PM Narendra Modi’s government presented the Union Budget.
Finance Minister Nirmala Sitharaman
is the first full-time female Finance Minister.
She presented the financial budget.
These are some of the key Highlights that she mentioned in her speech.
These are some highlights regarding taxes.
1. There will be no change in personal income tax rates.
2. There is an increase in cess on fuel by Rs. 1.
Petrol & diesel will get costlier.
Custom duty on gold and precious items will be increased.
3. People with an income above Rs 2 crore will be charged the normal icome tax rate
but a surcharge of 3% will be deducted as well.
People with an income of Rs 5 crore will be charged the income tax rates
but a surcharge of 7% will be deducted as well.
4. PAN card were compulsory to file Income Tax returns.
If a person did not have PAN card he could not file returns. That is not the case now.
Now if you have Aadhar card you can file the returns.
5. Duty has been raised on
tiles, cashew kernels, vinyl flooring, auto parts,
some synthetic rubber, digital and video recorder, CCTV camera, etc.
Taxes on these have been increased.
Key points under Economy.
1.This year, India's businesses, companies, tax, incomes, etc. that are part of the countries economy
will be valued at $ 3 lakh crore.
The government aims to make many reforms to achieve the goal of a $ 5 trillion economy.
2. Schemes such as BharatMala,
Sagarmala
and UDAN are bridging rural urban divide and improving our transport infrastructure as well.
3. The Government has laid out 10-point vision for a New India.
Key points under Affordable housing.
1. Rental laws will be reformed.
The government will make these laws, so that people follow it and easily pay rent.
2. You all know that you get 1.5 lakh benefits on Investments.
Now an additional Rs 1.5 lakh tax relief will be given on purchase of home loan up to Rs 45 lakh.
Key points for the promotion of digital payments.
1. Cash withdrawal for business purposes which are more than Rs 1 crore from one bank account in one financial year
will incur 2% TDS deduction.
This is to encourage businessmen to carry out transaction digitally and reduce cash transactions.
2. No charge on digital payments. This is to encourage people to carry out online transactions.
Key points under ease of living.
1. Rs 3,000 pension per month for labourers, farmers, etc.
2. NRIs can apply for Aadhar card on arrival in India.
Key points under transport.
1. ATM-like Transport card for universal travel on various modes of transport such as railways, bus, tolls, etc. will be planned.
2. The Government plans to use rivers for cargo transport to decongest roads and railways.
Key points for empowerment of women.
1. Women Self Help Group (SHG) Programme will be spread India to empower and make women independent.
2. Under the Mudra Scheme, the women members of the SHG programme will be given Rs 1 lakh loan.
The loans will be given to encourage and support women to carry out business.
Key points under Railways.
1. Massive programme for modernisation of railway stations will be launched in 2019.
2. For railways the government will make an investment of Rs 50 lakh crore between 2018 and 2030.
Key points under Education.
1. In 2020, the government will invest Rs 400 crore for world-class higher education.
They will make changes in schools as well as their policies. They want the quality of education to beat international standards.
They want to attract more foreign students to come study in India.
2. They will work to make Indian youth study about the internet, technology, etc.
This is so that they can get recruited for jobs abroad.
Key points under tourism.
17 iconic world-class tourist sites will be developed in India.
Key points under investment.
1. Earlier when foriegners would invest in India, there were many KYC rules. These rules are now simplified.
This is to encourage foreign investors in India.
2. Earlier the rules allowed a limited percentage of Foreign investment in Indian companies.
They have now increased the limit.
3. Annual Global Investors' Meeting will be held to attracting global players to come and invest in India.
Key points under Auto sector.
The FAME II scheme will be implemented to encourage faster adoption of electric vehicles
Key points under Rural India.
1. The main focus of our government is Villages, Poverty and agriculture.
2. New Jal Shakti Ministry will work with states to ensure rural houses have water by 2024.
3. Under PM Gram Sadak Yojana for the upgradation of roads
the government will invest Rs 80,250 cr.
4. Some families in rural areas have electricity, while some do not.
The government aims to provide everyone electricity by 2022.
Key points under Agriculture.
1. Farmers who do not have a budget to start farming, will be supported by the government.
2. They will develop 10,000 new organisations that will give out seeds, pesticides, etc.
Key points under Space.
India has now become very powerful in space.
They have many technologies. They will soon use it for business purposes to make a profit.
Key points under Sports.
Under the 'Khelo India' programme, they will develop the National Sports Education Board.
It will encourage all the talented sportspersons.