Union Budget 2019 Highlights Last Updated : 14 Oct 2019

The Union Budget 2019 was presented on 5 July 2019 by the Modi government with the purpose of boosting investments. Finance Minister, Nirmala Sitharaman announced that there is a proposal to raise the surcharge for incomes above Rs.2 crore. This is clearly an indication of the government’s effort on levying more tax on the super-rich.
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The government is also looking to reduce corporate tax and sops to startups, electric vehicles, and the housing industry. Digital payments are likely to get cheaper and affordable housing will be encouraged through new rental laws. 

The key highlights of the Union Budget 2019 are mentioned in the table below: 

Category Highlights
Taxes 
  • Rates for personal income tax remains the same. 
  • In case the income is Rs.2 crore, there is a surcharge hike of 3%. 
  • In case the income is Rs.5 crore and above, there is a surcharge hike of 7%. 
  • In case individuals do not have a PAN card, the Aadhaar card can be submitted for ITR. 
  • An increase in Duty on CCTV cameras, digital and video recorders, certain kinds of synthetic rubber, auto parts, vinyl flooring, cashew kernels, and tiles. 
  • Re.1 increase in fuel cess has been proposed. There will also be an increase in petrol and diesel price. In case of precious items or gold, there is an increase in Customs duty. 
  • Corporate tax has been reduced from 30% to 25% for a turnover of up to Rs.400 crore. 
  • The GST Council has been advised on the reduction of tax rates for EVs to 5% from 12%.  
Promotion of Digital Payments 
  • No additional charges on digital payments. In case of cashless payments, MDR charges are to be waived. 
  • There will be 2% TDS when the amount withdrawn from your bank account for business payments is Rs.1 crore in a year. 
Transportation 
  • A Transport Card similar to an ATM card that can be used for travel via railways, roads, metros, etc. will be introduced.  
  • The government is looking to create a Manufacturing, Repair, and Operate (MRO) industry. 
  • PPP will be utilised for improving the efficiency of passenger freight services. 
  • There will be a complete restructuring of the National Highways Programme to create the National Highways Grid. 
  • The government will focus on using rivers for the transport of cargo, as opposed to roads and railways. This is expected to reduce traffic congestions. 
Women Empowerment 
  • Women SHG Interest Subvention Programme named ‘Nari Tu Narayani’ will be mobilised in all Indian districts. 
  • Under the Mudra Scheme, SGH women members can avail a loan of up to Rs.1 lakh. 
  • An overdraft facility of Rs.5,000 will be allowed for SGH women who have a Jan Dhan Account. 
Pension  A pension benefit of Rs.3 crore has been proposed for shopkeepers and retail traders who have an annual turnover less than Rs.1.5 crore. 
MSME 
  • ‘The Start Up India’ scheme will continue till 2025. 
  • There will be a new television channel for start-ups. 
  • There are proposals to ease angel tax for startups. Angel tax will not require scrutiny from the IT Department as well. 
  • There will be a mechanism of e-verification that establishes the identity of investors and source of funds for all startups. 
  • A 2% interest subvention is proposed for GST-registered MSMEs for loans. 
  • A new payment platform will be created for MSMEs. 
  • Pension benefits will be provided to retail traders who have annual turnover below Rs.1.5 crore.  
Tourism  Development of 17 world-class tourist sites is planned.  
Investment 
  • The NRI portfolio routes will be merged with FPI. 
  • The statutory limit will increase in case of foreign investment for certain companies. 
  • A credit guarantee enhancement corporation will be set up. 
  • The current KYC norms for FPIs will be simplified so that these are more attractive to investors. 
  • FPIs and FIIs will be able to invest in debt securities that are issued by NBFCs. 
  • There is a proposal for a Social Stock Exchange under SEBI that will list voluntary organisations and social enterprises. 
  • RBI and SEBI depositories will become inter-operable. 
  • SEBI will consider increasing the minimum public shareholding from 25% to 35%. 
  • There will be a review of the user-friendliness of trading platforms that deal with corporate debt securities. Stock exchanges may take AA rated bonds as collateral in the future. 
  • There will be an Annual Global Investors’ Meet that is bound to attract global companies so that investments are made in India. 
  • FPIs may be allowed to subscribe to listed debt papers of REITs. 
Rural India 
  • In FY 20, 100 new clusters will be set up for 50,000 artisans by the government. 
  • The government will focus on Kisan, Garib, and Gaon. 
  • By 2022, all single rural families will have electricity (except those who are unwilling). 
