Union Budget 2019 Key Points

Nirmala Sitharaman the Newly appointed Finance Minister of Government of India released her First Union Budget on 5th July , 2019.

Here are the main Key points of her Budget that you should know :

  • MSMEs will be given Loans of upto ₹1 crore for ease of access.
  • Govt. will create a payment platform for MSMEs.
  • PM Karam Yogi Maan Dhan scheme : Govt. will extend pension benefits to 3 crore retail traders and shopkeepers who have a revenue of less than ₹1.5 crore.
  • Proposed investment of ₹50 Lakh crore for Railway Infrastructure between 2018 & 2030.
  • Restructure the national highway program in the second phase of Bharat Mala.
  • Proposed “One Nation, One Grid” for power availability to states at affordable rates
  • ” 100% FDI for insurance intermediaries.”
  • Global Investor’s meet to be held in India.
  • Due to less NRI Investment in Indian Capital Market , it is going to be merged with FPI’s.
  • A social stock exchange for voluntary & social organisations, to raise capital, equity and debt.
  • A public sector enterprise , New Space India Ltd. has been incorporated to tap the benefits of R&D carried out by ISRO.
  • “By 2022, power and LPG will be provided to all households in India”
  • Under PMAY Grameen 1.95 crore houses proposed to be provided by 2021
  • 1.25 lakh kilometers of roads will be upgraded under PM Gram Sadak Yojana which will cost around ₹80,000 crore.
  • FM proposes zero-budget farming, as a model for farmers adding “Steps such as this can help doubling farmers income.”
  • Rashtriya Swachchta Kendra will be inaugurated at Gandhi Darshan on Oct 2, 2019.
  • A Gandhipedia is being developed to sensitize youth and society at large on positive Gandhian values”
  • FM Proposed to establish a National Research Foundation to fund and coordinate research work in India.
  • FM : “We propose to start a TV channel, within DD’s boquet of channel, just for start-ups.”
  • ‘Study in India’ initiative is going to be started for the exchange of foreign student for Higher Education.
  • “Labour laws to be streamlined into four basic labour codes”
  • FM proposed to issue Aadhaar to NRIs with Indian Passport after their arrival in India without make them wait for 180 Days.
  • National Sports Education Board for development of sports persons to be set up under Khelo India to Popularize Sports at all Level.
  • Lower tax rates of 25% was applied to the companies having annual turn over ₹250 Crore . Now it will be applied to all the companies having turn over up to ₹400 Crore.
  • “Additional income tax deduction of Rs 1.5 lakh on the interest paid on loans for EVs”
  • Startups who file declarations will not be subjected to scrutiny in valuation to resolve the angel tax issue.
  • FM Proposed to allow an additional tax deduction for self-occupied house owners of Rs 1.5 lakh on interest paid on housing loans.
  • Income Tax Return can be filed without the PAN by quoting Aadhaar only.
  • FM propose “to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account.”
  • Propose to enhance surcharge on individual income of Rs 2-5 crore by 3 % and over Rs 5 crore by 7%.
  • Increase a special additional duty and road and infrastructure cess by Re 1/litre on diesel and petrol .
  • The Custom Duty on Gold increase by 2.5%.

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One thought on “Union Budget 2019 Key Points

  • 25th August 2019 at 12:52 PM
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    Been looking for this article for long time ago and finally found here. thanks for sharing this post. appreciate!

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