Union Budget 2019 Live Updates: FM concludes the budget presentation

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Minister of Finance and Minister of Corporate Affairs, Nirmala Sitharaman will present the union budget on Friday, 5 July. We shall be bringing in India Union Budget 2019 Live Updates to keep you updated as to what is in the budget for you. The budget session will be covered live by Delhi Doordarshan and some other TV Channels.

India Union Budget 2019 Live Updates:

  • FM completes the budget presentation.
  • It is proposed to increase excise duty on Gold and other precious metals from 10 to 12.5 percent.
  • It has been proposed to increase special additional duty and road and infrastructure cess on diesel and petrol by Re 1.
  • The fiscal deficit this year is 3.3%, brought down from 3.4 percent.
  • For further incentivizing e-mobility, customs duty being exempted on certain parts of Electric Vehicles.
  • To encourage domestic publishing and printing industry, 5 percent customs duty is being imposed on imported books.
  • Exemptions to various kinds of papers are also being withdrawn.
  • Basic import duty is being increased on items such as Cashew-nut kernel, PVC, Tiles, Vinyl flooring, metal fittings, furniture mountings, certain types of synthetic rubbers, CCTV Cameras, Digital and video records, and some more items to protect domestic manufacturers.
  • The government has also proposed to introduce an electronic invoice generation system. The details will be captured in the central system at the time of generating the invoice which will be used later.
  • The government is simplifying the GST return filing process and a single monthly return format is being rolled out. Firms having revenue of less than 5 crores shall file only the quarterly returns.
  • GST rates have been reduced significantly. Relief of about Rs.92000 Crores per year has been given.
  • People having an annual income of Rs 5 lakh are exempt from any paying taxes. The government proposes to enhance surcharge on individual income of Rs 2-5 crore and over Rs 5 crore by 3-7%.
  • Business establishments with more than Rs.50 Crores will offer a low-cost online payment facility to its customers. No charges or merchant discount rate shall be imposed on the customer and the merchant. RBI and banks will absorb the charges.
  • Propose to levy TDS on cash withdrawal of more than Rs. One Crore in one year from a bank account.
  • The Government proposes to extend the period of exemption of capital gains arising from the sale of a residential house for investment in startups to 31-3-2021.
  • An additional deduction of Rs.1.5 Lakh for interest paid on loans borrowed up to 31 March 2020 has been proposed in the Budget 2019. The move shall translate into a benefit of Rs.7 Lakh over a loan period of 15 years for the middle-class homebuyers.
  • Interchangeability of PAN and Aadhar – It is proposed to make PAN and Aadhaar interchangeable. People who do not have PAN or Aadhaar can file their income tax returns by quoting either of the two.
  • Startups need to be encouraged and to resolve the so-called angel-tax issue, the funds raised by the startups who file declarations will not be subjected to any scrutiny.
  • FM said that in the last five years, the Indian economy has added one trillion dollar due to various initiatives and reforms undertaken by the government. She also added that the Indian economy is poised to grow to be a three trillion dollar economy in the current year.
  • In order to boost the economy, govt. has already moved the GST council to lower the GST rate in electric vehicles from 12 to 5%. Additional income tax deduction of Rs 1.5 lakh on the interest paid on loans for EVs to be allowed.
  • New coins of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired were released on 7th March 2019 and the coins will be made available for public use shortly.
  • FM says that currently, the lower tax rate of 25% is applicable to firms with an annual turnover of Rs 250 crores. We propose to widen this to all companies with an annual turnover of up to Rs 400 crore. This will cover 99.3% of all companies.
  • FM says that due to the slew of efforts taken by the Modi government, the direct tax revenue has increased from Rs.6.8 Lakh Crores in 2013-14 to Rs. 11.37 Lakh crores in 2018-19.
  • Because of the honest taxpayers, the government is able to work for a collective dream of inclusive development, which the government appreciates.
  • External debt to GDP is less than 5%, which is the lowest globally.
  • FM said that for the MSME sector, for fy 19-20, Rs.350 crores has been allocated under the interest Subvention scheme. The government will create a payment platform to enable MSMEs filing of bills and payment, thereby eliminating delays in payment and also giving a boost to MSME investments.
  • FM said that the Government has decided to extend pension benefit to around 3 crore small shopkeepers and retail traders having an annual turnover of less than Rs.1.5 Crores under a new scheme called Pradhan Mantri Karam Yogi Maandhan Scheme.
  • The Government has planned to generate around Rs.1.05 Lakh Crores through disinvestment in the fy 19-20 and the disinvestment process of Air India will be reinitiated.