  • The Jal Shakti ministry will liaise with the states so that all households will have water supply by 2024. 
  • The third phase of Pradhan Mantri Gram Sadak Yojana will help in the improvement of 1,25,000 km of road length in the upcoming 5 years. 
State of Economy 
  • A 10-point vision will be laid out by the government for a New India. 
  • The economy’s lifeline will be connectivity. 
  • On 2 October, the inauguration of the Rashtriya Swachhta Kendra will take place at Rajghat. 
  • Railways will need investments in the range of Rs.50 lakh crore between 2018 and 2030. 
  • Infrastructure reforms such as Sagarmala, BharatMala, and UDAN are alleviating the urban-rural divide by bringing about an improvement in transport infrastructure. 
  • The government will look to develop “Gandhipedia” to educate the youngsters on positive Gandhian values. 
  • India is set to become a $3 trillion economy in 2019. The government will ensure that all structural reforms are taken to reach the $5 trillion goal. 
Housing 
  • There will be a reformation in rental laws. In order to promote house renting, states will be given modern tenancy laws. 
  • In case a house is purchased for up to Rs.45 lakh, an additional tax relief of Rs.1.5 lakh will be provided on the home loan. 
Living 
  • NRIs can get an Aadhaar card once they arrive in India. 
  • Informal sector workers will receive a pension payment of Rs.3,000 per month. 
Technology 
  • In 35AD deduction, chargers and solar storage batteries will be included. 
  • For the purpose of scavenging, robots and machines will be deployed. 
  • There will be a program for the mass scaling of LED bulbs. 
Reforms in banking 
  • There will be reforms to improve the governance of public sector banks. 
  • A proposal has been put forward to change the regulatory authority to RBI from NHB. 
  • A proposal has been made to provide a capital of Rs.70,000 crore for PSU Banks. 
  • If there is a purchase of high-rate pooled assets of NBFC that goes up to Rs.1 lakh crore in this financial year, the government is ready to offer a 6-month credit guarantee. 
Railways 
  • An investment of Rs.50 lakh crore will be needed between 2018 and 2030 for railway infrastructure. 
  • A huge programme for the modernization of railways will be launched in 2019. 
  • The dedicated freight corridor project will be completed by 2022. 
  • There will be a budgetary allocation of Rs.65,837 crore and an outlay for capital expenditure up to Rs.1.60 lakh crore for the railways. 
  • A new PPP model will be introduced. 
  • Railways will be investing more funds in suburban rail network through SPVs. 
Education 
  • The government will initiate a “Study in India” programme that will be aimed at attracting foreign students to India for higher education opportunities. 
  • Rs.400 crore will be set aside for higher education institutions in FY20. These will be on par with the top universities abroad. 
  • A new education policy will be unveiled. 
  • Research will be promoted by a national research foundation. 
  • A Higher Education Commission will lay special focus on higher autonomy. 
  • A new policy will be introduced on national education; this may lead to changes in the school and higher education system in the country. 
  • There will be more emphasis on new-age skills such as Internet of Things, Artificial Intelligence, Big Data, etc. so that the youth can get jobs outside the country. 
FDI 
  • There will be relaxation in local sourcing guidelines for the single-brand retail sector. 
  • The government will set up FDI in the insurance, aviation, and animation sectors. 
Auto Sector  The government will support the FAME II scheme that will ensure quicker adoption of electric vehicles and associated charging infrastructure in the country. 
Agriculture 
  • The government will focus on zero budget farming. 
  • There will be 10,000 new farm produce organisations in the country. 
  • The government will look to set up 20 technology business incubators and 80 livelihood business incubators under the ASPIRE programme. This will help in the development of 75,000 skilled entrepreneurs in the agro-rural industries segment. 
Sports  The government aims to popularise sports in the country at multiple levels. National Sports Education Board will be set up for encouraging sports persons under the Khelo India scheme. 
Divestment 
  • The government will alter the current policy of retaining its stakes in PSUs at 51%. 
  • The strategic divestment of some CPSEs will continue. 
  • The divestment target for FY20 is Rs.1.05 lakh crore. 
  • The strategic divestment of Air India will be initiated again. 
Space 
  • Since India is now a major space power, it should harness this on a commercial scale. 
  • New Space India Limited (NSIL), a public sector enterprise, has been set up to take advantage of the benefits offered by ISRO. 

