From tax relief for middle class to sop for farmers: Highlights of Budget 2019
Here are the highlights of Interim Budget 2019 being presented by Finance Minister Piyush Goyal
On February 1, in the absence of Finance Minister Arun Jaitley, interim Finance Minister Piyush Goyal is presenting the NDA government's interim budget.
The budget, which is being presented two months ahead of the general elections, have all eyes on it as it will make or break the present government's future in power.
The budget is also crucial as the PM Narendra Modi Cabinet, has been facing increasing criticism over several issues like rising farmer distress, loss of jobs and a lower growth rate.
Here are the highlights of Interim Budget 2019 being presented by Finance Minister Piyush Goyal on February 1:
Allocation for North Eastern Region proposed to be increased by Rs 58,166 crore on this year 21% increase from last year: FM
Disbursed Rs 35000 crore under one rank one pension, over Rs 3 lakh crore allocated for Defence
FM Piyush Goyal said, "Our soldiers are our pride and honour; #OROP, pending for last 40 years, has been implemented by us"
A committee under NITI Aayog to be set up to identify and denotify nomadic and semi-nomadic communities; Welfare Development Board to be set up under Ministry of Social Justice and Empowerment for the welfare of these hard-to-reach communities
Under Pradhan Mantri Kisan Samman Nidhi, Rs 6000 per year to be provided for each farmer. This amount to be given in three installments. It shall be transferred directly to farmers' bank accounts. This scheme is for farmers with less than 2 hectares of land holding
Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with a contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age
Budget 2019 to provide assured income support for small and marginal farmers
For the welfare of farmers and for doubling their income, a decision has been taken to increase MSP (Minimum Support Price) by 1.5 times the production cost for all 22 crops
Allocation for North Eastern Region proposed to be increased by Rs 58,166 crore on this year 21% increase from last year
"GST is undoubtedly the biggest taxation reform implemented since Independence; through tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business," said Piyush Goyal
18 per cent increase in Direct Tax in 2017-18; 1.06 people included in the tax base; More than one crore people filed tax for the first time after demonitisation
Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities
Benefits under Sec 80IBA of the Income Tax Act being extended for one more year, for all housing projects approved till the end of 2019-2020
Piyush Goyal said, "We are poised to become a 5 trillion dollar economy in the next 5 years and we aspire to become a 10 trillion dollar economy in the next 8 years"