Finance minister Nirmala Sitharaman presented the Union Budget of the new government on July 5.
These are some of the highlights from her speech.
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- Lower 25 percent corporate tax will apply on companies with up to Rs 400 crore turnover.
Strategic disinvestment of select PSUs to remain priority. The government will re-initiate privatisation of Air India.
Strategic disinvestment of select PSUs to remain priority. The government will re-initiate privatisation of Air India.
- Funds raised by startups will not require any scrutiny by tax department.
- PAN and Aadhaar to be made interchangeable, allowing those who do not have PAN to file returns.
- Faceless assessment of tax returns in electronic mode to be launched this year in a phased manner.
- TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account.
- Surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore, and Rs 5 crore and more raised.
- Import of defence equipment, not manufactured in India, is being exempted from basic customs duty.
- India's economy will grow to become $3 trillion economy in the current year; the sixth largest in world. The target of $5-trillion economy in the next few years is imminently achievable, she said.
- Rs 10,000 crore has been approved on April 1, 2019, to encourage faster adoption of electric vehicles.
- Traders and shopkeepers with annual turnover of less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dhan Scheme.
- Government to liberalise FDI in aviation, media, animation and insurance intermediaries.
- The NRI portfolio route to be merged with FPI for seamless investment in stock markets.
- 100 per cent FDI to be permitted in animation AVGC (Animation, visual effects, graphcs and comics) and insurance. 100 per cent FDI to be permitted for insurance intermediaries.
- The time is ripe to enter aircraft financing and leasing from Indian shores.
- Railway infrastructure needs Rs 50 lakh crore investment till 2030. Public-private parternships to be unleashed to develop rail infrastructure.
- Blueprint for a national gas grid, water grid, i-ways and airports to be unveiled.
- The government will create a payment platform for MSMEs for payment of bills. The government has allocated Rs 350 crore towards interest subvention for MSMEs for 2019-20.