The much-awaited Union Budget of 2019 was presented by Finance Minister Piyush Goyal. The budget – being pivotal due to the proximity of the elections is being watched keenly by all. Here, we shall highlight ten key aspects of the Union Budget – 2019.
Brief Highlights Of Union Budget 2019
1. Taxpayers with incomes of up to 5 lakhs get a complete tax rebate. Those with gross income up to 6.5 lakhs needn’t pay any tax provided they make investments in provident funds and prescribed equities. This is seen as a big relief to the middle class.
2. Gratuity limit increased from ten lakhs to thirty lakh rupees. TDS limit has also been raised for income from bank or post office deposits for those over 60 years of age.
3. Tax deductions increased from 40,000 to 50,000 rupees for the salaried.
4. Budget to the North East region sees a 21% rise to 58,166 crores.
5. Businesses which make lesser than 5 crores a year will be allowed quarterly returns if they comprise of over 90% GST players
6. Under the PMKSN or Pradhan Mantri Kisan Samman Nidhi scheme, farmers to get 6000 rupees a year in three installments if they have lesser than 2 hectares of land
7. A mega pension scheme named Pradhan Mantri Shram Yogi Mandhan will provide 3000 rupees a month to workers in the unorganized sector if they’re over sixty years of age.
8. The FM spoke of many schemes for women including the Pradhan Mantri Mudra Yojana and the Pradhan Mantri Matritva Yojana.
9. The defence budget has exceeded 3 lakh crore and OROP has been implemented with 35,000 crores disbursed for the same.
10. The government has increased the budget for Rashtriya Gokul Samman to 750 crores with FM Piyush Goyal saying that the government will never back down from honoring cows.
The government hopes to placate the common man before the 2019 elections. The defeat in the heartland states has been a wake-up call and the BJP is confident that the budget presented will win over voters. Many, however, aren’t impressed with the budget and the unemployment rate which is the highest since 1972. The priority given to cows has also been received with mixed sentiments.
Time will tell if BJPs googly has worked. What are your thoughts and views? Let us know in the comments section below.