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Live: Union Budget 2019 in India - GST Station

Live: Union Budget 2019 in India

    KEY HIGHLIGHTS

    • Average GST collection ₹97,100 crore.
    • 3,38,000 shell companies detected and their directors disqualified.
    • ₹1.3 lakh crore undisclosed income brought under tax net.
    • Direct tax collections estimated at ₹12 lakh crore in FY19.
    • 34 crore Jan Dhan bank accounts opened in last 5 years.
    • 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.
    • No TDS on post office savings up to ₹40,000 & No TDS on rental income up to ₹2,40,000 per year
    • Standard deduction to be raised from Rs. 40,000 to Rs. 50,000 & No tax if you own second house.
    • Salary earners of up to ₹6,50,000 income to not pay tax if they make tax related investments.
    • Salary earners up to ₹5,00,000 annual income to get full tax rebate.
    • All income tax returns will now be processed in 24 hours and refunds issued simultaneously.
    • The Union budget has allocated ₹1.58 trillion for Indian Railways to expand the railway infrastructure in the country.
    • With electric vehicles, energy efficiency and renewable energy, the govt aims to make India pollution-free.
    • “For the first time, the defence Budget has been raised to over Rs. 3 lakh crore,” said Piyush Goyal. Defence stocks are trading higher with Larsen & Toubro Limited up 0.87 per cent on the NSE.
    • Fiscal deficit for 2018/19 seen at 3.4 percent of GDP.
    • Current account deficit for 2018/19 seen at 2.5% 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.
    • Farmers up to 2 hectare of land to come 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 governmet ₹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.
    • All farmers affected by natural disasters to get 2% interest subvention upfront for entire loan period.
    • Government to contribute 14% under New Pension Scheme.
    • Gratuity cap doubled to ₹20 lakh.
    • Government launches mega pension scheme for social security coverage of unorganised labour.
    • Unorganised labour to get ₹3,000 per month after age of 60 under mega pension scheme.
    • Government to contribute equally in pension accounts 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.
    • 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.

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