Finance minister Piyush Goyal on Friday presented Union Budget 2019 in Lok Sabha. Mr Goyal is appointed as the interim finance minister on
january 23 with Arun Jaitley undergoing treatment in the United States. Below are the key budget 2019 highlights presented today.
Budget 2019 Highlights
Budget 2019: Benefit to Farmers
1.Under the Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN) programme, farmers having cultivable land upto 2 hectares will be provided
direct income support of 6000 per year in 3 equal installments effective from 1st december 2018.
2. Benefit of 2% interest subvention to the farmers pursuing the activities of animal husbandry and fisheries, who avail loan through Kisan Credit Card. And in case of timely repayment of loan, they will also get an additional 3% interest subvention.
3.Government has decided to provide all farmers affected by severe natural calamities the benefit of interest subvention of 2% and
prompt repayment incentive of 3% for the entire period of reschedulement of their loans.
Budget 2019: Benefit to Animal Husbandry and Fisheries sector
4.Animal Husbandry and Fisheries sector has considerable support. Allocation for Rashtriya Gokul Mission increased to 750 crore.
5.Government has decided to create separate Department of Fisheries to encourage the production of fish.
6.Announced to setup “Rashtriya Kamdhenu Aayog” to upscale sustainable genetic up-gradation of cow resources and to enhance production and productivity of cows.
Budget 2019: Benefit to Labourers
7.The New Pension Scheme (NPS) has been liberalized. Keeping the contribution of the employee at 10%, we have increased the Government contribution by 4% making it 14%.
8.Maximum ceiling of the bonus given to the labourers has been increased from 3,500 pm to 7,000 pm and the maximum ceiling of the pay has been increased from 10,000 pm to 21,000 pm.
9.The ceiling of payment of gratuity has been enhanced from 10 lakhs to 20 lakhs.
10.The ceiling of ESI’s eligibility cover has been increased from 15,000 pm to 21,000 pm.
11.Minimum pension for every labourer has been fixed at 1,000 per month.
12.In the event of death of a labourer during service, the amount to be paid by EPFO has been enhanced from 2.5 lakh to 6 lakh.
13.Under Anganwadi and Asha Yojana honorarium has been enhanced by about 50% for all categories of workers.
Budget 2019: Benefit to unorganised sector workers
14.Government proposes to launch a mega pension yojana namely ‘Pradhan Mantri Shram-Yogi Maandhan’ for the unorganised sector workers with monthly income upto Rs 15,000. This pension yojana shall provide them an assured monthly pension of Rs 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age.
A worker joining the pension yojana at 18 years, will have to contribute as little as Rs 55 per month only
Budget 2019: Benefit to Nomadic and Semi-Nomadic communities
15.Government will also set up a Welfare Development Board implementing welfare and development programmes for De-notified, Nomadic and Semi-Nomadic communities.
Budget 2019: Benefit to women
16.Under the Ujjwala Yojana Scheme 6 crore LPG connections were delivered and remaining 2 crores will get free gas connections by next year.
17.Under the Pradhan Mantri MUDRA Yojana, women are getting affordable and collateral-free loans to start their own businesses.
18.Benefits of Maternity leave of 26 weeks and Pradhan Mantri Matru Vandana Yojana for pregnant women have provided financial support to women while empowering them to participate in work.
Budget 2019: Benefit to Youth
19.Through Pradhan Mantri Kaushal Vikas Yojana, over 1 crore youth are being trained to help them earn a livelihood.
20.A National Programme on ‘Artificial Intelligence’ has been envisaged by our Government to take the benefits of Artificial Intelligence and related technologies to the people.
Budget 2019: Benefit to MSME sector
21.A scheme of sanctioning loans upto Rs 1 crore in 59 minutes has been launched to strengthen MSME sector. GST-registered SME units will get 2% interest rebate on incremental loan of 1 Crore.
22.The requirement of sourcing from SMEs by Government enterprises has been increased to 25%. the material to the extent of at least 3% will be sourced from women owned SMEs.
23.MSMEs have an opportunity to sell their products through Government e-Marketplace (GeM).
Budget 2019: Benefit to Military Service personnel
24.Government has implimented One Rank One Pension (OROP) with a budget of Rs 35,000 crore.
25.Government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances given to Naval and Air Force personnel deployed in high risk duties.
Budget 2019: Benefit to Taxpayers
26.Individual taxpayers having taxable annual income up to Rs 5 lakhs will get full tax rebate.
27.Persons having gross income up to ` 6.50 lakhs may not be required to pay any income tax if they make investments in provident funds, specified savings, insurance.
28.Gratuity limit increased from 10 lakh to 30 lakh rupees.
29.Additional deductions such as interest on home loan up to ` 2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance, medical expenditure on senior citizens etc, persons having even higher income will not have to pay any tax.It will provide tax benefit of Rs 18,500 crore to middle class taxpayers comprising self employed, small business, small traders, salary earners, pensioners and senior citizens.
Budget 2019: Benefit to Small businesses
30.Exemptions from GST for small businesses has been doubled from
20 lakh to 40 lakh.
31.Small businesses having turnover up to Rs 1.5 crore have been given an attractive composition scheme wherein they pay only 1% flat rate and have to file one annual return only.
32.Small service providers with turnover upto Rs 50 lakhs can now opt for composition scheme and pay GST at 6% instead of 18%.
33.The benefit of presumptive taxation was extended for the first time to small professionals fixing threshold limit at Rs 50 lakh.
34.The tax rate for companies with turnover of up to Rs 250 crore was reduced to 25% which was also applicable to new manufacturing companies without any turnover limits