Top Highlights from 2019 Interim Budget Session 

The 2019 Interim Budget was presented on 1 February by the Interim Finance Minister Piyush Goyal. It is a budget which is pushed by a populist move. The main highlight of this budget is that income tax is to be exempted for incomes of up to Rs.5 lakh. 

The budget is mainly aimed at relieving the middle class and the salaried individuals. However, it has also relieved the workers from the unorganised sector.  

The key highlights from the 2019 Interim Budget can be summed up as follows:  
  • Income tax to be exempted for individuals drawing an income of up to Rs.5 lakh.  
  • The standard deduction of Rs.40,000 has been raised to Rs.50,000.  
  • Rs.23,000 crore relief to be proposed through direct tax to offer relief to 3 crore taxpayers.  
  • A person will not be required to pay any income tax if they draw a gross income of up to Rs.6.5 lakh and make investments in insurance, specified savings, and provident funds.  
  • An assured yearly amount of Rs.6,000 to be provided to 12 crore small and marginal farmers under the PM-KISAN scheme.  
  • The Tax Deducted at Source (TDS) threshold to be raised from Rs.10,000 to Rs.40,000 for interest which is earned on deposits in banks and/or post offices.  
  • Tax exemption on notional rent on a second self-occupied house.  
  • The Tax Deducted at Source (TDS) threshold to be raised from Rs.1.8 lakh to Rs.2.4 lakh for the deduction of tax on rent.  
  • The tax benefits have been extended till 31 March 2020 for affordable housing.  
  • The tax exemption period extended from 1 year to 2 years for notional rent on unsold inventories.  
  • Rs.75,000 crore to be allocated for the financial year 2019-20 for the PM-KISAN scheme.  
  • Farmers to be provided with an interest subvention of 2% during disasters for the complete period of reschedulement of a loan.  
  • Farmers related to fisheries and animal husbandry activities to be provided with an interest subvention of 2%. An additional interest subvention of 3% to be provided in case of timely repayments.  
  • Under the PM Shram Yogi Maandhan Scheme, 10 crore workers belonging to the unorganised sector will be eligible to receive a monthly pension of Rs.3,000 with a contribution of Rs.100 or Rs.55 per month.  
  • The fiscal deficit has been fixed at 3.4% of GDP for 2019-20 with the target of making it 3% by 2020-21.  
  • The Current Account Deficit has been set at 2.5% of GDP for the financial year 2020.  
  • The total expenditure for the financial year 2020 to rise to Rs.27.84 lakh (rise by 13%).  
  • The allocation towards the National Education Mission to be increased to Rs.38,572 crore (rise by around 20%).  
  • The allocation towards the Integrated Child Development Scheme to be increased to Rs.27,584 crore (rise by more than 20%).  
  • Disinvestment target for financial year 2020 has been set at Rs.90,000 crore. The same target is likely to be met for the financial year 2018-19 which was set at Rs.80,000 crore.  
  • In order to meet the 10% reservation for the poor, the educational institutions will get 25% additional seats.  
  • Defence budget to be allocated at an all-time high of over Rs.3,00,000 crore.  
  • The allocation for the North East has been increased to Rs.58,166 crore for the financial year 2020 (rise by 21%).  
  • For the financial year 2020, railways department is set to get a capital support of Rs.64,587.  
  • The filmmakers of India to get single window clearance access for the purpose of easy shooting of films. The regulatory norms will mostly rely on self-declaration.  
  • For entities who are registered under the Goods and Services Tax (GST), 2% interest subsidy will be provided for MSMEs on incremental loans of Rs.1 crore.  
  • Out of the 25% sourcing for the government undertakings, a minimum of 3% will be from SMEs which are owned by women.  
  • Within a period of 5 years, 1 lakh villages are to be transformed into digital villages.  
  • New portal in order to support national programme on Artificial Intelligence (AI).  
  • Reforms and amendments to be made in stamp duty to make sure that a streamlined system is implemented for the levy of stamp duties which are to be imposed, as well as, collected at one place.  
  • With the intention of the betterment of 1.5 crore fishermen, a Department of Fisheries is to be created separately.  
  • The 22nd AIIMS planned to be set up in Haryana.  
  • An allocation of Rs.60,000 crores for MGNREGA in the year 2019-20.  
  • India to become a $5 trillion economy in the upcoming 5 years and a $10 trillion economy in the next 8 years.  

