By- Lakshita Sharma (LLB)
Tax
Personal income tax rates remained unchanged.
Additional relief of Rs.1.5 lakh on home loans.
Custom duty hike of rupee 1 on gold, precious items.
Cess of Rupee 1 per litre on petrol, diesel.
Surcharge rate increase on super rich. 2-5 crore income=3% surcharge, 5 crore or more= 7% surcharge
Taxpayers having turnover below Rs. 5 crore need to file only quarterly.
Annual turnover limit for 25% corporate tax slab has been raised to Rs.400 crore from Rs.250 crore
Revenue from direct tax has grown by 78%.
For filing ITR, Interchangeability of PAN and AADHAAR. In case the Taxpayer does not have Aadhaar Number, can file Tax by PAN No.
Customs duty of 5% levied on imported books
Custom duty exemption to certain parts of electric vehicles.
Ease of living
Now NRIs with Indian passport can get Aadhaar Card under 180 days.
Shopkeepers with annual turnover of less than Rs. 1.5 crore to get pension benefit.
Embassies propped to be opened in countries where India does not have a resident diplomatic mission.
Proposal to streamline labour laws into a set of 4 labour codes
Housing to get affordable
In order to reform rental laws and to promote house renting, sharing of modern tenancy law with states
To Boost Digital payment
Withdrawal of Rs.1 crore in a year from bank accounts for business payment shall attract a charge of 2% TDS
Cashless payment is waived off from MDR charges.
Reforms in Banking
One-time 6 months credit guarantee on purchase of NBFC amounting to Rs. 1 Lakh crore in this FY.
PSU bank to get Rs.70,000 crore capital
Regulation of HFCs( housing finance companies) to shift from National Housing Bank to RBI
Railways
New PPP model to be launched
More Investment in Suburban rail network
MSME
Fund raised by Start-Ups does not need to be scrutinized by I-T department
GST-registered MSME to get 2% interest subvention on fresh or incremental loans
Continuation of Start-Up India Scheme till 2025
A new television channel dedicated to start-ups.
New Platform for MSME to make payment is to be created
Education
A new programme named “study in India” to be launched to attract more foreign students in higher education
To create a world-class higher education institution, the allocation of Rs.400 crore is to be made in FY20
A new National Research Foundation to coordinate, fund and promote research in the country.
New education policy to suggest reforms in schools, higher education institutions
Empowering Women
Nari Narayani- Women SHG Subvention Programme shall be extended to all district in India.
SHG women to get Rs 1 lakh loan.
Overdraft facility of Rs. 5000 to every verified woman SHG member having JanDhan account.
Sports
Under Khelo India Scheme, to promote sport at all levels and for the development of sportspersons, a National Sport Education Board has been set up
Tourism
Development of 17 iconic world-class tourist sites
Foreign Direct Investment
FDI proposed in aviation, insurance, animation AVGC and media
More relaxed local sourcing norms for retailer of a single brand.
Investment
A Rationalized and simplified version of KYC norms for FPIs
Long term bonds for market
FIIs and FPIs investment to be allowed in debt securities by NBFCs
Social Stock Exchange for listing social enterprises and voluntary organizations, regulated by SEBI
The merger of FPI route and NRI portfolio route.
Increase in the statutory limit to make foreign investment in some companies
Setting up of Credit guarantee enhancement cooperation
RBI and SEBI depositors to be made inter-operable
For deepening corporate tri-party repo market in corporate debt securities, stock exchanges to permit AA rated bonds as collateral
SEBI to mull hike in minimum public shareholding from 25% to 35%
To attract global players for investment in India, the organization of Annual Global Investors’ Meet.
Auto Sector
For encouraging adoption of electric vehicles, FAME II scheme to provide incentives and right charging infrastructure.
Rural India
The focus of govt. gaon, Garib and Kisan
To achieve an aim of Har Ghar Jal in all rural houses by 2024, the formation of a new Jal Shakti Ministry
Proposed setting up of 100 new clusters for fifty thousand artisans in FY20
Govt’s vision to upgrade 1,25,000 km of road length over the next 5 years under phase 3 of PM Gram Sadak Yojana
Each rural family to have LPG chulha and electricity by 2022, except those unwilling to have
Agriculture
Invocative zero budget farming is to be promoted
Around 10,000 new farms produce organizations
Under ASPIRE, Livelihood business incubators(80) and technology business incubator(20) is proposed to be set up in 2019-20 with an aim to develop skilled entrepreneurs in agro-rural industries.
Space
New Space India Limited (NSIL), a public sector enterprise has been set up to tap benefits of ISRO
Click here to know more about the majors 100 highlights of Budget-2019
Socio-economic measures
Gandhipedia- to sensitize youth with Gandhian philosophy
BharatMala, SagarMala and UDAN like schemes are filing rural-urban gap and giving us improved transport infrastructure.
NPAs got down by Rs1 lakh crore the previous year.
Rashtriya Swachhta Kendra to be open at Rajghat on 2nd October
A 10 point vision for New India was laid down by Government.
This year India is expected to become $3 trillion economies, various structural reforms are on the way to achieve a goal of $5 trillion economies.
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