After a pre-election Interim Budget in February 2019, the Prime Minister Narendra Modi government presented it’s first Union Budget of it’s second tenure on July 5, Friday. The Union Budget 2019-20 was presented in the parliament by the newly nominated Union Finance Minister Nirmala Sitharaman. While presenting the Budget, she emphasised that the budget is to boost the infrastructure and foreign investment.
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While making the key announcements, Sitharaman said that the digital payments will get cheaper, govt. will launch an ATM-like ‘One Nation One Card’ for pan-India travel and new model rental laws will be unveiled to boost affordable housing. “Indian economy will grow to become 3 trillion dollar economy this year,” the Union Minister said in her budget speech. “Gaon, Gareeb aur Kisan” focal point of all programmes,” she added. There will be no income tax for income less than Rs. 5 lakh a year.
Electric vehicles and affordable houses have become cheaper. Petrol, diesel, imported gold and precious metals, imported paper and paper products including printed books, CCTV cameras, imported cashew kernels and cigarettes have become expensive in this Union Budget 2019. Among the union budget highlights is the Aadhaar which will be issued for the Non-resident of India (NRIs) with Indian passports after arrival without mandatory waiting period. Now, have a look on the highlights of the Union Budget 2019-20 in detail:
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1. Taxes:
– No change in the personal income tax rates.
– Additional Rs. 1.5 lakh rupees interest paid on home loan for purchase of a house up to Rs. 45 lakh, borrowed on or before March 31, 2020.
– Custom duty hike on fuel by 1 rupee, gold and precious items; Petrol & diesel to get costlier. According to the Budget proposals, import duty to be hiked on gold and precious metals to 12.5%, from current level of 10%.
– 3% surcharge on an income of Rs. 2 crore; 7% on Rs. 5 crore and above.
– No income tax for income less than Rs. 5 lakh a year.
– Corporate tax with turnover of up to Rs. 400 crore slashed to 25 per cent from a current rate of 30 per cent. This means that the companies having their annual turnover of Rs. 400 crore will pay only 25% of corporate tax. This covers 99.3% of all the companies.
– To discourage the practice of making business payments in cash, the government has proposed to levy Tax Deducted at Source (TDS) of 2% on cash withdrawal exceeding Rs. 1 crore in a year from a bank account.
– No charge on digital payments, Merchant Discount Rate (MDR) charges waived on cashless payments.
– Direct tax collection increased by 78%; Tax collection rose from Rs. 6.38 lakh crore in 2013-14 to Rs. 11.37 lakh crore in 2018.
– Interchangeability of PAN and Aadhaar for Income Tax Return (ITR). The ones who do not have PAN Cards can now use their Aadhaar Cards for filing their Income Tax Return.
– The government has advised Goods and Service Tax (GST) Council to reduce the tax rate on Electric Vehicles (EVs) from 12 per cent to 5 per cent.
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2. Housing:
– 1.95 crore houses will be provided to eligible beneficiaries.
– The government has proposed the Reserve Bank of India (RBI) to be the regulator for housing finance companies.
– Tax holiday on profits earned by developers of affordable housing.
– Rental laws to be reformed, modern tenancy laws will be shared with states to promote house renting.
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3. Ease of Living:
– Aadhaar card to be provided to Non Resident Indians (NRIs) on arrival in India, without waiting for the mandatory 180 days.
4. Pension:
– Pension to be provided to three crore retail traders.
– Pension for shopkeepers, retailers with turnover less than Rs. 1.5 crore.
– Rs. 3000 per month pension for the workers in the informal sector.
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5. Transportation:
– Inter-operable One Nation One transport card: ATM-like Transport card for the all India travel on various modes of transport (metro, road, railways, etc).
– Govt plans to create MRO (Manufacturing, Repair and Operate) industry.
– Public Private Partnership (PPP) to be used to unleash faster development and the delivery of passenger freight services.
– Comprehensive restructuring of National Highways Programme for the creation of National Highways Grid.
– Government envisions to use rivers for cargo transport to decongest roads and railways.
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6. Economy:
– India will grow to become a $3 trillion economy (from $2 trillion) in fiscal 2020. Fiscal deficit in Fiscal Year 2019 at 3.3% of the GDP.
– Government will start raising part of borrowing in foreign currency.