Highlights on the basis of different sectors:  

The highlights of the 2019 Interim Budget with regard to the different sectors can be summed up as follows:  

  • Economy: Interim Finance Minister Piyush Goyal said that India has already been validated as a hefty player in the global economy. It is also said to be one of the fastest growing economy. He added that for the current financial year, the Current Account Deficit (CAD) is to be cut down to 2.19% from 5.6%.  
  • Anti-corruption: The Interim Finance Minister has also pitched in for more transparency with reference to the coal block auction and spectrum auction.  
  • Housing and electricity: The Interim Finance Minister has claimed that the government has built 1.53 crore houses under the housing scheme. He added that under the Saubhagya Yojana, almost every house has been provided with an electricity connection for free.  
  • Farming: The amount of Rs.6,000 which is to be allocated for the farmers, as mentioned above, will be transferred to their bank accounts in 3 instalments. It can be availed by any farmer who holds less than 2 hectares of land. An estimated amount of Rs.75,000 crore will be spent by the government for this scheme.  
  • For the common man: The contribution for new pension schemes under the EPFO has been bumped up to 14% from 4%. The Interim Finance Minister also said that the gratuity limit has been to Rs.30 lakh from Rs.10 lakh.  
  • For women: The Interim Finance Minister said that the central government is prioritising women. He claimed that 75% of the total women are enrolled as beneficiaries under the Pradhan Mantri Mudra Yojana. He added that the women are entitled to 26 weeks of maternity leave.  
  • For workers belonging to the unorganised sector: Under the Pradhan Mantri Shram Yogi Mandhan pension scheme launched by the government, the workers who belong to the unorganised sector will be eligible to draw a pension of Rs.3,000 every month after the age of 60 years.  
  • Defence: The defence budget for 2019 has been set at more than Rs.3 lakh crore. Thus, the defence budget has hit an all-time high. The Interim Finance Minister also added that Rs.35,000 crore has been allocated under the ‘One Rank One Pension’ scheme for the soldiers.  
  • Income Tax: The interim Interim Finance Minister said that the direct tax collection has been increased from Rs.6.38 lakh crore to Rs.12 lakh crore. He also added that the income tax return will now be processed within 24 hours and the refunds will be initiated accordingly.  

Top Highlights Budget Session for FY 2018-2019 by Finance Minister, Arun Jaitley 

The 2018 Union Budget was presented by the Finance Minister Arun Jaitley, on 1 Feb 2018. This is the first budget after the introduction of prominent reforms in the Indian economy, such as the Goods and Services Tax implementation, mega PSU bank recapitalisation, and dynamic fuel pricing. 

