Union Budget 2019-20: All you need to know

Budget 2019, Finance Minister Nirmala Sitharaman, Finance Ministry

Finance Minister Nirmala Sitharaman on Friday presented the first budget of the second term of the Narendra Modi government.

The budget was a balanced one and provided more money to the average taxpayer with no tax for those earning upto 5 lakhs. Those earning more than Rs 2 crores will have to pay an additional cess of 3 per cent.

 

Though additional cess of Rs 1 on petrol and diesel may pinch and may increase inflation, rest of the sops including on ease of business and making the angel tax scrutiny go for startups are a welcome move.

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It was also the maiden budget for Sitharaman, who becomes the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Sitharaman also ditched a colonial-era tradition of carrying Budget papers in a briefcase, instead brought a red coloured ‘bahi-khata’. When asked about the move, she explained that she thought it was “high time to move on from the British hangover.” Plus, it was easier to carry, she grinned.

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INFRASTRUCTURE

1. One nation one grid-gas, water grids etc

2. Push to affordable housing and rural roads, electricity and gas connections

INDIA’S SELF ESTEEM

1. Aircraft financing and leasing in India

2. The commercialisation of the space program

3. New National Education Policy and Study in India program

EASE OF LIVING

1. Interchangeability of PAN with Aadhar

2. Aadhar for NRIs with Indian passports without 180 day waiting period

3. Self populated tax return

SOPS FOR INDUSTRY

1. 25% corporate tax for firms with a turnover of Rs 400cr vs Rs 250cr

2. Ease NBFC financing with guarantees

3. Reducing harassment of startups over angel tax and valuation scrutiny

4. Cheaper electric vehicles

THE LETDOWN

1. Rs 1/litre cess on petrol and diesel

2. Increase In customs duty on gold from 10 to 12.5%

3. Super rich with income of more than Rs 2 cr to pay higher surcharge between 3-7%

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