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Union Budget 2019: Additional cess of Rs 1 per litre imposed on petrol and diesel

Budget 2019: Indian economy will reach $3 trillion in current year, it is well within our capacity to reach $5 trillion economy in few years, says FM

twitter-logoBusinessToday.In | July 5, 2019 | Updated 19:59 IST
Union Budget 2019: Indian economy will reach $3 trillion in current year, says FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman will present her maiden Union Budget in Parliament today
  • Basic customs duty on auto parts, optical fibres, digital camera, cashew, certain synthetic rubber, and vinyl flooring have been hiked
  • Pre-filled tax returns to contain info from salaries, bank interest, capital gain and dividend income to be made available
  • Import of defence equipment, not manufactured in India, is being exempted from basic customs duty
  • 5 per cent customs duty imposed on imported books
  • Customs duty on certain parts of electric vehicles removed
  • FM proposes Legacy Dispute Resolution scheme to solve litigations in service tax and excise
  • Customs duty on gold raised to 12.5% from 10%
  • Fiscal deficit this year 3.3% brought down from 3.4% last year: FM
  • STT is proposed to be restricted to the difference between settlement and strike price of options
  • Special additional excise duty, road cess of  Rs 1/litre on petrol, diesel, says FM
  • Aadhaar card for NRIs with Indian passports to be issued after their arrival in India, without waiting for the mandatory 180 days
  • Govt imposes 3% surcharge on income tax bracket between Rs 2 to Rs 5 crore and 7% on income bracket above Rs 5 crore
  • To discourage big amount cash withdrawal from bank account, 2% TDS will imposed , if a person is withdrawing more than Rs 1 crore in an year
  • PAN and Aadhaar will be now interchangeable , those without PAN can just quote Aadhaar
  • Govt proposes additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020
  • Govt to bring ETF in line of equity linked savings schemes of mutual funds to encourage retail investors, says FM
  • Corporate tax proposed at 25% tax for all companies with annual turnover of Rs 400 crore covering 99.3 pc of corporate India: FM
  • Direct tax revenue has grown 78% from 2014 to 2019. The tax collection has increased to 11.37 lakh crore to 2018-19 from 6.37 lakh crore from 2013-14, says FM
  • Govt will start raising a part of its gross borrowing program in external markets in external currencies, says FM
  • Financial gains from cleaning of banking system clearly visible; NPAs reduced by over Rs 1 lakh cr last year: FM
  • India's external debt to DGP is 5%, which is lowest globally
  • Investment of Rs 100 lakh crore proposed for infrastructure in the next five years
  • Govt targets disinvestment of around Rs 1,05,000 crore including Air India
  • The government wishes to encourage and facilitate role of women. FM proposes to withdraw Rs 5,000 for Women from Jandhan account and one SHG women can get Rs 1 lakh loan under Mudra Yojna
  • Govt to pump Rs 70,000 crore into PSUs to improve their credit. Because of IBC and other laws, 4 lakh crore recovered in the last 4 years
  • National Sports Education Board to be set up under Khelo India scheme, says FM
  • Major economies to face labour shortage. India to focus on training new age skills like AI, robotics, 3D printing, says FM
  • Provision of safe drinking water for every citizen is priority of govt; Working towards 'Har Ghar Jal' by 2024, says FM
  • FM praises farmers for making India self-sufficient in pulses. Hopes success in oilseeds as well
  • 100 new clusters will be set up in 2019-20 to enable 50,000 artisans to come into economic value chain, says FM
  • We will invest widely in agriculture infrastructure; support private enterpnership in value addition in agri, says FM
  • Govt to examine further opening FDI in aviation, media, animation AVGC and insurance; 100 per cent FDI to be permitted for insurance intermediaries
  • 30,000 km roads constructed under Pradhan Mantri Gram Sadak Yojna using green material, including plastic waste, says FM
  • Govt proposes Pradhan Mantri Matsya Sampada Yojana to address critical infrastructure gap in fisheries sector
  • Govt proposes setting up 1.95 crore houses under Pradhan Mantari Awas Yojna (Rural), says FM
  • Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives: FM
  • Right time to consider increasing minimum public shareholding from 25 per cent to 35 per cent, have written to Sebi: FM
  • Interoperability of RBI depositories, SEBI depositories necessary for seamlesss transfer of treasury bills; govt to take necessary measures, says FM
  • Blueprint for a national gas grid, water grid, information-ways and airports will be unveiled
  • Every single rural family, except those unwilling to take connection, will have an electricity, LPG connection by 2022, says FM
  • Free LPG scheme, electricity connection has transformed rural India, says FM
  • 95% of Indian cities have been declared defecation free
  • Credit Guarantee Enhancement Corp will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place, says FM
  • Comprehensive restructuring of National Highways Programme to ensure creation of National Highways Grid of desirable capacity, says FM
  • India requires capital of about Rs 20 lakh crore every year, says FM
  • Gaon, Garib and kisan will be core of all our programmes, says FM