The key features of the Union Budget 2018 are as described below: 
  • Fiscal situation - In 2018-19, the government is aiming for fiscal deficit target of 3.3% of the GDP. 
  • Agriculture - The main points highlighted in the segment of agriculture were as follows: 
  • The government resolves to increase the income of farmers to double the current value and hike the minimum support price (MSP) for Kharif crops to 1.5 times the value of production. The government will provide the right prices to farmers in case they receive lower market prices than the MSP. 
  • Organic farming and cluster development model for agriculture will be encouraged. 
  • Allocation of Rs.500 crore is provided to Operation Green. 
  • Agricultural segments of bamboo farming, fisheries, and animal husbandry will be encouraged. 
  • Rs.11 lakh crore will be offered as credit to the farming sector. 
  • Income Tax Calculator 
  • Rural - The main points highlighted in the rural segment were as follows: 
  • Gas connections will be introduced in the households of 6 crore rural women. 
  • Rs.16,000 crore has been set aside for the Pradhan Mantri Saubhagya Yojana. This would provide free electricity to 4 crore rural households. 
  • The Swachh Bharat Mission will be extended to offer 2 crore toilets to rural houses. 
  • Under the Pradhan Mantri Awas Yojana, 51 lakh houses will be constructed in the rural areas. 
  • Loans for women’s self-help groups has increased to Rs.75,000 crore. 
  • For housing, livelihood, and infrastructure projects in the rural areas, the government has allocated a total amount of Rs.14.34 lakh crore. 
  • Health and Education - The main points highlighted were as follows: 
  • Focus will be on incorporating technology into education. 
  • By the year 2022, every block that houses more than 20,000 tribals and over 50% scheduled tribes will witness the inauguration of an Eklavya school. 
  • The government will shift to a structure wherein universal health coverage will be offered to citizens. 
  • Proposal for 2 new schools of infrastructure and planning has been laid down. 
  • To reduce brain drain, top performers from leading engineering schools will be selected and given an opportunity to study at IIScs and IITs. 
  • 60 crore bank accounts will be brought under the Jan Dhan Yojana. 
  • There is a proposal for the allocation of Rs.1 lakh for the overall strengthening of the education sector in the country. 
  • At least one medical college will be present for three parliamentary constituencies. 
  • There is an allocation of Rs.52,719 crore for the welfare of the scheduled castes in the country. 
  • Industry - The provisions under this section are as follows: 
  • The Finance Minister has set aside Rs.3,794 crore as industry subsidy and capital support for the Micro, Small, and Medium Enterprises (MSME) sector. 
  • Excise cut on fuel has been announced. 
  • Railways - The reservations for this sector include the following: 
  • The total capital expenditure that is set for the Indian Railways comes up to Rs.1,48,528 crore. 
  • The infrastructure of some railway stations will be revamped, with escalators making an entry in all stations with footfall of 25,000 passengers. 
  • All trains will be installed with CCTV cameras and WiFi connectivity. 
  • Allocation for Bengaluru Metro is Rs.17,000 crore and that for Mumbai rail network is Rs.11,000 crore. 
  • Taxation - The highlights of this segment are as follows: 
  • There will not be any changes to the income tax rates for individuals in the salaried class. 
  • Salaried taxpayers will have standard deduction of Rs.40,000. 
  • Long-term capital gains will be taxed at 10% for investments that are above Rs.1 lakh. Short-term capital gains tax will remain at 15%. 
  • Tax exemption limit has been raised to Rs.50,000 on interest income for bank deposits of senior citizens. Exemption limit for income from post office schemes and bank FDs will be 10%. 
  • Infrastructure - The reservations in the infrastructure realm are as follows: 
  • 10 key tourist spots in the country will be elevated to the level of iconic tourist destinations. 
  • “Pay as you see” system will be introduced in relation to toll payments on highways. 
  • An outlay of Rs.5.35 lakh crore has been announced for phase 1 of the Bharatmala project. 
  • Trade - The provisions under this sector include the following: 
  • Hike in customs duty on televisions and mobile phones has been announced to promote the Make in India initiative. 
  • Imports will be imposed a 10% social welfare surcharge. 
  • Employment - The government will ensure the contribution of 12% of salary of fresh employees towards the Employee Provident Fund scheme for 3 years. The contribution of women in this regard has been decreased to 8% for the first 3 years. 
  • Defence - The total outlay for this sector is Rs.2.95 lakh crore. The Finance Minister said that there will be a boost in the defence manufacturing segment to promote the Make in India initiative. 
  • Technology - The Digital India programme will receive an allocation of Rs.3,073 crore. Up to 5 lakh WiFi connections will be installed to provide broadband coverage to 5 crore citizens in the rural parts of the country. The amount allocated for this purpose is Rs.10,000 crore. The government also looks to prevent the circulation of cryptocurrencies. 
  • Finance, markets, and insurance - The government will encourage angel investors and venture capital financing. Large corporations will have to meet one-fourth of their debt requirements from bond markets. National Insurance Co., Oriental Insurance Co, and United India Assurance Co. will undergo a merger to form one listed entity. 
  • Aviation - Capacities of airports will be increased to 5 times the current value. The UDAN scheme will ensure that 64 airports across the length and breadth of the country will be connected through air to boost low cost flying. 
  • Miscellaneous - The subsidy for food has been hiked to Rs.1.69 lakh crore in 2018-19. The emoluments of MPs may see an increase on the basis of index to inflation. 
   

