Budget 2019 Highlights
General
- Mantra of Modi Sarkar: Reform, Perform and Transform
- Number of Patents issued Tripled since 2014
- Economy of 5 Trillion US Dollar in few years
- Emphasis on Inland Cargo
- 1 Nation 1 Grid Power for affordable Power to States
- Allocation of Rs. 350 crores loans to MSME’s with 2% subvention to GST registered MSME
- Upto 1 crore loan to MSME in 59 minutes
- Proposal of Social Stock Exchange for listing of Social and Charitable organizations
- Focus: Gaon, Garib and Kisan
- 75000 entrepreneurs to be trained
- Jan Jiwan Mission: Har Ghar Jal to all rural households by 2024
- 9.3 crores toilet constructed since 2014 under Swach Bharat Yojna
- Propose to National Research Foundation (NRF)
- Aadhaar for NRI’s with Indian Passport
- 4 New Embassies to be opened in 2019-20
Direct and Indirect tax - FM Thanks to honest Tax Payers and responsible citizens
- Direct tax revenue increased to 11.37 lakh crores
- Corporate Tax- Tax Rate of 25% on Companies with turnover of upto Rs. 400 crores. This will cover 99.3 % companies.
- GST rate reduced on electric vehicle from 12% to 5%.
- Tax deduction on loan taken for purchase of electric vehicle: Additional Income tax deduction of Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle.
- Start up’s would not be require Scrutiny by IT Department.
- Additional deduction of Rs. 1.5 lakh for interest on loans borrowed for housing
- STT change in case of Options
- Interchangeability of PAN and Aadhaar for Income Tax Returns.
- Faceless E-assessment for Tax Scrutiny
- TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year.
- No charges for customer on Digital modes of payment.
- Propose to enhance surcharge on taxable income of Rs. 2 to 5 cr.
- Automated GST refund system to be initiated
- Custom duty raised on Auto Parts and CCTV’s
- 5% Custom duty increased on imported books
- Increase of custom duty on Gold.
