Piyush Goyal's Big Announcement In Union Budget 2019: 5 Points

Piyush Goyal

Piyush Goyal's Big Announcement In Union Budget 2019 

New Delhi: Union minister Piyush Goyal is presenting the Union Budget 2019 in parliament in the absence of Finance Minister, Arun Jaitley, who is reported to be in the US for medical treatment. Before the upcoming General Elections, this is the NDA government's last Interim Budget. The Centre has focussed the budget on immediate relief such as easing income tax rules, favourable loan terms for small businesses, farm loan waiver and even direct cash transfers to farmers who are under debt. A new announcement was made by the government saying that it will send Rs. 6,000 to small farmers directly into their bank accounts in a scheme that will be funded 100 per cent by the centre. The programme will cost Rs. 75,000 crore. The Railway Budget for 2019 will also be presented today.

The PM Modi-Led NDA government's last Interim Budget was presented by the Union Minister Piyush Goyal today. The budget comes before the Lok Sabha elections, which is due by May. Many proposals including direct cash transfer to small farmers and better gratuity terms to income tax relief, the Interim Budget appeared to be keeping the national elections in its radar.

Here's 5 points:

1. A full tax rebate will be offered to an individual taxpayers with annual income up to Rs. 5 lakh. A person with gross income up to Rs. 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities. With the help of this measure, around three crore middle class taxpayers will get tax exemption .

2. Assessment of all tax returns should be done electronically without any personal interface, within next two years. Direct tax collections up from 6.38 lakh crore in 2013-14 to almost 12 lakh crore; tax base up from 3.79 crore to 6.85 crore. All income tax returns to be processed within 24 hours.

3. Assured income support of Rs. 6,000 per year will be provided to small and marginal farmers with landholding below two hectares, through direct cash transfer under PM Kisan Samman Nidhi Yojana. It will be paid in three installments of Rs. 2,000.

4. "EPFO shows two crore accounts in two years. This shows formalisation of the economy. When there is such a high growth, jobs are created," Piyush Goyal said. Gratuity limit has been increased from Rs. 10 lakh to Rs. 30 lakh.

5. Pension scheme for unorganised sector workers with monthly income up to Rs. 15,000 will be given. Assured monthly pension of Rs. 3,000 after they retire on reaching 60.