Highlights of Budget 2019 in 11 points
In breaking away from tradition Finance Minister Nirmala Sitharaman carried the budget in a red cloth covered folder breaking briefcase tradition.
That red folder carried by Finance Minister Nirmala Sitharaman contained the all important budget documents.
The move is supported by Chief Economic Advisor KV Subramanian who said,
“It is in Indian tradition. It symbolizes our departure from slavery of Western Thought. It is not a budget but a ‘bahi khata‘(ledger).”
Budget 2019 in 11 points
The key takeaways from Finance Minister’s maiden Budget:
1. Projected the Economy to grow to a level where it will become a $3 trillion economy in the current year itself.
2. Effective from now one can able to file I-T Returns with your Aadhaar number.
3. Proposal to provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.
4. ₹5 lakh minimum limit announced for taxpayers.
5. Excise duty on petrol, diesel to be hiked by Rs 1.
6. GST rate on electric vehicles proposed to be lowered to 5%.
7. An Additional deduction of Rs 1.5 lakh on loans up to March 31 2020 for buying affordable houses.
8. ₹20 coin to arrive soon
9. Tax Deducted at Source (TDS) of 2 per cent on cash withdrawals exceeding Rs 1 crore in a year from the bank.
10. An Exclusive Television Channel will be launched to promote startups. It will serve as a platform for discussing issues affecting their growth and match-making with venture capitalists.
11. The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. The scheme will require only Aadhaar numbers and bank accounts.