LIVE Budget Updates & Analysis by Yadnya4 min read
1:15 PM – FM Nirmala Sitharaman concludes Budget Speech
1:08 PM – FM hikes surcharge for high income groups (more than Rs 2 Cr annual income) but taxation for low income groups remain unchanged. The FM has proposed to increase the surcharge for those earning Rs 2-5 Cr 3 per cent and for those earnings above Rs 5 Cr to 7 per cent.
1:06 PM – Petrol, Diesel & Gold Price to be increased due to increase in Excise Duty. Custom duty on gold increased by 2.5%, says FM
1:04 PM – Angel Tax – To resolve the issue of Angel Tax 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
12:56 PM – No charge on customer for digital payment
12:55 PM – 2% TDS on cash withdrawal of more than Rs 1 Crore in one year
12:46 PM – VERY BIG – Exemption raised on home loan interest: Tax exemption on interest paid on home loans raised from Rs 2 lakh to Rs 3.5 lakh, says FM. Additional Rs 1.5 Lakhs Tax benefit is for houses upto Rs 45 Lakhs only.
12:44 PM – BIG – Tax benefit for loans taken on purchase of Electric Vehicles. Additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to buy electric vehicles
12:40 PM – Corporate Taxation to be 25% for all companies upto Rs 400 Cr Annual Turnover. This will cover 99.3% companies in India
12:35 PM – So now the TAXATION part comes. Fasten your seatbelt.
12:30 PM – ETF which will be in ELSS category under CPSE -Central Public Sector Enterprises category to be launched soon – FM
12:20 PM – Non-performing asset (NPAs) recovery of Rs 4 lakh crore over the last four years, NPAs down by Rs 1 lakh crore in the last one year. Public Sector Banks are now proposed to be provided Rs 17,000 crore of capital to boost credit
12:20 PM – Propose to consider issuing Aadhaar to NRIs with Indian passports after their arrival in India without the mandatory wait of 180 days, says FM
12:10 PM – New National Educational Policy to be brought in to transform Indian educational system; major changes in higher as well as school system to be brought in : FM
12:03 PM – An exclusive TV channel on DD for start ups which will be created and run by Startups only.
11:56 AM – Govt to launch ‘Study in India’ program to attract foreign students in higher education
11:55 AM – 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries : FM
11:47 AM – Water supply in an integrated and holistic manner will help ensure ‘Har Ghar Jal’. FM said that the government will look at the management of water resources and supply, work with states to ensure ‘Har Ghar Jal‘ (water in every household) by 2024.
11:45 AM – Stock exchange for social enterprises: Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives, announces FM.
11:40 AM -To provide NRIs seamless to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route: FM (PIB)
11:30 AM – This could be IMPORTANT – Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly : FM (PIB)
11:25 AM – Rs 350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans. Payment platform for MSMEs to be created: FM (PIB)
11:25 AM – FM proposes a no. of measures to further deepen the bond market. To deepen corporate tri-party repo market in corporate debt securities, govt will work with regulators RBI & SEBI to enable stock exchanges to allow AA rated bonds as collaterals
11:24 AM – Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme
11:20 AM – One of the first sectors Finance Minister Nirmala Sitharaman touched upon in her speech is the transport sector. She talked about Udaan scheme, water transport and road transport to pit the rural-urban divide. She said that we will ensure that the National Highway grid is developed with an apt financial model. She also spoke about enhancing the navigational capacity of Ganga river.
11:10 AM – It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust & aspiration, we in just 5 years, added $1 trillion.
11:06 AM – FM Nirmala Sitharaman says we will achieve to be USD 3 Trillion Economy in current fiscal only
11:05 AM – FM Nirmala Sitharaman says USD 5 Trillion Economy is the target in 5 years
11:01 AM – Union Budget 2019 – FM Nirmala Sitharaman starts Budget Speech
10:50 AM – Union cabinet approves Budget 2019. It will be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha shortly.