Top 20 highlights of Budget 2019

New Delhi, February 01:

Following are the highlights of the budget:

1. Full Tax rebate upto 5 lakh annual income after all deductions.
2. Tax-free Gratuity limit increased to 20 Lakhs from 10 Lakhs
3. Minimum 14 per cent revenue of GST will be given to states by the Central Government.
4. Exemption of tax on tax on second self-occupied house
5. Rs 60,000 crore allotted for MANREGA
6. Rs 1.7 Lakh crore to be given to ensure food for all
7. Rs. 750 crore kept for National Gokul Mission for cows
8. 22nd AIIMS to be set up in Haryana
9. 25% additional seats in educational institutions to meet the 10% reservation for the poor
10. The Government will make 1 lakh villages into Digital Villages over the next five years
11. 26 weeks of Maternity Leaves approved for women
12. Custom duty abolished from 36 Capital Goods
13. Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh
14. 12 crore small and marginal farmers to be provided with an assured yearly income of Rs. 6000 per annum under PM-KISAN
15. Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month
16. Indian filmmakers to get access to single window clearance as well for ease of shooting films
17. A new committee under NITI Aayog to identify all the remaining De-notified nomadic and semi-nomadic tribes.
18. Defence budget to cross Rs 3,00,000 crore for the first time ever
19. New National Artificial Intelligence portal to support National Program on Artificial Intelligence
20. Rashtriya Kamdhenu Ayog to be set up for sustainable genetic up-gradation of the Cow resources
21. 2 per cent interest subvention to Farmers for Animal husbandry and Fisheries activities; additional 3 per cent in case of timely repayment.
22. 2 per cent interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs.
23. TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/ post office deposits
24. 2% interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs
25. Technology-intensive project approved to improve assessee friendliness In two years, returns to be processed in 24 hours and refunds issued simultaneously
26. Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000
27. TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000
28. Fiscal deficit pegged at 3.4% of GDP for 2019-20
29. New separate Department of Fisheries for the welfare of 1.5 crore fishermen
30. Renewed Focus on Internal trade; DIPP renamed to Department for Promotion of Industries and Internal trade