– Government external debt to GDP is among the lowest in the world.
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7. Women Empowerment:
– Nari tu Narayani: Women Self Help Group (SHG) Interest Subvention Programme to be expanded to all the districts across India.
– Rs. 1 lakh loan to be provided to the SHG women members under MUDRA Scheme.
– Every verified woman SHG member having a Jan Dhan account can avail Rs. 5,000 rupees overdraft facility.
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8. Banking:
– Public Sector Banks (PSBs) to be provided with Rs. 70,000 crore to boost capital and improve credit.
– PSBs will use a certain technology which will enable customers of one PSB to access service across all PSBs as well.
– On purchase of the high-rate pooled assets of Non Banking Finance Companies (NBFC) amounting of Rs. 1 lakh core in this FY (2019-20), government will provide one-time 6 month credit guarantee to PSBs.
– Government has proposed strengthening the regulatory authority of RBI over NBFCs have been made.
– Regulation authority over housing finance sector to be returned from National Housing Bank to RBI.
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9. Railways:
– Budgetary allocation of Rs. 65,837 crore and the highest ever outlay for the capital expenditure amounting to Rs. 1.60 lakh crore for railways.
– More PPP initiatives to be encouraged in Railways.
– Government to complete the freight corridor project by 2022.
– Railways to be encouraged to invest more in suburban rail network through Special Purpose Vehicles (SPV) structures such as Rapid Regional Transport System (RRTS).
– Railway infrastructure will need an investment of Rs. 50 lakh crore between 2018 and 2030.
– Massive programme for modernisation of railway stations to be launched in 2019.
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10. Education:
– Govt. to launch ‘Study in India’ programme to attract foreign students in higher education.
– Of the total ₹94,853.64 crore education budget, ₹56,536.63 crore has been allocated for the school sector and ₹38,317.01 crore for the higher education.
– Allocate Rs. 400 crore for the world-class higher education institutions in FY 20.
– To unveil a new education policy.
– National research foundation to fund, coordinate and to promote research in the country.
– New Higher Education Commission with focus on higher autonomy.
– New national education policy to propose changes in school and the higher education.
– To make the Indian youth ready to take up jobs in the foreign countries, more emphasis on new-age skills like Artificial Intelligence, Internet of Things, Big Data, etc.
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11. For Rural India:
– Gaon, Garib and Kisan are the focus of the government.
– New Jal Shakti ministry will work with states to ensure Har Ghar Jal for all rural houses by 2024.
– Pradhan Mantri Gram Sadak Yojana (PMGSY) phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years.
– Govt will set up 100 new clusters for 50,000 artisans in FY 20.
– To invest Rs. 80,250 cr for the upgradation of roads under PM Gram Sadak Yojana.
– Every single rural family, except those unwilling, to have electricity by 2022.
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12. Agriculture:
– Govt. to promote innovative zero Budget farming.
– 10,000 new farm produce organisations.
– 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries.
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13. Space:
– India has emerged as a major space power. It is time to harness our ability commercially.
– A public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap the benefits of ISRO.
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14. Sports:
– To make people play and make sports popular at all levels, National Sports Education Board for the development of sportspersons to be set up under ‘Khelo India.’
15. Growth:
– Centre to invest in raising foreign direct investment in media and aviation. There will be 100 per cent FDI for the insurance intermediaries.
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16. Start-ups:
– A TV programme for the start-ups under Doordarshan, designed and run by start-ups themselves.
– Angel investors and start-ups who file tax returns won’t be subjected to scrutiny
E-verification will resolve the issue of identifying the investor and the source of funds.
However, looking at the Budget highlights in detail, we can derive a conclusion that Electric vehicles, affordable houses, imported defence equipment, imported parts of electric vehicles, imported raw material for manufacture of artificial kidneys and imported wool fiber, wool tops have become cheaper.
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While, the commodities like Petrol, diesel, cash withdrawal over Rs. 1 crore/year, imported auto parts, imported gold and precious metals, imported paper and paper products including printed books, imported loud-speakers, indoor and outdoor unit of split AC, imported plugs, sockets, switches, CCTV cameras, IP cameras, PVC, Vinyl flooring, Metal fittings, tiles, imported cashew kernels and cigarettes have become expensive.
