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Regular-article-logo Friday, 08 November 2024

Budget highlights: What Nirmala Sitharaman said in Parliament

Bullet points on the Union Budget

PTI New Delhi Published 05.07.19, 07:21 AM
Nirmala Sitharaman arrives in Parliament to present the Union Budget.

Nirmala Sitharaman arrives in Parliament to present the Union Budget. PTI

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.
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