  • Govt envisions using rivers for cargo transportation, which will also decongest roads and railways
  • Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly
  • Rs 350 crore allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans, says FM
  • It is important to ensure hassle-free experience to foreign portfolio investors. We plan to streamline KYC to make it more investor-friendly India with strident commitment to fiscal consolidation. We propose a number of measures to further deepen the bond market
  • Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme
  • Railway infra would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services, says FM
  • FM says govt to implement enabling measures to boost IFSCs. Sitharaman proposes changes to kickstart domestic and foreign investment
  • A modern tenancy law will be finalized and given to the states, it is proposed that several reform measures will be taken up to promote rental housing
  • Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity, says FM
  • Railway infra would need an investment of Rs 50 lakh crore between 2018 and 2030
  • National transport card for universal travel which can used on various modes of transport (road, railways etc), says FM
  • Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure, says FM
  • India Inc, our job creators, are the nation's wealth creators; together, we can prosper. I wish to propose no. of reforms to kickstart virtuous cycle of growth, says FM
  • When we aspire to reach 5 trillion dollars, many wonder whether it is possible; the target is eminently achievable, given our citizens' desire and the leadership of the government, says FM
  • The common man was served even as major transformational reforms were brought about, says FM
  • Indian economy will reach $3 tn in current year, it is well within our capacity to reach $5 trillion economy in few years, says FM
  • Focus on job creation in small and medium firms
  • Modi 1.0 stood out as a performing govt and the unambiguous mandate by the people in the recent election has set the ball rolling for the New India
  • Like never before India celebrated its democracy by giving a massive mandate for a perfomring government, says Sitharaman
  • PM Narendra Modi tweets 'Today's is a BudgetforNewIndia'
  • FM to start her budget speech shortly
  • Cabinet formally approves Union Budget
  • Budget copies arrives in Parliament late by an hour this year
  • FM is expected to lower GST rates of goods/services falling in the bracket of 18%/28%
  • Interest free loans for farmers are likely to be announced
  • The government is expected to announce strategic disinvestment of PSUs. This will cut fiscal deficit and also buoy all PSU stocks
  • Experts expect govt to stick to fiscal discipline of keeping the fiscal deficit under 3.4% for this year
  • Focus on rural and social schemes likely in Union Budget today
  • Investors want govt to consider reducing or abolishing LTCG tax on listed securities, as analysts feel the levy introduced last year irked investors at large and generated insignificant revenues
  • Limit of deduction for payment of interest on housing loans may be raised from Rs 2 lakh to Rs 3 lakh
  • Govt may consider re-introduction of deduction for investment in infrastructure bonds up to Rs 50,000
  • Salaried taxpayers expect LTA tax exemption raised from twice in the block of four years to every year
  • Care Ratings sees a likely revision in income tax rate for those in the Rs 5-10 lakh tax slab to 15 per cent from 20 per cent at present
  • Big announcements to boost infrastructure sector are likely to made in Union Budget 2019
  • India Inc expects corporate tax rate to be cut to 25 per cent from 30 per cent at present for all companies irrespective of the turnover
  • Softer interest rates for affordable housing and restoring some benefits for a second house are likely to be announced
  • Inheritance tax on properties, jewellery, shares, fixed deposits (FDs), cash in bank is likely to be announced in Budget today
  • Big announcements on job creation are also expected in Nirmala Sitharaman's first Budget
  • Taxpayers and economists expect steps that leave more disposable income in the hands of common man to boost  consumption
  • Currently, economy is facing the biggest slowdown seen in last five years with GDP growth in the March quarter of FY19 coming down to 5.8%
  • Maximum deduction limit may be revised under Section 80C from Rs 1.5 lakh to Rs 2 lakh
  • No major initiative is likely on labour reforms or sale of PSUs
  • Scrappage policy for commercial vehicles and incentives for creating EV charging infrastructure is likely to be announced
  • Tax free bonds may be reintroduced to fund long term infrastructure projects
  • Expect sustained thrust on roads, ports, sanitation, irrigation to revive the capex cycle
  • Increased outlay for rural India-road/infrastructure and employment generation
  • Slippage in fiscal deficit target from earlier estimates of 3.4% (Interim budget) is expectd in the Budget
  • FM walks on a tight rope to click a balance between industry expectations and fiscal consolidation
  • Relief in income tax is likely to be announced in Union Budget 2019
  • Narendra Modi government to present Budget 2019 in Parliament today
  • Finance Minister Nirmala Sitharaman will present her maiden Union Budget in Parliament today
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