  • “Naari Tu Narayani”, the government believes that we can grow with better women participation. To further encourage women entrepreneurship, Women Self Help Group Interest Subvention Programme to be expanded to all districts in India.
  • To popularise sports at all levels, it is proposed to set up the National Sports Education Board for the development of sportspersons under Khelo India.
  • Govt proposes to return the regulatory authority over the housing finance sector from the National Housing Board to the RBI.
  • For purchase of high-rated pooled assets of financially sound NBFCs amounting to a total of Rs 1 lakh crore, the government will provide a one-time six-month partial credit guarantee to PSBs for the first loss up to 10 percent.
  • FM Nirmala Sitharaman said that to reduce labour disputes, multiple labour laws will be streamlined into four labour codes.
  • Steps to make tax compliance to be initiated.
    NBFCs bad loan tax norms to be brought at par with Banks.
  • Every verified woman SHG member having a Jan Dhan account, an overdraft of Rs 5000 will be allowed. One woman in every SHG shall also be made eligible for a loan of Rs One lakh under the MUDRA scheme.
  • The government has smoothly carried out consolidation, reducing the number of Public sector banks by 8.
  • Over the last year, NPAs of commercial banks have been reduced by over Rs 1 lakh crore.
  • The government has decided to open Indian embassies and high commissions where India does not have diplomatic missions yet. 18 new diplomatic missions in Africa have been approved.
  • Propose to consider issuing Aadhaar card to NRIs with Indian passport after their arrival in India without waiting for mandatory 180 days of wait.
  • 30000 km of roads were built with green technology under the PM Sadak Yojana.
    210 km long new metro lines have been operationalized in 2019.
  • The government reinforces to go beyond just women-centric policy to building women-led initiatives and movements.
  • Under Pradhan Mantri Awas Yojana, over 81 Lakh houses with an investment of about Rs 4.83 Lakh Cr have been approved of which construction has started in about 47 Lakh houses.
  • To provide NRIs seamless access to Indian equities, the NRI portfolio investment route to be joined with the foreign portfolio investment route.
  • Since October 2, 2014, 9.6 crore toilets have been constructed and more than 5.6 lakh villages have become open excretion free. In the upcoming years, the Swachh Bharat mission will be expanded and the Government expects to make India defecation free by October, the 150th anniversary of Mahatma Gandhi.
  • The government will work with Sebi and RBI to enable stock exchanges to allow AA rates bonds as collaterals.
  • It is proposed to create agricultural infrastructure.
  • Zero-budget farming is to be promoted and the government hopes to form around 10000 farmer producer firms.
  • Over 80 lakh houses have been sanctioned under Pradhan Mantri Awas Yojna – Urban.
  • To tackle India’s space ability, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap the benefits of ISRO.
  • With the changing economy, it is important to upgrade roads connecting villages to rural markets. For this Pradhan Mantri Gram Sadak Yojana Phase 3 is expected to upgrade 1,25,000 km of road length over the next 5 years- Nirmala Sitaraman.
  • The FAME II scheme aims to uplift the adoption of electric vehicles by the right incentives and charging infrastructure.
  • Govt will ask suggestions for further opening up of FDI in the aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100% FDI will be authorized for insurance intermediaries.
  • A Social Stock Exchange under SEBI has been proposed.
  • Rs 350 cr allocated for 2% interest subvention for all GST-registered MSMEs on fresh loans. Pension for shopkeepers & retailers with a turnover of less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme.
  • Parents of Finance Minister Nirmala Sitharaman – Savitri and Narayanan Sitharaman – arrive at the Parliament.
  • PM Narendra Modi reaches the Parliament ahead of the budget 2019 speech.
  • Copies of 2019 Budget have been brought to the Parliament.
  • Finance Minister, N.Sitharaman meets President Kovind.
  • Finance Minister, NirmalaSitharaman, MoS Finance, Anurag Thakur, Finance Secretary, S C Garg, Chief Economic Advisor, Krishnamurthy Subramanian and other officials outside Finance Ministry.
  • CEA describes the red covered budget that replaces budget briefcase for the first time as ‘bahikhata’

india union budget 2019 live updates

The second term of the Modi government has already started. That is why now the first budget of the second term of the Modi Government will be presented. People’s expectations from PM Modi have increased as this is the first budget of the Modi Government in its second term. Earlier this year, Piyush Goyal presented the interim budget.

India Union Budget 2019 Live Updates:

  • The first budget of the second term of the Modi Government will be presented on July 5 by Finance Minister Nirmala Sitharaman.
  • Economic survey will be released on July 4 by Krishnamurthy Subramanian, Chief Economic Adviser.
  • This will be the second time when a female minister will present the budget. Prior to this, Indira Gandhi introduced the budget in 1970. After the resignation of Morarji Desai, she took charge of the finance ministry.


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