Budget 2019 was one of give and take – but it was more take than give, especially for the taxpayer.
The interim budget was introduced in the parliament by Piyush Goyal on 1st February 2019. It received a lot of hurrahs from the common man, especially because of the huge tax rebate. Of course, there’s a lot more that the budget got right, so here are the key changes introduced by the Internet Budget 2019.
Income support for farmers
The Budget has announced that Rs 6000 will be given per hectare which will be transferred into their bank accounts directly. So, for farmers with 2 hectares of land will be given income support of Rs 2000 for 4 months which is Rs 6000. This scheme will cost the government Rs 75,000 crore and will benefit 12,000 crore farmers. This is announced under the Pradhan Mantri Kisan Samman Nidhi.
A full tax rebate to taxpayers
The Finance Minister, Piyush Goyal has thanked all the taxpayers. Now, the individual taxpayers with an income up to 5 lakh Rs taxable income will get a full tax rebate. Those people who earn Rs. 6.5 lakh will not have to pay taxes if it has been invested in specified savings.
But the tax slabs remain unchanged. More than 3 crore middle class people will be benefited.
Highest ever allocation to the defense budget
The defence Budget has crossed Rs 3 lakh crore which has been the highest so far. The government will also provide additional funds for defence if needed. The government has already disbursed Rs 35000 crore under the One Rank, One Pension scheme.
Higher allocation to the MGNREGA Scheme
Mahatma Gandhi National Rural Employment Guarantee Act scheme ensures that at least 100 days of work is given to unskilled workers in rural parts of the country. The budget for this scheme was increased to Rs 60000 crore.
More money for Indian railways
There is Rs 1.58 lakh crore allocated to the railways in the budget. The railways have achieved the safest year so far. The Vande Bharat Express will be a measure of safety, speed, and service. This is a major leap in technology and can create job opportunities, says Piyush Goyal.
New cess for “Gau Raksha”
The government is going to set up Rashtriya Kamdhenu Aayog with the focus on the benefits of cows. The states have been coming up with programmes for cow safety. ‘Gau Kalyan’ cess was also introduced where 0.5% additional levy on excise items which will be used for building shelters for cows
A new mega pension scheme
The government is going to provide a monthly pension for workers in the unorganised sector for age 60 years and above This scheme will provide Rs 3000 per month. This scheme will benefit more than 10 crore workers and will be the world’s biggest pension scheme in the next 5 years. They are also going to provide urban facilities in rural areas keeping while the ‘soul’ alive.
More housing capital gains benefits
There are a series of benefits the government has introduced where there is no tax on rental income of up to Rs 2.4 lakh on the second house and capital gain benefit doubled up to Rs 2 crore allowed it to be deployed in 2 houses.
Do you think the budget met public expectations?