Union Budget 2019-20 Key Highlights & Takeaways

Union Budget 2019-20 Key Highlights & Takeaways Direct and Indirect tax: 1. FM Thanks to honest Tax Payers and responsible citizens 2. Direct tax revenue increased to 11.37 lakh crores 3. Corporate Tax- Tax Rate of 25% on Companies with turnover of upto Rs. 400 crores. This will cover 99.3 % companies. 4. GST rate reduced on electric vehicle from 12% to 5%. 5. Tax deduction on loan taken for purchase of electric vehicle: Additional Income tax deduction of Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle. 6. Start ups would not be require Scrutiny by IT Department. 7. Additional deduction of Rs. 1.5 lakh for interest on loans borrowed for housing 8. STT change in case of Options 9. Interchangeability of PAN and Aadhaar for Income Tax Returns. 10. Faceless E-assessment for Tax Scrutiny 11. TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year. 12. No charges for customer on Digital modes of payment. 13. Propose to enhance surcharge on taxable income of Rs. 2 to 5 cr. 14. Automated GST refund system to be initiated 15. Custom duty raised on Auto Parts and CCTVs 16. 5% Custom duty increased on imported books 17. Increase of custom duty on Gild 18. Decrease of excise duty on petrol General: 1. Mantra of Modi Sarkar: Reform, Perform and Transform 2. Number of Patents issued Tripled since 2014 3. Economy of 5 Trillion US Dollar in few years 4. Emphasis on Inland Cargo 5. 1 Nation 1 Grid Power for affordable Power to States 6. Allocation of Rs. 350 crores loans to MSMEs with 2% subvention to GST registered MSME 7. Upto 1 crore loan to MSME in 59 minutes 8. Proposal of Social Stock Exchange for listing of Social and Charitable organizations 9. Focus: Gaon, Garib and Kisan 10. 75000 entrepreneurs to be trained 11. Jan Jiwan Mission: Har Ghar Jal to all rural households by 2024 12. 9.3 crores toilet constructed since 2014 under Swach Bharat Yojna 13. Propose to National Research Foundation (NRF) 14. Aadhaar for NRIs with Indian Passport 15. 4 New Embassies to be opened in 2019-20