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.
Among other key announcement, Sitharaman said the digital payments will get cheaper, ATM-like One Nation One Card for pan-India travel will be launched and new model rental laws will boost affordable housing.
Here are all the key Highlights from the Finance Minister’s speech:
TOURISM
17 iconic world-class tourist sites to be developed
TAXES
No change in personal income tax rates
Additional Rs 1.5 lakh tax relief on home loans
Govt hike custom duty on fuel by 1 rupee, gold and precious items; Petrol & diesel to get costlier
Increase in surcharge on super rich: 3% surcharge on Rs 2 crore income; 7% on Rs 5 crore
and above
Annual turnover limit for 25% Corporate tax raised to Rs 400 crore from Rs 250 crore
Taxpayers with annual turnover of less than Rs 5 crore to have to file only quarterly
Direct tax revenue has increased by 78%
Interchangeability of PAN and Aadhaar for ITR who don’t have PAN cards
AFFORDABLE HOUSING:
Rental laws to be reformed. Modern tenancy law will be shared with states to promote house renting.
TO PROMOTE DIGITAL PAYMENTS
2% TDS on withdrawals of Rs 1 crore in a year from bank accounts for business payments
No change on digital payment: MDR charges waived on cashless payment
EASE OF LIVING
Rs 3,000 pension per month for informal sector workers
Aadhaar card under 180 days for NRIs on arrival in India
Govt to open embassies in countries where India doesn’t have a resident diplomatic mission as yet.
SPORTS
To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India.
FOR RURAL INDIA
Gaon, Garib and Kisan are the focus of our government
New Jal Shakti ministry will work with states to ensure Har Ghar Jal for all rural houses by 2024.
Pradhan Mantri Gram Sadak Yojana phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years.
Govt will set up 100 new clusters for 50,000 artisans in FY20
To invest Rs 80,250 cr for upgradation of roads under PM Gram Sadak Yojan
Every single rural family except those unwilling to have electricity by 2022
