Indian Budget Highlights: Union Budget 2019 Summary
- Increase excise duty on tobacco
- Customs duty of some products will be increased to promote ‘Make In India’.
- Silver and GOLD imports are expensive: Customs duty of gold and silver imported from abroad has been increased from 10% to 12.5%.
- An increase of 1 rupee per litre of excise duty on petrol and diesel.
- Booster dosage to the Defence sector: abolish custom duty on imports of equipment
- 5% duty will be on Books imported from abroad.
- No tax on income up to Rs 5 lakh.
- 7% surcharge on revenues of more than 5 crores.
- An increase of 3% in surcharge in annual income of 2 to 5 crores.
- Tax surcharge increased on the country’s Rich people, Surcharge increased over an additional income of Rs 2 crore annually.
- No relief for Minor shoppers on online payment.
Tax Slab Budget 2019
- Taxes on withdrawals of more than Rs 1 crore: 2% TDS on withdrawals of over Rs 1 crore Rupee
- To Pay Income-tax Adharcard is available as an option: Till now only a PAN card was required to fill the income tax return, but now it can file an IT return through an Aadhar card.
- Relief on loan interest for home buyers up to Rs. 45 lakh, there will no interest for home up to 1.50 Lac.
- Relief on Home loan interest: Now, for the affordable housing relief up to 3.5 lakh of interest.
- Big relief for startups in tax: Startups will not be harassed by the IT department, The cases from the IT department against the startups will be settled quickly.
- Corporate Tax Relief: A Companies having a turnover of up to 400 crores will have to pay 25% corporate tax.
- Tax on electric vehicles reduced from 12% to 5%, Government will provide Interest subsidy for purchase of e-vehicle up to Rs 1.5 lac.
- Corporate tax relief: Companies having income less than 400 crores in the country will have to pay 30% tax that means 99.3% of total companies. ie now only 0.70% will pay 30% tax.
- About Air India: the process of selling Air India will start again.
- The new coins of Rs. 5 and 10 will be made for the eyeballs.
- New currency coins worth 20 rupees will be released.
- The Women Self Help empowerment plan will be started in every district of the country.
- Government shareholding in PSU companies will be reduced by 51%, The number of government banks will be reduced up to 8 number.
- To develop basic facilities, the central government will invest Rs 100 lakh crore in the next five years.
- PSU banks get rid of six months of credit guarantee to support strong NBFCs.
- NBFC’s Regulatory Authority will change: Now it will be managed by the Reserve Bank of India, not the National Housing Board, to improve the status of the NBFC sector.
- The government will put 70,000 crores in banks: Modi government announces Rs 70,000 crore for strengthening government banks
- Banks recovered Rs 4 lakh crore under IBC, Rs 1 lakh crore reduction in banks’ NPA.
- The government will allow overdraft of up to Rs 5000 for women holding JANDHAN Bank account.
- Now NRI to get Aadhar card: Government will provide Aadhar Card immediate basis to All NRI when they will come back to India.
- Under the Mundra Yojana, Government has provided Rs 1 lakh crore to Women for financing. Interest on women’s self-help groups is relaxed, Women will get an interest subsidy of Rs.5000.
- Under the Ujjwalla scheme, 35 million bulbs have been distributed. The scheme has saved the public’s 18,341 crores.
- The 1,25,000 kilometre road network will be upgraded under the Prime Minister’s Gram Sadak Yojna.
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