India’s First woman Finance Minister presented her first Budget in Lok sabha today on 5th July 2019 – Budget 2019
This Budget is pronounced with background of “Reform, Perform, Transform”. The House is adjourned till Monday, however, following are the key takeaways from the day’s proceedings..
- Bharat mala Phase 2 to be launched for restructuring of National Highways
- Increased number of Airports under Udaan scheme
- Jal Marg Vikas and Sagar Mala Projects for waterways transportation improvement
- Ease of access to Micro, Small and Medium Industries by easy facilitation of loans of Rs. 1 crore
- Pension benefits extended to Retail traders and shopkeepers through Pradhan Mantri Karam Yogi Maandhan yojana
- Announcement of Rs. 50 lakh crores investment towards railway Infrastructure
- FDI norms relaxation to the extent of 100% for Insurance Intermediaries.
- Minimum public shareholdings in Listed Companies can be increased from 25% to 35%
- 70000 crore capitalization for public sector banks
- Air India disinvestment targeted at Rs. 1.05 lakh crore
- PAN and AADHAAR to be interchangeable
- Faceless interface for Income Tax Processing
- Additional Deduction of Rs. 7 lakh for affordable housing
- Lower rate of Corporate tax rate of 25% – threshold of qualified turnover increased from Rs. 250 crores to Rs. 400 crores
- GST rate on electric vehicles to be lowered at 5% and additional income tax deduction of Rs. 1.5 lakh on interest on loan towards electric vehicles.
- Exemption period of Capital Gains from sale of house for investing in startup extended towards 31st March 2021
- TDs of 2% on cash withdrawals more than Rs. 1 crore from bank account
- No charges or merchant discount rates by Merchants
- Simplification of GST by facilitating single GST return
- Proposed increase in customs duty on Gold and precious metals to 12.5%