Indian Budget 2019 Highlights

General

1.      Mantra of Modi Sarkar: Reform, Perform and Transform

2.      Number of Patents issued Tripled since 2014

3.      Economy of 5 Trillion US Dollar in few years

4.      Emphasis on Inland Cargo

5.      1 Nation 1 Grid Power for affordable Power to States

6.      Allocation of Rs. 350 crores loans to MSME’s with 2% subvention to GST                registered MSME

7.      Upto 1 crore loan to MSME in 59 minutes

8.      Proposal of Social Stock Exchange for listing of Social and Charitable                    organizations

9.      Focus: Gaon, Garib and Kisan

10.     75000 entrepreneurs to be trained

11.     Jan Jiwan Mission: Har Ghar Jal to all rural households by 2024

12.     9.3 crores toilet constructed since 2014 under Swach Bharat Yojna

13.     Propose to National Research Foundation (NRF) 

14.     Aadhaar for NRI’s with Indian Passport

15.     4 New Embassies to be opened in 2019-20

Direct and Indirect tax

• FM Thanks to honest Tax Payers and responsible citizens.
• Direct tax revenue has grown 78 percent i.e 11.37 lakh Crores from 2014 to 2019. 
• Corporate Tax- Tax Rate of 25% on Companies with turnover of upto Rs. 400 crores. This   will cover 99.3 % companies.
•  GST rate reduced on electric vehicle from 12% to 5%.
•  Tax deduction on loan taken for purchase of electric vehicle: Additional Income tax deduction of  Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle.
•  Start up’s would not be require Scrutiny by IT Department.
•  Carry forward and set off losses for startups and increase in period of exemption of capital   gains from the  sale of residential house for investment in startups up to March 2021.
•  Additional deduction of Rs. 1.5 lakh for interest on loans borrowed for affordable housing  until 2020 (upto 45 Lakhs) 
•  STT is proposed to be restricted to the difference between settlement and strike price of  options.
•  Interchangeability of PAN and Aadhaar for Income Tax Returns. 
•  Faceless E-assessment for Tax Scrutiny
•  TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year.
•  No charges for customer on Digital modes of payment.
•  Propose to enhance surcharge on taxable income of Rs. 2 to 5 cr and Above 5 Crore* effective tax rate will  increase by around 3% and 7%, respectively
•  Automated GST refund system to be initiated
•   Custom duty raised on Auto Parts and CCTV’s
•   5% Custom duty increased on imported books
•  Increase of custom duty on Gild