Union Budget 2019 Highlights PDF Download with Full Analysis – Union Budget 2019-20 PDF
Who presented Independent India’s first Budget? -> Ramasamy Chetty Kandasamy Shanmukham Chetty
Union Budget 2019 Highlights PDF Download with Full Analysis
- 1 New India by 2022
- 2 Performance/Review of Flagship Schemes
- 3 Poor and Backward Classes
- 4 Agriculture and Rural Economy
- 5 Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
- 6 Labour and Worker Dignity
- 7 Pradhan Mantri Shram-Yogi Maandhan
- 8 Women’s development to women led development
- 9 Youth
- 10 MEMEs and Traders
- 11 Defence
- 12 Infrastructure
- 13 Railways
- 14 Digital India Revolution
- 15 Entertainment
- 16 Simplification of Direct Tax System
- 17 GST Reform
- 18 Demonetisation
- 19 10-point strategy to drive the company’s growth over the next decade
- 20 Fiscal Management
- 21 CSPE
- 22 Tax Proposals
- 23 Union Budget 2019 Highlights PDF Download
Interim Budget 2019-2020
An Interim Budget is not the same as a ‘Vote on Account‘. While a ‘Vote on Account’ deals only with the expenditure side of the government’s budget, an Interim Budget is a complete set of accounts, including both expenditure and receipts.
An Interim Budget gives the complete financial statement, very similar to full Budget. Full budget to be presented by the new government to be elected in upcoming general elections 2019.
New India by 2022
India after 75 years of independence. (i) which is clean and healthy (ii) where everybody would have a house with universal access to toilets, water and electricity. (iii) where farmer’s income would be doubled (iv) where youth and women would get ample opportunities to fulfill their dream.
6th largest economy in the world.
Poised to become a 5 trillion dollar economy in the next 5 years and $10 trillion economy in the next 8 years. Average annual GDP of past 5 years are best under any govt. after 1991 reform. Contained the hidden tax on poor – inflation.
Performance/Review of Flagship Schemes
Banking Reforms and Insolvency and Bankruptcy Code (IBC) – 3 lakh crore has already been recovered in favour of banks and creditors. The 4Rs approach of 1. Recognition 2. Resolution 3. Re-capitalization 4. Reforms
Swachh Bharat – India has achieved 98% rural sanitation coverage and as many as 5.45 lakh villages have been declared ‘Open Defecation Free’.
Ayushman Bharat – close to 10 lakh patients have benefited.
22nd AIIMS in Haryana.
Aspirational Districts Programme – targeted development in the 115 most backward districts.
Poor and Backward Classes
The poor have the first right on the resources of the nation. 10% reservation in educational institutions and Government services for EWS. 25% extra seats (approximately 2 lakh) will be provided so that there is no shortfall of presently available/reserved seats for any class.
Saubhagya Yojna – free electricity connection to almost every household. By March, 2019, all willing families will get electricity connection.
Under the Pradhan Mantri Gram Sadak Yojana, construction of rural road has been tripled – 15.80 lakh habitations out of a total of 17.84 lakh habitations have already been connected with pucca roads.
60,000 crores being allocated for MGNREGA in 2019-20.
Agriculture and Rural Economy
Declining prices of agriculture commodities in the international market and fall in food inflation in India since 2017-18, relative to non-food sector, have reduced the returns from farming.
Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
To provide an assured income support to 12 crore small and marginal farmers. Those owing cultivable land upto 2 hectares, will be provided direct income support at the rate of 6,000 per year.
Expenditure of 75,000 crore in FY20, 20,000 crore in FY19.
Rashtriya Kamdhenu Aayog to upscale sustainable genetic up-gradation of cow resources and to enhance production and productivity of cows. Separate department of Fisheries.
Benefits of 2% interest subvention to the farmers pursuing the activities of animal husbandry and fisheries who avail loan through Kisan Credit Card.
Labour and Worker Dignity
High growth and formalization of the economy has led to the expansion of employment opportunities as shown in EPFO membership, which has increased by nearly 2 crore in two years.
New Pension Scheme (NPS) has been liberalized – Govt contribution up by 4% (to 14%).
In the event of death of a labourer during service, the amount to be paid by EPFO has been enhanced from 2.5 lakh to 6 lakh.
Payment of gratuity has been enhanced from 10 lakh to 20 lakhs.
Pradhan Mantri Shram-Yogi Maandhan
Mega pension scheme for the 10 crore unorganised sector workers with monthly income upto Rs. 15,000. Assured monthly pension of Rs 3,000. Contribution is of 100/55 rs.
A committe under NITI Aayog will be set up to complete the task of identifying De-notified, Nomadic and Semi Nomadic communities not yet formally classified.
Welfare Development Board under the Ministry of Social Justice and Empowerment specifically for the purpose of implementing welfare and development programmes for the above communities.
Women’s development to women led development
8 crore free LPG connections under Ujjwala Yojana. 6 crore already delivered. 70% of the beneficiaries Mantri MUDRA yojana are women. Maturity leave of 26 weeks.
