Thursday, September 29, 2022

Cess on fuel raised by Re 1; big boost for EVs. What else did Budget 2019 promise?

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New Delhi: Union Finance Minister Nirmala Sitharaman presented her maiden budget and the first budget of the Narendra Modi 2.0 government on Friday. While noting that in the first inning of the Modi government, the Centre delivered “rejuvenated dynamic Centre-State cooperative federalism and the GST Council,” the Finance Minister said that in the second term, the government will continue to focus on cutting red tape and take structural reforms to achieve $5-trillion economy goal while keeping ‘Gaon, Garib and Kisan’ (Village, Poor and Farmer) in mind.

Here are the highlights of the Union Budget:

  1. PAN and Aadhaar will become interchangeable. You can use your Aadhaar number to file your I-T Returns soon.
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  2. Rs 5 lakh minimum limit announced for taxpayers. In view of rising income levels, those in the Rs 2-5 crore and Rs 5 crore-and-above brackets will see increase in effective tax rate by 3 percent and 7 percent, respectively.
  3. GST rate on electric vehicles proposed to be lowered to 5 percent. Additional income tax deduction of Rs 1.5 lakh on interest on loans taken to purchase electric vehicles.
  4. Additional deduction of Rs 1.5 lakh on loans up to March 31 2020 for buying affordable houses, giving Rs 7 lakh benefit to home buyers.
  5. Proposal to provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.
  6. Rs 20 coin coming up.
  7. Excise duty on fuel hiked by Rs 1.
  8. To resolve the angel tax issue, startups will not be subject to any scrutiny in respect to valuation. Funds raised by startups will not require any scrutiny by the I-T department.
  9. TDS of 2 percent on cash withdrawals exceeding Rs 1 crore in a year from bank accounts, to discourage business payments in cash.
  10. Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021.
  11. Rs 70,000 crore in recapitalisation for public sector banks.
  12. Rs 1.05 lakh crore disinvestment target for the year.
  13. TV channel to be launched for promoting startups and to help matchmaking for funds.
  14. New national educational policy hopes to transform Indian education into one of the best in the world, with focus on bringing in foreign students.
  15. Rs 50 lakh crores proposed for Railway infrastructure.
  16. By 2022, the 75th year of Independence, every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking facility.
  17. Stress on zero-budget farming, which is a form of gardening as a self-sustainable practice, with minimum external intervention.
  18. The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and bank accounts.
  19. Rs 1 crore worth of loans proposed to MSMEs.
  20. Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. Minimum public shareholding in listed companies can be increased from 25% to 35%.
  21. Global Investors Meet to happen in India.
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