Finance Minister Nirmala Sitharaman presented the first budget of the second term of the Modi government in the Lok Sabha on Friday. There was no change in income tax rates in this budget. Corporates of annual turnover of up to Rs 400 crore have been reduced to 25 percent. Prices of Petrol and diesel have been increased. During this time there were several main points in the budget. You can find them here-

inion budget 2019
  • Custom duty on auto parts and CCTV increased, custom duty on gold and other metals increased to 12.5 percent. Petrol-diesel will be expensive, it will take 1-1 percent additional cess.
  • Surcharge increased for income 2 to 5 crore to 3 percent.
  • No tax on income up to 5 lakhs
  • In the General Budget, tax burden is increased on the rich, 7 per cent additional surcharge on income of more than 5 crore
  • The exemption limit on interest on housing loan has increased from 2 to 3.5 lakh.
  • Offer of 2 percent TDS on withdrawal of more than 1 crore in one year from bank account.
  • The government has planned to invest Rs 100 lakh crore in infrastructure in the next 5 years.
  • Big news in the budget for middle class – 1.5 lakh additional rebate on buying a house of 45 lakhs.
  • People will be able to pay the tax on basis basis from Aadhar card.
  • Talking about the banking sector, a loan of 4 lakh crore has been recovered. One lakh crore fall in NPA improved the position of the government banks. 70 thousand crores help to government banks.
inion budget 2019
  • Relief to companies with up to 400 million turnover. Corporate tax of 25 percent on turnover of 400 million
  • Growth grew 13.8%, the goal of reaching banking doors to every door. No restrictions on funding for NBFCs
  • Under the Mudra scheme, loans up to one lakh will be provided to women.
  • Women’s vital role in rural economy. Accounts of women will be opened under the Jan-Dhan Yojana.
  • New education policy will be brought to India. 5 years ago, there was no university of India in the top 200 in the university ranking. Now there are 3 institutions in the top 200. The National Research Foundation will also be built.
  • 35 million bulbs have been distributed under Ujala scheme. Saving 18,341 crores annually
  • The goal of building 135KM road every day, roads connecting villages with markets will be created. This time the name of the budget was changed to bookkeeping Village, poor and peasants are our focal points, Ujwala good luck plans change the life of the village.
  • The idea of providing loans to small shopkeepers in 59 minutes.
  • Consider the pension for retailers.
  • Government will work on plans for national grid for water and gas Indian economy is the world’s sixth largest economy
  • Approval of 300 kilometer metro rail in 2019-20
  • Smaller cities were also added by flying plan. Electric vehicles got encouragement.
  • The movement of cargo on river Ganges will increase by about 4x in the next 4 years.
  • Ideal rent law will be made.
  • Investment from PPP in Railways
  • Pension to 30 million retailers
  • The law will be made for a rented house.

The government tried to take care of every class in this budget. But due to increasing cess on things like petrol and diesel, it is obvious that there will be increase in the prices of related items.

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