Budget 2019 Live Updates: It has been a budget speech by FM Nirmala Sitharaman that has laid out the roadmap and announced measures to tackle several aspects of the economy. In the Direct and Indirect taxes proposals announced by her in the second part of her speech, she announced that corporate tax rate of 25% would be extended to companies that now have a turnover of upto Rs 400 crore. FM Sitharaman proposed a further thrust to Make in India and the setting up of an initiative to set up to facilitate setting up of mega plants in areas such semiconductors, laptops, solar products etc. In order encourage purchase of electric vehicles, a tax deduction of Rs 1.5 lakh was announced for those purchasing these automobiles. Lower GST on these vehicles was also proposed. The government announced a disinvestment target of over Rs 1 lakh crore and said that will continue to pursue strategic disinvestment of Air India and other PSEs. It also expressed willingness to go below 51% in non- financial PSEs. The government reiterated its intention to invest Rs 100 lakh crore in infrastructure and said an expert committee will be set up. A singly monthly return for GST was also introduced. Customs duties were altered on a number of items.
- Cash withdrawals of more than 1 crore will take 2% TDS
- Now 10% of gold and silver imports will have to be paid 12.5% duty
- Petrol and diesel will be costlier: Excise duty up to Rs 1 per liter
- The government has increased the investment target by 1.05 lakh crore, in the interim budget, the target of 80,000 crore
- Government sanctions Rs 70,000 crore, 100% foreign investment allowed in internation intermediaries
- With PAN card now, you can also file a support card
- Income tax free interest up to 3.50 lakh on cheap houses, up to 1.5 lakhs up to Rs 45 lakh, tax free
- Electric vehicles will get up to 1.50 interest-free loans, tax will be reduced from 12% to 5%
- Corporate tax decreased from 30% to 25%, earlier the amount of 250 crores; Now the companies with income up to 400 crores will have to pay 25% tax
- Big booster dose for NBFCs: Banks will give six-month credit guarantee, NHB will now have a regulatory body RBI
After a pre-elections populous Budget in February, Modi government today presented the Union Budget to boost infrastructure and foreign investment at a time when economy is showing signs of slowdown. Taking a pragmatic approach Finance Minister Nirmala Sitharaman today announced no changes in personal income tax rates, hikes excise duty on fuel, increased tax rate for super rich and provide additional tax relief for home loan holders.
