Business Today

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-logo BusinessToday.In        Last Updated: July 5, 2019  | 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
  • 250px; width:300px;margin:0 auto;'>googletag.cmd.push(function(){googletag.display('div-gpt-ad-1559567251990-0'); }); Highlight85: Interest subvention of up to Rs 2.5 lakh on buying electric vehicle. Additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to buy electric vehicles, says FM
  • 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
  • Local sourcing norms to be eased for single brand retail
  • 250px; width:300px;margin:0 auto;'>googletag.cmd.push(function(){googletag.display('div-gpt-ad-1559567251990-1'); }); Highlight60: 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
  • Average amount spent on food security per year approx. doubled during 2014-19 compared to preceding five years, says FM
  • 250px; width:300px;margin:0 auto;'>googletag.cmd.push(function(){googletag.display('div-gpt-ad-1559567251990-2'); }); Highlight36: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
Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close