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February 01, 2019

Union Budget 2019 Highlights - Pdf Download

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Finance minister Piyush Goyal today (1st February 2019) presented the much awaited Interim Union Budget 2019 in Lok Sabha. Let's have a look at the important aspects of Union Budget 2019. You can download  the PDF Version of Union Budget 2019 from below link. All the Best :)

Download PDF Version of Union Budget 2019 Highlights from HERE

Background of Union Budget 2019

  • Piyush Goyal was appointed interim finance minister on January 23 with Arun Jaitley undergoing treatment in the United States.
  • This is Modi government’s 6th union Budget and 1st Interim budget.
  • An Interim Budget usually doesn't list out new schemes or doesn't unveil any policy measures. 
  • This budget is crucial given that it is taking place months ahead of the Lok Sabha elections 2019. Any major announcement will have major political significance.
  • The Economic Survey 2019 was not presented. The new government, elected after general elections due by May, is expected to present a full budget in July along with the Economic Survey.

Important Highlights of Union Budget 2019 (Quick Glance)

  • All farmers affected by natural disasters to get 2% interest subvention upfront for entire loan period
  • Current account deficit for 2018/19 seen at 2.5% of GDP
  • Farmers up to 2 hectare of land to come under PM Kisan scheme
  • Government launches mega pension scheme for social security coverage of unorganised labour
  • Fiscal deficit for 2018/19 seen at 3.4% of GDP
  • Recovered ₹3 lakh crore via bankruptcy code
  • Bank of India, Bank of Maharashtra and Oriental Bank no more under RBI's prompt corrective action
  • Poor farmers to get ₹6,000 per year under PM Kisan scheme
  • PM Kisan to transfer cash directly to farmers under PM Kisan scheme
  • Poor farmers to get cash in three equal installments under PM Kisan scheme  
  • PM Kisan scheme for poor farmers to cost government ₹75,000 crore FY20
  • PM Kisan scheme for poor farmers to get ₹20,000 crore in FY19
  • PM Kisan scheme to transfer cash directly to farmers' accounts
  • PM Kisan scheme to start transfer of cash with effect from December 2018
  • Government announces Rashriya Gokul Mission to support poor owning cows  
  • Rashriya Gokul Mission cow scheme to get ₹750 crore in the current year
  • Central government to alone support PM Kisan scheme
  • All farmers affected by natural disasters to get 2-5% interest subvention
  • Gratuity cap doubled to ₹20 lakh
  • Government to contribute equally in pension accounts under mega pension scheme
  • Unorganised labour to get ₹3,000 per month after age of 60 under mega pension scheme
  • Government to implement mega pension scheme for unorganised labour from this year itself
  • Mega pension scheme is for people with income up to ₹15,000 per month
  • PM mega pension scheme to benefit 10 crore people
  • Total of 8 crore cooking gas cylinders to be distributed by next year under PM Ujwala Yojna
  • Government to contribute 14% under New Pension Scheme
  • India is the second biggest hub for start-ups
  • A National Programme for Artificial Intelligence covering 9 areas to be promoted
  • Government projects to source 25% material from SMEs, 3% from only women-owned SMEs
  • GEM platform to cover all public sector enterprises to promote local industry, trade
  • SME loans with ticket size of ₹1 crore to get 2% interest subvention
  • Defence Budget crosses ₹3 lakh crore mark in FY20 Budget
  • Budgetary support for railways for FY20 is ₹64,587 crore
  • Railways' operating ratio seen at 96.2% in FY19, 95% in FY20
  • North-east states to get 21% higher budget allocation at ₹58,166 crore in FY20
  • Will set up 1 lakh digital villages in next 5 years
  • JAN Dhan, Aadhar and mobile have been game changers
  • 34 crore Jan Dhan bank accounts opened in last 5 years
  • Single window clearance to be made available to Indian film makers
  • TV: Railways FY20 capex seen at ₹1.58 lakh crore
  • Direct tax collections estimated at ₹12 lakh crore in FY19
  • Poised to become a $5 trillion economy in 5 years
  • Aspire to become a $10 trillion economy in 8 years
  • ₹1.3 lakh crore undisclosed income brought under tax net
  • 3,38,000 shell companies detected and their directors disqualified
  • Average GST collection ₹97,100 crore
  • Government lays out 10-year roadmap to improve ease of living
  • Making India a pollution-free India in 10-year roadmap
  • To lead world in transport and energy storage devices
  • To bring down dependent on imports for energy needs
  • Roadmap envisions people traveling in electric cars
  • Tenth dimension of government's India 2030 vision is a healthy governance
  • Fiscal deficit pegged at 3.4% of GDP for FY20
  • Fifth dimension of government's India 2030 vision is clean rivers
  • Government to scale up Sagarmala programme
  • Seventh dimension of India 2030 is to lead in space programmes
  • Eighth dimension of India 2030 is to grow food in environment friendly manner
  • Ninth dimension of India 2030 is a healthy India
  • Tenth dimension of India 2030 programme is a comprehensive wellness system
  • FY20 total expenditure seen at ₹27.84 trillion rupees
  • FY20 capital expenditure seen at ₹3,36,292 crore
  • Central schemes to get ₹3,27,679 crore FY20
  • National education mission to get ₹38,572 crore FY20
  • Integrated child development scheme to get ₹27,584 crore FY20
  • SC, ST welfare to get ₹76,800 crore FY20
  • Salary earners, pensioners to get tax benefit
  • Salary earners up to ₹5,00,000 annual income to get full tax rebate
  • No income tax for income up to ₹5,00,000
  • Salary earners of up to ₹6,50,000 income to not pay tax if they make tax related investments
  • Standard deduction to be raised from ₹40,000 to ₹50,000
  • No tax if you own second house
  • No TDS on post office savings up to ₹40,000
  • No TDS on rental income up to ₹2,40,000 per year
  • No tax on notional rent on second house
  • Capital gains tax exemption under Section 54 raised to ₹2 crore
  • Tax on notional rent on unsold inventory to not be paid for 2 years 