News About Union Budget 2018

  • Major highlights of Budget 2019-20

    The interim Budget for the financial year 2019-20 was announced on the 1 February 2019 by the interim Finance Minister Piyush Goyal. This budget has been driven by a populist push and the main purpose of it is to offer benefits to the middle class, salaried individuals, farmers, and so on. Some of the important highlights for the 2019-20 interim budget can be summed up as follows:

    • Individuals drawing an income of up to Rs.5 lakh will be eligible for a full tax rebate.
    • Individuals drawing an income of more than Rs.5 lakh will be falling under the prevalent tax slabs.
    • The individuals who draw a gross income of Rs.6.5 lakh will be able to receive full tax exemption if they make investments in provident funds, insurance, or other specified savings schemes.
    • The standard deductions for salaried individuals has been increased to Rs.50,000 from Rs.40,000.
    • The TDS threshold has been increased to Rs.2.4 lakh from Rs.1.8 lakh for rental incomes.
    • The upper limit for gratuity has been increased from Rs.10 lakh to Rs.30 lakh.
    • The defence budget has been announced and it has hit an all-time high of Rs.3 lakh crore.
    • Farmers with a holding of less than 2 hectares of land will be eligible to receive Rs.6,000 per annum in 3 instalments under the Pradhan Mantri Kisan Samman Nidhi scheme.

    15 February 2019

  • Cess on Income Tax Increased to 4% from 3% by Budget 2018

    A proposal to increase the cess on income tax has been made by Arun Jaitley, the Finance Minister of India, in Budget 2018. The cess is expected to increase by 1% to 4%. Owing to such a change, individuals who fall in the top-most tax bracket increases. For instance, an individual earns Rs.15 lakh per annum, his tax liability through the cess shall increase by Rs.2,625. Individuals who fall in the middle-income group, i.e. those who earn Rs.5 lakh to Rs.10 lakh per annum, will see the liability rise by Rs.1,125, and those who fall in the lowest bracket, i.e. those who earn Rs.2.5 lakh to Rs.5 lakh will see their liability rise by Rs.125. At the moment, 3% is charges as cess on income tax, and out of this, 2% is education cess while 1% is senior secondary education cess.

    6 February 2018

  • Custom Duty Increased to 25%, Luxury Cars to Cost More

    Arun Jaitley, the Finance Minister of India, proposed increasing the custom duty applicable to luxury cars manufactured abroad. All motorcycles and cars that are imported for assembly shall be more expensive as custom duty has risen from 10% to 15%. Custom duty on motor vehicles that are imported as fully constructed units shall also be more expensive owing to a rise in custom duty from 20% to 25%.

    2 February 2018

  • Women to Benefit From Budget 2018

    Arun Jaitley, the Finance Minister of India, announced beneficial measures for the female populace of the country. In addition to social protection benefits like construction of an extra 2 crore toilets across the country as well as electricity for all, the aim of the government is to make rural women more self-reliant. Female self-help groups will see the loans increase to Rs.75,000 crore from Rs.42,000 crore this financial year. In the first three years, women's contribution to EPF will be lowered to 8%. Over 8 lakh women across rural areas shall receive free LPG supply too.

