New Delhi: Finance Minister Nirmala Sitharaman presented the Union Budget for the year 2019-2020. Here are some key highlights of the budget:

  • Vision of $5 trillion economy driven by investment.
  • No income-tax is payable by an individual having taxable income up to Rs. 5 lakh.
  • GST – Taxpayers having an annual turnover of less than Rs 5 crore can now file quarterly returns.
  • GST – An electronic invoice system is proposed that will eventually eliminate the need for a separate e-way bill.
  • GST – Fully automated GST refund module shall be implemented.
  • Tax benefits for corporate taxpayers – the threshold for applicability of lower corporate tax rate of 25% increased from ₹250 crore to ₹400 crore.
  • Enhanced interest deduction up to ₹3.5 lakh for purchase of an affordable house.
  • TDS of 2% on cash withdrawal exceeding ₹1 crore in a year from a bank account to promote a less-cash economy.
  • The effective tax rate for individuals having taxable income above ₹2 crore has been increased.
  • Aadhaar and PAN to be made interchangeable.
  • Zero budget farming by go back to basics and replicate the model through which in a few states farmers are already been trained.
  • Ensuring India’s water security – the constitution of Jalshakti Mantralaya by integrating different ministries.
  • Har Ghar Jal to all rural household until 2024 under Jal Jeevan Mission
  • Rationalising and streamlining of KYC norms for Foreign Portfolio Investors to make it investor-friendly.
  • Electronic fundraising programme for a listing of social enterprises, voluntary programme for listing of social enterprises, voluntary organisations.
  • Every single rural family, except those unwilling, to have electricity and LPG connection by 2022.
  • More than 96% of cities declared Open Defecation Free.
  • More than 45,000 public and community toilets uploaded on Google Maps.
  • To expand the Swachh Bharat Mission to undertake sustainable solid waste management in every village.
  • PMAY-Gramin, 1.95 crore houses to be provided to eligible beneficiaries, during 2019-20 to 2021-22; they will have amenities such as LPG, electricity and toilets.
  • The draft legislation will be presented in the year ahead for a Higher Education Commission of India.
  • National Sports Education Board would be set up under the scheme under Khelo India scheme.
  • 10 million youth to take industry skill under PM Kaushal Vikas Yojana.
  • Television programmes within DD bouquet for startups to discuss their problems, funding and design.
  • Women SHG interest subvention programme – overdraft of 5000 should be allowed for their Jan-Dhan account.
  • Woman to be eligible for loan up to 1 lakh under MUDRA scheme.
  • 8 crore free LPG connections to be given under Ujjwala Yojana.
  • Aadhar cards for NRIs with Indian passports without waiting for 180 days.
  • Six PSBs have been enabled to come out of the PCA framework.
  • Further 70000 crore rupees to be provided as capital to improve the credit.
  • Non-performing assets reduced by 1 lakh crore.
  • Public Sector Banks to provide online personal loans.
  • Strategic disinvestment of Air India with an enhanced target of 1,05,000 crore.
  • Pradhan Mantri Karam Yogi Maandhan – Pension benefits to retail traders and small shopkeepers.
  • Enhanced interest deduction for the affordable housing loan.
  • Tax benefits for corporate taxpayers – the threshold for applicability of lower corporate tax rate of 25% increased from ₹250 crore to ₹400 crore.
  • India becomes the sixth-largest economy.
  • Pradhan Mantri Matsya Sampada Yojana launched.
  • Pradhan Mantri Laghu Vyapaari Mann-Dhan Yojana (PMLVMY) – Pension benefits to around 3 crore retail traders and small shopkeepers with an annual turnover of less than ₹1.5 crore.