Union Budget 2019‐20: A 10‐Year Road Map To Strengthen Indian Economy

Author:S.S. Rana & Co. Advocates
Profession:S.S. Rana & Co. Advocates
 
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"People's hearts filled with Aasha (Hope), Vishwas (Trust), Aakansha (Aspirations)" - Finance Minister

After so many speculations, the much-awaited Indian Union Budget 2019-20 was finally presented by the newly appointed Hon'ble Finance Minister Mrs. Nirmala Siharaman in the Indian Parliament on July 05, 2019.

The Budget broadly focused on tax, healthcare, housing, electric vehicles, start-ups, decentralization of powers to RBI, fighting NPA's, technology, infrastructure and education to name a few. The Government wants to achieve $5 trillion economy by 2024, basis which the Budget has been prepared with a long term forecast.

The Budget at a glance:1

Vision for the Decade

Budget Highlights

Interchangeability of PAN and Aadhaar. Aadhaar can be used wherever PAN is required. Pre-filling of Income-tax Returns for faster, more accurate tax returns Faceless e-assessment with no human interface to be launched. Direct Tax

Tax rate reduced to 25% for companies with annual turnover up to Rs. 400 crore Surcharge increased on individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 crore and above. Indirect Tax

Basic Customs Duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera etc. Exemptions from Custom Duty on certain electronic items now manufactured in India withdrawn. 5% Basic Custom Duty imposed on imported books Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel Custom duty on gold and other precious metals increased Constitution of National Appellate Authority for Advance Ruling (NAAAR). Start Up Boosters

Propose easing angel tax for startups. Angel tax: Won't require scrutiny from I-T department for startup. E-verification mechanism for establishing investor identity and source of funds for Startups. 'Stand Up India' Scheme to continue till 2025. New television channel for start-ups. Focus on Education

National education policy to propose major changes in both secondary and higher education Swayam Initiative - Digital education to be promoted Greater focus on research and development - National Research Foundation to fund and promote research - pooling of research grants from various ministries and disbursing them, preventing duplication of research projects For the Youth - New national educational policy to transform the Indian education system Relief for MSMEs

350 crore rupees...

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