Interim Budget 2019: Highlights

Interim Budget 2019: Highlights

Union Minister Piyush Goyal presented the Interim Budget for 2019 in Parliament on Friday. It is a vote on account budget usually, no new policy or scheme is announced. The voting is done to clear accounts so that the government can run till the next Lok Sabha elections. The full-fledged budget will be presented before the House after the general Lok Sabha election.

Highlights:

  • Taxpayers with annual income up to Rs 5 lakhto get a full tax rebate.
  • Individuals with gross income up to Rs 6.5 lakh will not need to pay tax if they make investments in provident funds.
  • Business with less than Rs 5 crore annual turnover, will be allowed to return quarterly GST returns.
  • Income tax returns to process within 24 hours.
  • Within the next 2 years, tax returns will be verified electronically without any interference from tax officials.
  • Vande Bharat Express, a semi high-speed train to be launched.
  • One Lakh digital villages planned in the next five years.
  • National Artificial Intelligence will be developed soon in India.
  • Mega pension scheme was announced for organised sector workers with income less than of Rs 15,000. They will earn Rs 3,000 after the age of 60.
  • 2% subsidy for farmers doing animal husbandry.
  • Farmers affected by natural calamities to get 2% subsidy and an additional 3% subsidy on timely repayment.
  • Minimum support price (MSP) increased by 1.5 times for all the 22 crops.
  • Pradhan Mantri Kisan Samman Nidhi announced, under which farmers with less than 2 hectares landholding will get Rs 6,000 per year in three instalments.
  • The 22nd AIIMS to come up in Haryana.   
  • Rs 64,587 crore budgetary support for railways.
  • The fiscal deficit is likely to be 2.5% in 2019-20.

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Shashank Dipankar
Loves to read books and play video games. Also a science enthusiast with interest in astrophysics and astronomy.
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