to wait for 180 days for the Aadhar card when they arrive in India.
11. New Embassies will be opened
To increase the image and impact of India at the international level, India will set up its Embassy and High Commission in those countries where the embassies have not yet been opened.
The government will provide a pension to three crore small businessmen and shopkeepers. Shoppers with less turnover less than Rs 1.5 crore will get this benefit. Shoppers and small businessmen will get this benefit under the Prime Minister Shram Yogi Mandhan Yojana Scheme.
13. FDI Foreign Direct Investment
The Finance Minister has talked of increasing FDI in many areas. In the future, the prospects of increasing FDI in aviation, media, animation, and insurance will be considered. The government will also consider 100% FDI in the insurance sector.