Sector-Wise Breakdown of the Union Budget 2019

Income Tax reliefs
  • No tax till Rs 5 lakh income for individuals tax payers
  • Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class
Tax exemptions on investments:
  • Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities
  • TDS threshold for home rent increased from Rs 1.8 lakh to 2.4 lakh
  • Interest income up to Rs 40,000 in post offices and banks made tax free
  • Capital gains tax exemptions under Section 54 to be available up to Rs 2 crore. Capital gains exemption to be available on 2 house properties
  • Income tax relief on notional rent from unsold houses extended to 2 years from 1 year
Other tax related reliefs :
  • Income Tax returns to be processed within 24 hours and returns will be paid immediately
  • Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymised tax system without any intervention by officials
For farmers :
  • Rs 6,000 per year assured income support for small and marginal farmers
  • Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal installment. The scheme will be effective from December 1, 2018.
  • Interest subvention for farm loan takers: Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
  • 2% interest subvention to farmers who pursue animal husbandry, fisheries jobs through Kisaan credit cards
  • Kamdhenu scheme for animal husbandary
GST :
  • Group of Ministers to suggest ways to reduce GST for house buyers
  • Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore; The tax base is up from Rs 3.79 crore to 6.85 crore
  • Businesses with less than Rs 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns
  • Indian Customs to fully digitised exim transactions and leveraging RFID for logistic. Govt abolishes duties on 36 capital goods
  • GST collections in January 2019 has crossed Rs 1 lakh crore
Sops for workers :
  • Rs 3,000 per year pension for unorganised sector workers
  • New Pradhan Mantri Shram Yogi Maandhan Yojana for unorganised sector workers with income up to Rs 15,000 per month. Beneficiaries will get Rs 3,000 per month pension with a contribution of Rs 100 per month after the retirement. Govt allocates Rs 500 crore for the scheme
  • Gratuity limit increased for workers to to ₹20 lakh
Rural allocations :
  • Rs 60,000 crore for MNREGA
  • Rs 19,000 allocated for construction of rural roads under Gram Sadak yojana
Defence Budget :
  • Govt increases defence budget to over Rs 3 lakh crore. Govt will provide additional funds for Defence, if needed.
  • We have disbursed 35,000 crore rupees under #OROP scheme in the last few years
Railways :
  • Railway's operating ratio seen 96.2% in FY19 Vs 95% FY20.
  • Railway capex for FY20 set at record Rs 1.6 lakh crore
  • Today there is not a single unmanned railway crossing on the broad gauge in India.
Fiscal Deficit :
  • For FY19, government has revised the fiscal deficit target to 3.4 percent in FY 19. Fiscal deficit for 2019/20 estimated at 3.4 percent of GDP.
  • Government's stated commitment earlier was to bring down the fiscal deficit to 3.1 percent of GDP by the end of March 2020, and to 3 percent by March 2021
  • Current account deficit at 2.5% of the GDP
  • A single window clearance for filmmakers
  • Nine priority sectors for govt : To build next-gen infrastructure - physical as well as social; (1) To build a Digital India that reaches every citizen; (2) Clean and Green India; (3) Expanding rural industrialization using modern industrial technologies; (4) Clean Rivers - with safe drinking water to all Indians; (5) Oceans and coastlines; (7) India becoming launchpad of the world; (8) Self-sufficiency in food and improving agricultural productivity with emphasis on organic food; (9) Healthy India; (10) Minimum Government MaximumGovernance, with proactive, responsible and friendly bureaucracy
Social schemes:
  • Govt to build 1 lakh digital villages
  • For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops
  • To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections have been given already
  • Committee under NITI Aayog to be set up to for denotifed nomadic & semi nomadic communities
  • A single window clearance for filmmakers to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy
State of Economy:
  • India is poised to become a $5 trillion economy in next 5 years, $10-trillion economy in the next eight years
  • Black money: Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered
  • GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket
  • Fiscal deficit seen at 3.4 percent in FY 19 and Current account deficit at 2.5% of the GDP
  • We have recovered Rs 3 lakh crore through Insolvency and Bankruptcy Code. Govt expects banks on the central bank's Prompt Corrective Action list to be removed soon.
  • Indian GDP: Growth in the last 5 years has been higher than that by any other govt. Spent Rs 2.6 lakh crore in recap of PSU Banks
  • Average inflation in UPA government was 10% and we have brought that down that to 4 percent. Inflation in December 2018 was 2.1%. If we had not controlled inflation our families would have been spending 35-40 per cent more on daily use items
  • We conducted transparent auctioning of natural resources like coal and oil
  • Domestic air traffic doubled in the last 5 years
  • Over 90 percent of the country has been covered under sanitation coverage. People have made this a social revolution and i thank the 130 people of the country. More than 5.45 lakh villages have been declared Open Defecation Free
  • In the past, false promises were made but we have taken targeted expenditure on all dimensions
  • Everybody will get electricity connection in the near future. We have provided 143 crore electricity bulb to the poor
  • Ayushman Bharat the world's largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families
  • Lower costs of Stents & Knee implants have benefitted people. Government has announced 14 new AIIMS since 2014
  • Loans worth Rs 7.23 lakh crore have been given under Mudra Yojana
  • Monthly mobile data consumption has increased 50x in last 5 years; cost of data & voice calls in India is possible the lowest in the world
Download Union Budget 2019 Highlights PDF File from HERE

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