Union Budget 2019 Highlights PDF Download with Full Analysis – Union Budget 2019-20 PDF
Union Budget 2019 Highlights PDF Download with Full Analysis
- 1 New India by 2022
- 2 Performance/Review of Flagship Schemes
- 3 Poor and Backward Classes
- 4 Agriculture and Rural Economy
- 5 Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
- 6 Labour and Worker Dignity
- 7 Pradhan Mantri Shram-Yogi Maandhan
- 8 Women’s development to women led development
- 9 Youth
- 10 MEMEs and Traders
- 11 Defence
- 12 Infrastructure
- 13 Railways
- 14 Digital India Revolution
- 15 Entertainment
- 16 Simplification of Direct Tax System
- 17 GST Reform
- 18 Demonetisation
- 19 10-point strategy to drive the company’s growth over the next decade
- 20 Fiscal Management
- 21 CSPE
- 22 Tax Proposals
- 23 Union Budget 2019 Highlights PDF Download
- An Interim Budget is not the same as a ‘Vote on Account‘. While a ‘Vote on Account’ deals only with the expenditure side of the government’s budget, an Interim Budget is a complete set of accounts, including both expenditure and receipts.
- An Interim Budget gives the complete financial statement, very similar to full Budget. Full budget to be presented by the new government to be elected in upcoming general elections 2019.
- India after 75 years of independence. (i) which is clean and healthy (ii) where everybody would have a house with universal access to toilets, water and electricity. (iii) where farmer’s income would be doubled (iv) where youth and women would get ample opportunities to fulfill their dream.
- 6th largest economy in the world.
- Poised to become a 5 trillion dollar economy in the next 5 years and $10 trillion economy in the next 8 years. Average annual GDP of past 5 years are best under any govt. after 1991 reform. Contained the hidden tax on poor – inflation.
- Banking Reforms and Insolvency and Bankruptcy Code (IBC) – 3 lakh crore has already been recovered in favour of banks and creditors. The 4Rs approach of
1. Recognition
2. Resolution
3. Re-capitalization
4. Reforms - Swachh Bharat – India has achieved 98% rural sanitation coverage and as many as 5.45 lakh villages have been declared ‘Open Defecation Free’.
- Ayushman Bharat – close to 10 lakh patients have benefited.
- 22nd AIIMS in Haryana.
- Aspirational Districts Programme – targeted development in the 115 most backward districts.
- The poor have the first right on the resources of the nation. 10% reservation in educational institutions and Government services for EWS. 25% extra seats (approximately 2 lakh) will be provided so that there is no shortfall of presently available/reserved seats for any class.
- Saubhagya Yojna – free electricity connection to almost every household. By March, 2019, all willing families will get electricity connection.
- Under the Pradhan Mantri Gram Sadak Yojana, construction of rural road has been tripled – 15.80 lakh habitations out of a total of 17.84 lakh habitations have already been connected with pucca roads.
- 60,000 crores being allocated for MGNREGA in 2019-20.
- Declining prices of agriculture commodities in the international market and fall in food inflation in India since 2017-18, relative to non-food sector, have reduced the returns from farming.
- To provide an assured income support to 12 crore small and marginal farmers. Those owing cultivable land upto 2 hectares, will be provided direct income support at the rate of 6,000 per year.
- Expenditure of 75,000 crore in FY20, 20,000 crore in FY19.
- Rashtriya Kamdhenu Aayog to upscale sustainable genetic up-gradation of cow resources and to enhance production and productivity of cows. Separate department of Fisheries.
- Benefits of 2% interest subvention to the farmers pursuing the activities of animal husbandry and fisheries who avail loan through Kisan Credit Card.
- High growth and formalization of the economy has led to the expansion of employment opportunities as shown in EPFO membership, which has increased by nearly 2 crore in two years.
- New Pension Scheme (NPS) has been liberalized – Govt contribution up by 4% (to 14%).
- In the event of death of a labourer during service, the amount to be paid by EPFO has been enhanced from 2.5 lakh to 6 lakh.
- Payment of gratuity has been enhanced from 10 lakh to 20 lakhs.
- Mega pension scheme for the 10 crore unorganised sector workers with monthly income upto Rs. 15,000. Assured monthly pension of Rs 3,000. Contribution is of 100/55 rs.
- A committe under NITI Aayog will be set up to complete the task of identifying De-notified, Nomadic and Semi Nomadic communities not yet formally classified.
- Welfare Development Board under the Ministry of Social Justice and Empowerment specifically for the purpose of implementing welfare and development programmes for the above communities.
- 8 crore free LPG connections under Ujjwala Yojana. 6 crore already delivered. 70% of the beneficiaries Mantri MUDRA yojana are women. Maturity leave of 26 weeks.
- India has become the world’s second largest start-up hub. Job seekers becoming job creators. National Prgramme on ‘Artificial Intelligence’ has been envisaged. National Centre on Artificial Intelligence as a hub along with Centres of Excellence. National Artificial intelligence portal will also be developed.
