Yashpal Raut
The Finance Minister of India Piyush Goyal presented the Union Budget 2019 in the national assembly. It is the Interim Budget & also called Vote on Account Budget. Many welfare schemes specially for farmers, labour along with various sections of society are announced in the budget. For all those with annual income less than Rs. 5 lakh dont have to pay tax now. Poor & marginal farmers will get anual financial assistance of Rs. 6,000 every year. Workers in unorganized sections with more than 60 years of age will get monthly pension of Rs. 3000.
Budget 2019: Highlights
| Individual Tax Payers |
Full Tax Rebate:
|
| Tax slabs remains unchanged |
| Standard Tax Deductions: Standard tax deductions for salaried individual tax payers raised from Rs. 40,000 to Rs. 50,000 |
|
| Gratuity limit is increased from 10 lakh to 30 lakh rupees. |
| Agriculture, Labor & Horticulture |
| Pradhan Mantri Shram Yogi Mandhan Yojana: A monthly pension of Rs. 1,000 for workers in unorganized sections with age more than 60 years |
| Pradhan Mantri Kisan Samman Nidhi Yojana: Yearly financial assistance of Rs. 6,000 for farmers with upto 2 hectors of agricultural land. |
| Rashtriya Gokul Mission: A increased budget of Rs. 750 cores in the current year |
| Businesses |
| Quarterly returns for for businesses with less than turnover of 5 crore rupees & 90% of GST payers. |
| Most of the items used in daily consumption are in the GST bracket of 0-5% |
| Two percent interest subvention on GST registered MSME loans upto Rs. 1 crore |
| For last two years all the tax verifications done electronically by the IT department without any manual intervention. |
