Things you need to know about ‘Union Budget 2019’

On Feb 1, 2019

NP NEWS 24 ONLINE: Union minister Piyush Goyal read out the contents of the Budget 2019 in parliament. This is the last Interim Budget of the NDA government led by Prime Minister Narendra Modi before the Lok Sabha elections due by May.

“This is not just a budget but lays out the path to the progress of the country,” Goyal stated.

HIGHLIGHTS

Individual taxpayers with annual income up to Rs. 5 lakh will get the full tax rebate. Individuals with gross income up to Rs. 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities. Around three crore middle-class taxpayers will get tax exemption due to this measure. An unmanned system to be created for scrutiny of income tax returns
The fiscal deficit in 2018-19 would be 3.4 percent of gross domestic product (GDP), slightly higher than the targeted 3.3 percent. The deficit was widely expected to be higher than targeted due to a combination of revenue shortfalls and increased spending ahead of the Lok Sabha election.
Safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques are our government’s priorities; a long coastline can be pivotal for the economy, using the strength of the blue economy and Sagar Mala
Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crores to 6.85 crores. Reducing tax for the middle class has been a priority.
Tax scrutiny will also now be done electronically and there will be no interaction between the tax authority and the taxpayer
Simplification of the direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in an increase in tax collections and return filings
Tax collections have increased significantly from Rs 6.38 lakh crore in FY14 to almost Rs 12 lakh crore in FY19 with nearly 80% growth in the number of taxpayers
Single window clearance for film-making to be made available to Indian filmmakers, and-camcording provision to be introduced to the Cinematograph Act to combat film privacy
34 crore JanDhanYojana accounts opened in last five years; Aadhaar almost universally implemented; ensuring poor and middle class receive government benefits directly
The government has proposed to increase allocation for the northeast region to Rs. 58,166 crore this year. It will be a 21 percent rise over the previous year
Our government hopes to create 1 lakh digital villages in the next 5 years. Jan Dhan, Aadhaar mobile, and direct benefit transfer have been game changers. Aadhaar is now near-universally implemented and helped ensure poor get the benefit of govt schemes directly in their bank accounts
Villages to be converted to digital villages. Target over the next 5 years is to create over 1 lakh digital villages
Indian Railways budget outlay Rs 1,48,658 crore
Allocation for North Eastern Region proposed to be increased to 58,166 crores in this year, a 21% rise over the previous year
All farmers affected by severe natural disasters to will continue to get 2 percent interest subvention and an additional 3 percent on timely loan repayment. 12 crores farmers to be benefited
Installed solar generation capacity in India increased by 10 times in the last 5 years
In the last 5 years under all categories of workers, minimum wages increased by 42% which is the highest ever
India is the fastest highway developer in the whole world, 27 km of highways built each day, projects stuck for decades completed. India now has over 100 operational airports. And when there is such progress, it is only natural that jobs are also created. Indian Railways has experienced the safest years in its history. All unmanned level crossings are completely eliminated on broad gauge networks
75% of woman beneficiaries under PM MudraYojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women
To ensure cleaner fuel and health assurance, we embarked on PM Ujjwala Yojana, a programme to give 8 crores free LPG connections to rural households, out of which 6 crore connections have been given already
750 crores allotted for Rashtriya Gokul Mission
Over Rs, 35,000 crores have been allocated under the ‘One Rank One Pension’ scheme so far by the BJP government.
India’s youth have turned into job creators from job seekers. The country has become the second-largest hub for start-ups
EPFO shows two crore accounts in two years. This shows formalization of the economy. When there is such progressing growth, jobs are created. Gratuity increase from 10lakhs to 30lakhs
8 crores new LPG connections under PM Ujjwala Yojana
The government aims to achieve GST collections worth Rs. 12.9 lakh crore in 2018-19. In the first three quarters of 2018-19, GST collections stood at Rs. 8,71,043 crores
The government is laying out the vision for the most important dimensions for the next 10 years to make India a $10 trillion economy and enhance ease of living including the development of roads, railways, seaports, health, among other things.