- Government e-Marketplace (GeM) – Transactions of over 17,500 crore have taken place, resulting in average savings of 25-28%. The GeM platform is now being extended to all CPSEs.
- Name Change – Department of Industrial Policy and Promotion : Department for Promotion of Industries and Internal Trade
- DIPP is under which ministry? -> Ministry of Commerce And industry
- Defence Budget will be crossing 3,00,000 crore for the first time in 2019-20. One Rank One Pension (OROP) crore.
- Domestic passenger traffic has doubled during the last five years.
- UDAAN, Pakyong airport
- Inland waterways (Varanasi to Haldia)
- Sagarmala
- Arunachal Pradesh came on the air map recently and Meghalaya, Tripura and Mizoram have came on India’s rail map for the first time.
- Indian Railways has experienced the safest year in its history.
- All Unmanned Level Crossings on broad gauge network have been eliminated.
- Introduction of the first indigenously developed and manufactured semi high-speed “Vande Bharat Express”.
- 3 Lakh Common Service Centres (CSCs) employing about 12 lakh people.
- 1 lakh villages into Digital Villages over next five years.
- JAM trinity – 34 crore Jan Dhan bank accounts were opened.
- Single window clearance for ease of shooting films, available only to foreigners, is now going to be made available to Indian filmmakers as well.
- Tax collections increased significantly from 6.38 Lakh crore in 2013-14 to almost 12 lakh crore this year.
- Returns filed increased from 3.79 crore to 6.85 crore showing 80% growth in tax base.
- Reform in IT return infra – All returns will be processed in 24 hours and refunds issued simultaneously.
- Anonymized tax system without any intervention by tax officials.
- The average monthly tax collection in the current year is 97,100 crore per month as compared to 89,700 crore per month in the first year.
- Returns are fully online and e-way bill system is in place.
- Exemptions from GST for small businesses has been doubled from 20 lakh to 40 lakh.
- Businesses with less Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to file quarterly returns.
- Small service providers with turnover upto 50 lakhs can now opt for composition scheme and pay GST at 6% instead of 18%.
- Undisclosed income of about 1,30,000 crore to tax, led seizure and attachment of assets worth approximately 50,000 crore.
- 3,38,000 shell companies have been detected and de-registered.
- 1. To build physical and social infrastructure for a $10-trillion economy and to provide ease of living.
- 2. Digital India reaching every sector of the economy.
- 3. Making India a pollution free nation.
- 4. Generating massive employment built upon the “Make in India” programme to develop grassroots level clusters.
- 5. Clean rivers.
- 6. Powering India’s coastline growth through the development of ports and sea-freight industry.
- 7. Developing a space programme named Gaganyaan. India has become the launch pad for satellites of the world.
- 8. Making India self-sufficient in food and exporting to the world, while producing food in the most organic ways.
- 9. Aiming at a healthy society and environment of health assurance.
- 10. Minimum government, maximum governance with a proactive and responsible bureaucracy.
- Fiscal deficit for FY (2019-20) is 3.4% of GDP and FY19 (2018-19) is 3.4% of GDP (upward revision).
- Fiscal deficit for FY20 would have been 3.1% without allocation of Rs. 75,000 crore for income support for farmers under the PM Kisan Yojana.
- Fiscal deficit is the difference between total expenditure of the government and sum of its revenue receipts, recovery receipts, recovery of loans and other receipts.
- The government received over 1 lakh crore from disinvestment proceeds during 2017-18. Target of 80,000 crore in 2018-19. .
- 56,619 crore in 2018-19 BE (Budget Estimate)
- 62,474 crore in 2018-19 RE (Revised Estimate)
- 76,801 crore in BE for 2019-20
- 39,135 crore in 2018-19
- 50,086 crore in 2019-20
Allocation for welfare of the Scheduled Castes
Allocation for welfare of Scheduled Tribes
- The main tax proposals will be presented in the regular budget.
- Individual taxpayers having taxable annual income up to 5 Lakhs will get full tax rebate and therefore will not be required to pay any income tax.
- 3 crore middle class tax payers to benefit. Tax slabs remain unchanged.
- Standard Deduction has been raised from the current 40,000 to 50,000. TDS threshold on interest earned on bank/post office deposits is being raised from 10,000 to 40,000. TDS threshold on rental income raised from 1.8 Lakh to 2.4 Lakh.
- The benefits of rollover of capital gains will be increased from investment in one residential house to two residential houses for a tax payers having capital gains up to 2 crore. This benefits can be availed once in a life time. Exemption in levy of income tax on notional rent on a second self-occupied house.
| Taxable Income Slabs | Income Tax Rates and Cess |
|---|---|
| Up to Rs 2.5 lakh | Nill |
| Rs 2,50,001 to Rs 5,00,000 | 5% of (Total income minus Rs 5,00,000) + 4% of cess |
| Rs 5,00,001 to Rs 10,00,000 | Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% of cess |
| Rs 10,00,001 and above | Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% of cess |
Candidates can download the PDF for Union Budget 2019 by clicking on below link.
Union Budget 2019 PDF
Union Budget 2019 PDF
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