What Are The Main Features Of The Interim Budget 2019?

With the fearless soul of the general advancement of all segments of the general public, the Honorable Finance Minister of India Sh. Piyush Goyal introduced the sixth and the last Interim Budget 2019 in the parliament. The financial backing was to a great extent ‘tax-accommodating’ and ‘professional poor’ in numerous regards, as it routed to for the most part the regular workers populace of India. Accentuating on fiscal consolidation, the administration examined the key parts of monetary development today in the parliament. It likewise talked about the principle accomplishments of the administration as respects monetary advancement.

Tending to the key issues of the economy, the administration has expressed that inflation has been brought down to 4.6%, with 2.19% in December 2018. Plus, the Fiscal Deficit has been decreased to 3.4% of GDP and the Current Account Deficit to 2.5% of GDP.

Beside from that administration has presented in the financial plan various estimates coordinated towards agribusiness development, business and ability advancement, infrastructural development and social insurance. The government, which is inspired about achieving its “mission 2019”, had likewise examined its reputation of recent years at the Budget Session.

Thus, here we will be discussing the hot updates from the Interim Budget 2019:-

#1. What decisions have been taken with regard to Income Tax?

The administration has presented the accompanying choices in regard of Income Tax:

  1. Taxpayers having income up to ₹5 lakhs will pay no income tax this year.
  2. People with gross income up to ₹6.5 lakh not have to pay any income tax in case they make investments u/s 80c while income tax return filing.
  3. Limit for presumptive income scheme (8% of turnover): Raised from ₹1 crore to 2 crores.
  4. Standard deduction raised from ₹ 40,000-50,000.
  5. No TDS to be deducted on interest got up to ₹ 40,000 on Bank/Post office deposits.
  6. No TDS to be deducted on rent got up to ₹2.40 lakhs.
  7. Income tax relief on House property: 2 homes u/s 54.
  8. Section 80IBA: income tax relief to Real Estate Projects enrolled before 30th Mar 2020.

#2. What are new features in GST?

The administration has additionally displayed a couple of key features as for GST-

  1. MSMEs having GST enlistment will get 2% interest endowment on up to ₹1 crore advance.
  2. High Indirect Tax Rates have been brought down after the GST implementation.
  3. GST @ 12% is chargeable on film tickets of up to ₹100 and 18% on Cinema Tickets above ₹100.
  4. Each one of those taxpayers having GST registration under Composition Scheme should document one yearly return. They require not satisfy quarterly GST return filing system.
  5. Taxpayers with turnover up to ₹ 5 crore need to record quarterly GSTR-1.
  6. The administration has informed that GST month to month average revenue is ₹ 97,000 crores.
  7. GST revenue of January 2019 has been assessed above ₹ 1 lakh crores.
  8. In addition, more than 80,000 crore buyers have been profited from the GST rate decrease, according to the administration.

#3. What are key accomplishments in respect of Direct Tax?

Highlighting on the Direct Tax System reforms, it has been told that-

  1. Coordinate tax gathering has expanded from ₹6.38 lakh crores to 12 lakh crores, from 2014-19.
  2. Over 99.54% Income tax returns are currently recorded acknowledged with no examination.
  3. Additionally, the returns that have been filed has increased from 3.76 to 6.85 crores, from 2014-19.
  4. Corporate profit Tax Rate for Companies of turnover above ₹ 250 crore has been kept at 25%.

#4. What amount has Demonetization move accomplished?

The government has additionally talked about the accomplishment of its Demonetization move, it has taken in 2016. It has told-

  1. Over 3.38 lakh Shell Companies have been deregistered and their chiefs have been excluded.
  2. Up until now, undisclosed income to the tune of ₹1.30 lakh crore has been followed.
  3. Undisclosed Assets worth ₹ 50,000 crore have been followed.
  4. ₹3 lakh crore recuperated for Banks and Creditors.
  5. RERA registration and Benami Transaction Act have brought about reasonable unloading of Gold and Spectrum.

All in all, this budget was truly growth oriented and hopeful for all.