Quick insight to the Budget Speech 2019 : Tax 1. 25% tax for all the companies with annual turnover of Rs 400 crore. 2. Lower GST rate fo...
Quick insight to the Budget Speech 2019 :
Tax
1. 25% tax for all the companies with annual turnover of Rs 400 crore.
2. Lower GST rate for electric cars from 12% to 5%.
3. Income tax befit for interest paid of upto 2.5 lakhs for loan taken for electric vehicles.
4. Angle tax relief for start ups who submits appropriate documents.
5. Addition Income Tax deductions of Rs 1.5 lakhs on home loans.
6. Faceless tax assessment to be launched.
7. TDS @ 2% on a cash withdraw exceeding 1 crore in a year from a bank account.
8. Surcharge for individuals having an income between 2-5 crore @ 3% and for those having 5 crore and above @ 7%
9. Government waives MDR charges on cashless payment.
10. Rs 1 cess on petrol and diesel
11. Custom on gold to increase from 10% to 12.5%.
12. Further custom duties have been changed on various other items.
Important statements
1. Fiscal deficit in FY 19 is at 3.3% of the GDP.
2. Reform, Perform and transform is the mantra of the government
3. Minimum government, Maximum governance.
4. India to become $3 trillion economy this year.
5. India is the 3rd largest economy in the world currently.
6. Morden tenant law to be formulated and circulated.Pension benefits for 3 crore retail traders.
7. Pension for shopkeeper and retailers having turnover of less than 1.5 crore.
8. PM Karm Yogi scheme has been announced which will require only Aadhar card and a bank account to avail the benefit of the scheme.
9. Public holding in listed firms may go up to 35% from the current 25%.100 lakh crore for infrastructure for over 5 years.
10. Rs 70,000 crore for PSU banks.
11. Disinvestment target of 1,05,000 crore.
General
1. Make in India making wealth.
2. Job creation is one of the priorities.
3. One nation one card to ensure mobility.
4. Several reforms to promote for rental housing.
5. Payment platforms to be made for MSMEs
6. Initiating electronic fund raising programs.
7. Social stock exchange to boost social schemes.
8. FDI has remained robust.
9. Will open FDI for aviation and media.
10. 100% FDI in Insurance intermediaries.
11. Rs. 350 crore allocated to 2% interest subvention for all GST registered MSMEs on fresh or incremental loans.
12. Foreign Investment portfolios for NRIs.
13. India to go commercial in space.
14. Completion of houses for poor in just 114 days.
15. 1.95 crore houses for the poor by 2022.
16. 30,000 km of roads built with green tech.
17. New national educational policy to improve schools.
18. 3 Indian colleges in global top 200.
19. 10 MN youth to get industry skill training’s.
20. National research foundation to be set up.
21. Water for every rural houses by 2024.
22. Will set up 4 labour codes.
23. Government aims for ease of living for all.
24. Pension for unorganised sector workers.
25. To built women led initiatives.
26. Financial gains from cleaning banks visible
27. Domestic credit growth risen by 13%
28. Recoveries of over 4 lakh crores made.
29. 6 public sectors banks out of critical stage.
30. Aadhar for NRIs with Indian Passports.
31. RBI to regulate housing finance sector.
Disclaimer: This is just a prima facie gist of the budget speech and is only for knowledge purpose.
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