    2 February 2018

  • Custom Duty Increased to 25%, Luxury Cars to Cost More

    Arun Jaitley, the Finance Minister of India, proposed increasing the custom duty applicable to luxury cars manufactured abroad. All motorcycles and cars that are imported for assembly shall be more expensive as custom duty has risen from 10% to 15%. Custom duty on motor vehicles that are imported as fully constructed units shall also be more expensive owing to a rise in custom duty from 20% to 25%.

    2 February 2018

  • Women to Benefit From Budget 2018

    Arun Jaitley, the Finance Minister of India, announced beneficial measures for the female populace of the country. In addition to social protection benefits like construction of an extra 2 crore toilets across the country as well as electricity for all, the aim of the government is to make rural women more self-reliant. Female self-help groups will see the loans increase to Rs.75,000 crore from Rs.42,000 crore this financial year. In the first three years, women's contribution to EPF will be lowered to 8%. Over 8 lakh women across rural areas shall receive free LPG supply too.

    2 February 2018

  • Upcoming Budget Could Offer Tax Benefits For Electric Vehicles

    Incentives may be offered by the Central Government in an effort to encourage people in the country to purchase electric vehicles. The Goods and Services Tax applicable to electric vehicles could be lowered, while tax benefits could also be extended in the 2018-19 Budget. The Government of India has plans to have only electric vehicles for public transport, while 40% of all personal vehicles are expected to be electric come the year 2030.

    Sources in the industry have revealed that Arun Jaitley, the Finance Minister of India, may announce the tax benefits applicable to electric vehicles in the upcoming Budget on February 1, adding that plenty of brainstorming has been taking place thus far. The GST applicable to electric vehicles may come down from the current 12% to just 5%, and the income tax benefits that may be offered in addition to a lower GST is expected to make these vehicles more alluring to individuals across the country. RK Singh, the Power and New and Renewable Energy Minister, said recently that incentives must be given to electric vehicles.

    31 January 2018

  • GST madeeasy Comes as a Boon to the New Tax Regime

    In order to render GST tasks comparatively facile and effortless, a revolutionary digital solution called “GSTmadeeasy" was launched recently. With the goal of making every Indian SME and MSME thoroughly GST complaint, this comprehensive digitization is being viewed as the “game changer" for the new tax reform of the country.

    Offering thoroughgoing business solutions, GSTmadeeasy takes care of a multitude of tasks efficiently. From the purchase of invoices (including unlimited invoices), digitization of sales, resolution of disputes, reconciliation of tax ledgers to filing returns and online taxation, GSTmadeeasy is your go-to digital solution to all GST-related issues.

    Where the technological aspects are concerned, GSTmadeeasy offers a user-friendly POS solution which is utterly different from the earlier versions of software. Along with providing useful data, you will henceforth be able to operate GSTmadeeasy offline as well.

    Along with all the aforementioned features, GSTmadeeasy also provides a Help Desk number which is toll-free to address and solve all your problems on a real-time basis.

    31 January 2018

  • National Health Policy cleared by Cabinet

    The Union Cabinet approved the National Health Policy after it was deferred twice previously. A suo motu statement will be made in the Parliament by Health Minister J P Nadda in order to make the details of the new policy public as there cannot be a policy announcement outside the House while Parliament is in session. This policy ensures that health is an entitlement but is not a fundamental right as envisioned by the draft policy. It does not provide a legislative backing for right to health. A constitutional amendment would be needed to bring health in the concurrent list from where it is presently on the state list.

    In the present policy, health services are only ‘assured’. However, discussions of imposing a health cess similar to the education cess that was put forth after RTE was legislated. It also talks of increasing public expenditure on health to 2.5% of the GDP.

    16 March 2017

  • Budget 2017: There won't be any service tax on health care services

    Regarding the Budget 2017, the government noticed speculation on social media pertaining to the proposal of service tax on healthcare service. The government has clarified that there won't a service tax on health care services. Some of the media channels had mentioned a proposal of 5% service tax on health care services. The government confirmed that the Union Budget 2017 doesn't have any proposal of service tax for the health care services. The proposal of service tax was dropped in the Budget of 2011-2012 itself due to strong opposition.

    15 February 2017

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