Live Union Budget Highlights 2019-20

Keep refreshing this page, all the highlights will be updated with the budget speech:

INDIRECT TAX

• Ex-defence minister exempts 'basic duty' on defence imports

• Excise duty on fuel hiked by 1 rupee
• FM proposes increase in custom duty on gold and other products

DIRECT TAX

• Increase in surcharge for those earning Rs 5 crore and above
• No change ​​in personal income tax rates - same as it was proposed in Interim Budget in February 2019
• No charge on customer for digital payment - Govt waives MDR changes on cashless payment
• TDS of 2% for withdrawals of Rs 1 crore in a year from bank accounts​​ for business payment
• Interchangeability of Pan and Aadhaar for ITR - Return can be filed with Aadhar even assessee have no PAN card
• Additional Rs 1.5 lakh deduction in income tax on home loans
• Government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%. Also to make EVs affordable for consumers our Govt will provide additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs

• For startups 

  The startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium. A mechanism of e-verification will be put in place and with this, the funds raised by startups will not require any tax scrutiny
• Interest subvention for up to Rs 2.5 lakh on buying an electric vehicle

• Corporate tax - 

  25% tax for all companies with an annual turnover of Rs 400 crore
• Direct tax revenue has grown 78% from 2014 to 2019
• The tax collection has increased to 11.37 lakh crore to 2018-19 from 6.37 lakh crore from 2013-14

PLANS / PROPOSALS / ACHIEVEMENTS

• A new series of coins including for Rs 20 will be made available for public use shortly
• On purchase of high-rate pooled assets of NBFC amounting of Rs 1 lakh core in this FY, govt will provide one-time 6 month credit guarantee
• Regulation of HFCs to move to the Reserve Bank of India (RBI) from NHB.
• Rs 100 lakh crore investment for infrastructure over 5 years
• NPA reduced by Rs. 1 lakh crore over last year
• Govt decided to open Indian embassies and high commissions in countries where India doesn't have a resident diplomatic mission as yet
• National Spots Education Board  to be setup under Khelo India
• 1 women in every self help group will be allowed a loan of Rs. 1 lakh
• 'Nari to Narayani': The government wishes to encourage and facilitate role of women
• FM Sitharaman allocates Rs 400 crore for world-class higher education institutions in FY20
• Labour Laws to be streamlined in four basic labour codes

• Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local bodies in every panchayat in the country; this will be speeded under Universal Service Obligation Fund

• An exclusive TV channel for start ups

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  A new channel is proposed to be started under Doordarshan bouquet to provide a platform for startups to disseminate information in the industry.
• We will try to improve the skills of our youth in areas such as Artifical Intelligence, Big Data, Robotics, etc
• Govt to launch 'Study in India' programme to attract foreign students in higher education

• National Research Foundation to fund and coordinate research in India

• Swach Bharat Mission to undertake sustainable solid waste management in every village

• A National Education Policy to transform India's education system to higher standards

• All-weather road connectivity provided to more than 97% of eligible and feasible habitations, made possible by a high pace of road construction

• Under Pradhan Mantri Awas Yojna - Urban, over 80 lakh houses have been sanctioned

• To sensitise people of positive Gandhian values, a 'Gandhipedia' is being developed by National Council for Science Museums

• Zero budget farming decoded

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  The costs of raising the main crop are offset by the income that farmers earn from intercrops
• 100 new clusters proposed under SFURTI scheme to develop ingenious and traditional industries under bamboo, honey and Khadi
• Scale of Development Reflected in how in 2015-16, it took 314 days to construct a house under PM Awas Yojana. Today, it only takes 114 days
• Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place
• Electronic Fund Raising Platform proposed for listing social enterprises and voluntary organizations working with social-welfare objectives.
• It is proposed that several reforms will be taken for Rental Housing. A modern tenancy reform will be floated among the States
• Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity
• Pension for shopkeepers and retailers with a turnover less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme