- Companies with more than 50 million turnovers and their customers will not have to pay additional charges on digital payments
- Those who do not have PAN will be able to file income tax returns from Aadhar Card
- This is the first budget of Nirmala Sitharaman. After 49 years, a women’s finance minister presented the budget. Prior to Nirmala Indira Gandhi presented the budget in 1970.
Finance Minister Nirmala Sitharaman presented the first budget of the second term of the Modi government on Friday. Inaugurating the budget speech, he said that our objective is strong citizens for a strong country. On buying the house for 45 lakh, additional interest of 1.50 lakhs on a home loan has been tax-free, i.e. tax of Rs 3.50 lakh will be a tax deduction. There is no change in tax slabs or rates. Learn what happened in the budget cheaper and costly.
Add a trillion dollar economy in 5 years
Finance Minister Nirmala Sitharaman said, “The mega-projects we started in the last five years, it is time to move forward. Chanakya policy says that if the determination is achieved when the objective is fulfilled. There is a lion in Urdu- “If there is any way out, then there is a way out, the lamps burn with air.”
Our economy has reached $ 2.7 trillion in five years. Our aim is Minimum Government, Maximum Governance. We have some objectives for achieving 5 trillion economies. In this fiscal year, we have set a target of $ 3 trillion. We are the world’s 6th largest economy. We have made many structural improvements and there are many more improvements now. Learn what happened in the budget cheaper and costly.
We have added a trillion dollar economy in 5 years. We have set 10 goals. The first goal is to develop a physical structure. Second- to deliver digital India to every sector of the economy. Third- green homeland and pollution free India Fourth – Water management and clean rivers Fifth – Emphasis on MSME, Startup, Defense, Auto and Health Sector Sixth- Blue Economy Seventh- Gaganajay and Chandrayaan Mission. Eighth- Foods. Ninth – Healthy society, Ayushman India and well-nurtured women – children 10th- People’s participation, minimum government, and maximum rule.
Village and poor
The Finance Minister said Gandhiji had said that the soul of India lives in the villages. The origin of all our efforts is the spirit of Antodaya. We have kept the village-poor-farmers in the center of our plans. Except for those who are not inclined, they will get electricity from each rural household. By 2022 we have set a target for everyone. 1.95 crore houses will be constructed from 2019-20 to 2022. They will have a toilet, electricity and LPG connections.
The goal of building per house has been 114 days instead of 314. 97% of the people will get roads in every season. Under the Pradhan Mantri Gram Sadak Yojna, 1.25 lakh km roads will be constructed in the next 5 years. 80250 crores will be spent on this.
Electricity and domestic gas will reach every house by 2022. Zero budget farming will be emphasized. Its purpose is to return to the basic methods of farming. This will accomplish the goal of doubling the income of the farmers.
The 35 million LED bulbs were distributed under the Ujala scheme. This amounted to around Rs 18,341 crore Has saved. These savings are annual. The Ministry of Water Supply will work with the government on a water-live mission. Under this, water will be delivered to every rural household by 2024.
According to Sitharaman, India needs to invest Rs 20 lakh crore every year. FDI should come in aviation, media animation, and insurance. 100% FDI will be allowed in the area of insurance intermediates. Between 2018 and 2030, there is a need of 50 lakh crore investment in Railway Infrastructure. The PPP model will be used in the development of quick development and services related to passenger hire.
The National Common Mobility Card was launched for transport in the country In March 2019. This is the country’s first indigenous payment system. Through this, people can pay a variety of transport charges. For all GST registered MSMEs on fresh or incremental loans, 2% of the grant is Rs. 350 crore. Has been provided. The retailers with a turnover of 1.5 crores will be given pension under the Prime Minister’s Karmayogi Monsoon Scheme. Under this, 30 million additional shopkeepers will get the benefit of pension. I propose to create a social stock exchange so that the enterprises and organizations working in the social welfare sector can collect capital. This stock exchange will work under SEBI. Learn what happened in the budget cheaper and costly.
Startups – Women- migrant
According to Sitharaman, the government will launch the Study In India Scheme. Under this, foreign students will be given higher education in India. Five years ago, there was no Indian university in the top 200 universities of the world and now this list includes 3 universities of India. The exclusive TV channel will be started for startups. Energy and Aspire plans will expand.
Woman Tukaram Narayanan will be launched, Vivekananda said that the world cannot be happy till then, the situation of women does not improve, a bird can not fly with a wing. Participation is a golden saga. I propose a committee, which should keep its suggestions on enhancing this partnership.
Overseas Indians who hold Indian passports will be able to get their support in coming to India. They will not have to wait 180 days. In order to promote India’s growing influence and leadership, the Indian Embassy and High Commission will be opened in some other countries. Four new embassies will be opened in 2019-20.
National Education Policy will be created to change the education system. World-class institutions will be set up from 400 crores. Proposals for the formation of the National Research Foundation, through which the disputes of the departments will be settled. Research of national interest will be given priority. It will also be decided that the research could not be duplicated.
Nirmala Sitharaman said, The women holding the Jan Dhan bank account will get Rs 5000. The facility of overdraft will be available. Records of Rs 4 lakh crore were recovered from IBC and other efforts. NPAs in commercial banks have dropped by more than one lakh crore rupees. During the last 4 years, the recovery of 4 lakh crores has been done. Domestic credit growth has increased by 13.8%. 70 thousand crores will be given to increase the capital of the public sector banks.
Public sector banks will be given an additional 70 thousand crore rupees. One woman working in the Self Help Group will get a loan of Rs 1 lakh under the money scheme. NPAs in commercial banks have dropped by more than one lakh crore rupees. Domestic credit growth has increased by 13.8%. 70 thousand crores will be given to increase the capacities of public sector banks.
100 billion crores will be invested in infrastructure for the next 5 years. New coins of two, five, ten, and twenty rupees were issued. Very soon it will be available to the people. Thank you for becoming a responsible citizen of the country. Foreign debt is below 5% against GDP, it is the lowest in the world.
The Finance Minister said Direct tax collection has increased from 6.38 lakh crore in 2013-14 to Rs 11.37 lakh crore in 2018-19. The increase has been 78%. Corporate tax is 25% for companies with a turnover of Rs. 250 crore annually. Now companies with turnover of 400 crores will also be covered under 25% corporate tax. That is, 99.3% of companies will be within the scope of 25% corporate tax. Only 0.7% of companies will be out of this slab.
If the loan has been taken to buy an electric vehicle, then on payment of interest it will get an additional rebate of Rs 1.5 lakh in income tax. Income tax shall not be investigated in case of startup and fund mobilized by them. On buying a home of up to 45 lakhs, additional interest of 1.50 lakhs on a home loan has been tax-free, i.e. tax of Rs 3.50 lakh will be a tax deduction for tax. The first exemption limit was Rs. 2 lakhs. “This discount is for the house to be purchased by March 31, 2020.
More than 120 million people have an Aadhar card. Those who do not have PAN can file income tax returns with Aadhar card. To prevent the tendency of making business payments in cash, TDS will be 2% for withdrawing more than 10 million from a bank account in a year. The surcharge will be increased to 7% for those earning between Rs 2 crore and Rs 5 crore, which will increase the surcharges for 3% and an annual income of more than 5 crore rupees. Learn what happened in the budget cheaper and costly.
Companies with a turnover of more than 50 million can offer a low-cost mode of digital payment, so they or their customers will not have to pay any additional fee (MDR). Excise duty and road-infrastructure cess @ petrol-diesel will be charged at Rs 1-1 per liter. Customs duty on gold and precious gems will be increased from 10% to 12.5%. Learn what happened in the budget cheaper and costly.