On 5th July 2019, the Indian budget-2019 was finally listed by Nirmala Sitharaman , the Finance Minister. After a detailed study of the budget, it can be inferred that the new budget’s main aim is to boost the foreign investment and infrastructure.

Highlights of the Indian Budget-2019

  • The budget presented for 2019-20 is said to have a vision for the upcoming 10 years. Considerable tax benefits would be given to all the new startups.
  • Our honorable Prime Minister, Narendra Modi says, “this budget has a successful road map to improve the agricultural sector and will also be a ray of new hope for the farmers.”
  • After the presentation of the Indian Budget-2019, the full automated refund module of GST will be finally implemented. This will also lead to the combining of multiple tax ledgers into one and now all the invoices will be captured in central system.
  • The new budget has raised the price on basic custom duties to promote the campaign of Make in India. However, the price of custom duties on defense equipment which are being imported to the country will be exempted from this rule.
  • Custom duties on the precious metals such as gold has been raised to 12.5% from 10%.
  • The existing income tax slab rates have not been changed. However, new slab rated have been added to the existing.
  • There has been a deduction of 1.5 lakh rupees on the interest rate for the housing loans taken up to 31st March 2019 on loans up to 45 lakh.
  • One of the biggest highlights if Indian Budget-2019 is that PAN and Aadhar are now interchangeable. This is because, now over 120 crore population has Aadhar. People can now file return by using any one of the document.
  • The Modi government has applied Levy TDS of 2% on the cash withdrawal exceeding to discourage the cash transactions in the business.
  • All the banks of public sector will be given 70,000 crores to improve their capital and credit.
  • On 7th March 2019 series of 1,2,5 and 10 coins were launched by the PM, which will be easily recognized by the people who are visually impaired. The coins will be soon made available for the public use.
  • The price of Diesel and petrol has been increased by 1 Rupee.
  • To improve the footprints of India overseas, four new embassies will be opened in 2019-20.
  • As per the dream of our Prime Minister, Narendra Modi, by 2nd October 2019, India will become free from defecation completely.

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