India has become the world’s second largest start-up hub. Job seekers becoming job creators. National Prgramme on ‘Artificial Intelligence’ has been envisaged. National Centre on Artificial Intelligence as a hub along with Centres of Excellence. National Artificial intelligence portal will also be developed.
MEMEs and Traders
Government e-Marketplace (GeM) – Transactions of over 17,500 crore have taken place, resulting in average savings of 25-28%. The GeM platform is now being extended to all CPSEs.
Name Change – Department of Industrial Policy and Promotion : Department for Promotion of Industries and Internal Trade
DIPP is under which ministry? -> Ministry of Commerce And industry
Defence Budget will be crossing 3,00,000 crore for the first time in 2019-20. One Rank One Pension (OROP) crore.
- Domestic passenger traffic has doubled during the last five years.
- UDAAN, Pakyong airport
- Inland waterways (Varanasi to Haldia)
- Arunachal Pradesh came on the air map recently and Meghalaya, Tripura and Mizoram have came on India’s rail map for the first time.
- Indian Railways has experienced the safest year in its history.
- All Unmanned Level Crossings on broad gauge network have been eliminated.
- Introduction of the first indigenously developed and manufactured semi high-speed “Vande Bharat Express”.
Digital India Revolution
- 3 Lakh Common Service Centres (CSCs) employing about 12 lakh people.
- 1 lakh villages into Digital Villages over next five years.
- JAM trinity – 34 crore Jan Dhan bank accounts were opened.
Single window clearance for ease of shooting films, available only to foreigners, is now going to be made available to Indian filmmakers as well.
Simplification of Direct Tax System
- Tax collections increased significantly from 6.38 Lakh crore in 2013-14 to almost 12 lakh crore this year.
- Returns filed increased from 3.79 crore to 6.85 crore showing 80% growth in tax base.
- Reform in IT return infra – All returns will be processed in 24 hours and refunds issued simultaneously.
- Anonymized tax system without any intervention by tax officials.
- The average monthly tax collection in the current year is 97,100 crore per month as compared to 89,700 crore per month in the first year.
- Returns are fully online and e-way bill system is in place.
- Exemptions from GST for small businesses has been doubled from 20 lakh to 40 lakh.
- Businesses with less Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to file quarterly returns.
- Small service providers with turnover upto 50 lakhs can now opt for composition scheme and pay GST at 6% instead of 18%.
- Undisclosed income of about 1,30,000 crore to tax, led seizure and attachment of assets worth approximately 50,000 crore.
- 3,38,000 shell companies have been detected and de-registered.
10-point strategy to drive the company’s growth over the next decade
- To build physical and social infrastructure for a $10-trillion economy and to provide ease of living.
- Digital India reaching every sector of the economy.
- Making India a pollution free nation.
- Generating massive employment built upon the “Make in India” programme to develop grassroots level clusters.
- Clean rivers.
- Powering India’s coastline growth through the development of ports and sea-freight industry.
- Developing a space programme named Gaganyaan. India has become the launch pad for satellites of the world.
- Making India self-sufficient in food and exporting to the world, while producing food in the most organic ways.
- Aiming at a healthy society and environment of health assurance.
- Minimum government, maximum governance with a proactive and responsible bureaucracy.
Fiscal deficit for FY (2019-20) is 3.4% of GDP and FY19 (2018-19) is 3.4% of GDP (upward revision).
Fiscal deficit for FY20 would have been 3.1% without allocation of Rs. 75,000 crore for income support for farmers under the PM Kisan Yojana.
Fiscal deficit is the difference between total expenditure of the government and sum of its revenue receipts, recovery receipts, recovery of loans and other receipts.
The government received over 1 lakh crore from disinvestment proceeds during 2017-18. Target of 80,000 crore in 2018-19.
Allocation for welfare of the Scheduled Castes
56,619 crore in 2018-19 BE (Budget Estimate)
62,474 crore in 2018-19 RE (Revised Estimate)
76,801 crore in BE for 2019-20
Allocation for welfare of Scheduled Tribes
39,135 crore in 2018-19
50,086 crore in 2019-20
The main tax proposals will be presented in the regular budget.
Individual taxpayers having taxable annual income up to 5 Lakhs will get full tax rebate and therefore will not be required to pay any income tax.
3 crore middle class tax payers to benefit. Tax slabs remain unchanged.
|Taxable income slabs||Income tax rates and cess|
|Up to Rs 2.5 lakh||Nil|
|Rs 2,50,001 to Rs 5,00,000||5% of (Total income minus Rs 5,00,000) + 4% of cess|
|Rs 5,00,001 to Rs 10,00,000||Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% of cess|
|Rs 10,00,001 and above||Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% of cess|
Standard Deduction has been raised from the current 40,000 to 50,000. TDS threshold on interest earned on bank/post office deposits is being raised from 10,000 to 40,000. TDS threshold on rental income raised from 1.8 Lakh to 2.4 Lakh.
The benefits of rollover of capital gains will be increased from investment in one residential house to two residential houses for a tax payers having capital gains up to 2 crore. This benefits can be availed once in a life time. Exemption in levy of income tax on notional rent on a second self-occupied house.
Union Budget 2019 Highlights PDF Download
Candidates can download the PDF for Union Budget 2019 by clicking on below link.