STUFF THAT YOU SHOULD KNOW!!: THE UNION BUDGET 2019-2020

Nirmala Sitharaman, India’s First Full Time Finance Minister presented the first union budget of the second time elected PM Modi’s Government.

As she commenced orating the details of the budget, this financial statistics and figures were not termed as a budget, but an accounting ledger to be very clear.

A few key points which would be really easy for a layman (common man) to understand are mentioned below:

· A target of making India a $5Trillion Economy has been set by the PM and the Government.

· According to the Finance Minister, India had become a $2.7 Trillion Economy by 2018 and it is expected to cross the $3 Trillion mark.

· “India’s job creators are the wealth creators of our nation”, said Nirmala Sitharaman.

· The UDAAN Scheme has been providing air services to the small cities and this has help become India, the third largest domestic aviation market in the world.

· 210 kilometres of metro lines have been operationalised during the year 2019.

· Indian Railways is in need of an investment amounting to Rs, 50 Lakhs Crore. The Public Private Partnership have been commissioned for the timely completion of tracks and for the smooth delivery of passenger freight services. An estimated 31,000 kms of electrification has been completed.

· India has emerged as a Major Space Power, hence, a new company named New Space India Limited has been formed for the research and development of various space products.

· For the Rural and Graamin Bharat with the slogan of Gaav, Gareeb and Kisaan, the government has set a target that by the year 2020, every rural family except those who are unwilling to take connection of electricity and clean cooking facility, under the Pradhan Mantri Gramin Yojna, it aims for housing for all. During the upcoming period of 2019-20 and 2020-21, 1.95 crore houses will be constructed with the amenities of LPG and toilets.

· As for the 3crore small shopkeepers, they will be provided with pension through their bank accounts and AADHAR cards.

· An extra sur-charge in the Income tax slab has been increased from 4% to 7% for those with an income ranging between Rs, 2 crore to Rs, 5 crore.

· Under the Pradhan Mantri Aawaas Yojan, 1.5 crore houses have been constructed in the first phase and a target has been set of constructing another 1.95 crore houses in the second phase.

· Under the Pradhan Mantri Sadak Yojna, around 1.25 lakh kilometres of roads would be upgraded.

· Water supply and taps would be provided to every house under the Jal Shakti Ministry formed by the Government.

· The coins of the denominations 1, 1, 5, 10 and 20 will be made available to the citizens of the country very soon.

· The Finance Minister during her speech, thanked the taxpayers of this country by mentioning them as “honest and dedicated” taxpayers.

· Anyone buying a house whose costing is Rs, 45 lakhs will be exempted from taxes.

· Two rupees excise duty has been increased on the purchase of Petrol and one rupee on diesel.

· Few items such as Mobile phones, electronic appliances will be made cheaper whereas production of tobacco, imported books, PVC pipes, synthetic rubber, CCTV and IP cameras would become expensive now.

· A master-stroke to increase the taxpayers in the country, the government has decided to use PAN and AADHAR Card inter-changeably, which means one can now file income tax returns even if he/she doesn’t possess a PAN Card.

· For the Defence equipment to be manufactured under the flagship programme of Make In India, customs duty on the import of defence equipment has been removed.

· Under the Make in India programme, computer and laptop units to be manufactured in India. It is also aimed to set up massive solar manufacturing plants to increase the production of Electric Vehicles.

· The Government has proposed issuing AADHAR Cards to all the Non-Residential Indians with a Passport after their arrival in the country without waiting for a long period of 180 days.

· 35 Crore LED Bulbs were distributed after the launching of the UJALA Yojna, which annually saves the cost amounting to around 18,341 crores.

· The Government of India to build 17 Iconic destinations for boosting foreign tourism.

I Income Tax Slabs are as under:

General Citizens	SLAB
Rs, 0 – Rs, 2.5 Lakh	NIL
Rs, 2.5 – Rs, 5 Lakh	5%
Rs, 5 – Rs, 10 Lakh	20%
Rs, 10 Lakh +	30%

Senior Citizens	SLAB
Rs, 0 – Rs, 3 Lakh	NIL
Rs, 3 – Rs, 5 Lakh	5%
Rs, 5 – Rs, 10 Lakh	20%
Rs, 10 Lakh +	30%