union budget 2019: full text of piyush goyal's budget speech - residential energy storage systems

Provisional budget 2019-
2020 Ms. Speaker of the address of the finance minister of Pew Goyal on February 1, 2019, I would like to present the mid-term budget for 2019 --20. PART A 2.
I am deeply aware of the absence of Shri Arun Jaitley today.
I believe that the House, together with me, wishes Shri Jaitley an early recovery, good health, longevity and service to the country. 3.
Madam Speaker, the Indian people have given a strong mandate to our government.
Under the visionary leadership of the respected Prime Minister Narendra Modi, we have given the most decisive, stable and honest government and carried out restructuring.
We have reversed the policy paralysis sweeping the country and restored our national image.
The main achievement of this government is that we do our best to change our minds --
Set and ignite yourself
Confidence in the country. 4.
I can proudly say that India is firmly back on track and moving towards growth and prosperity.
We have laid the foundation for sustainable growth, progress and better quality of life for all of us. 5.
By 2022, when we celebrate the 75 th anniversary of India's independence, we are moving towards the realization of "new India": a clean and healthy India, everyone has a house where toilets, water and electricity can be used in general;
The income of farmers will double;
Youth and women will have ample opportunities to realize their dreams;
An India without terrorism, localism, casteism, corruption and nepotism.
Economic situation 6.
Madam Speaker, India has been recognized as a bright spot in the global economy over the past five years.
This country has witnessed the best stage of the macro economy.
Economic stability during this period.
We are the world's fastest-growing major economy, with an average annual GDP growth rate over the past five years higher than any government growth rate since economic reform in 1991.
Becoming the world's second largest economy from 2013-
Today, we are the sixth largest in the world.
In addition to maintaining high growth rates,
Inflation and a return to fiscal balance.
Inflation is a hidden and unfair tax on the poor and middle class.
Average inflation in 2009
2014 is a breakthrough 10. 1%.
At that time, the Prime Minister said to him, "We have not succeeded in controlling sustained inflation as we hoped.
This is mainly due to rising food prices.
By contrast, our government.
A back injury-
Break inflation.
We have reduced the average inflation rate to 4.
Inflation is 6% lower than any other government term.
In fact, inflation fell to 2 in December 2018. 19% only.
If we don't control inflation, our family will spend about 35-
Today, prices for basic necessities such as food, travel, consumer durables, and housing have risen by 40%. 8.
From nearly 6% seven years ago, the deficit has fallen to three. 4% in 2018-19 RE.
Current account deficit (CAD)
, 5 high reverse.
6% 6 years ago, it is likely that only 2.
5% of GDP this year.
Although the finance committee has suggested that the share of states in central taxes be increased from 32% to 42%, we have controlled the fiscal deficit and we have accepted this in the true spirit of cooperative federalism, so, the amount transferred to the States is much higher. 9.
Thanks to a stable and predictable regulatory regime, a growing economy and strong fundamentals, India can attract significant foreign direct investment (FDI)
In the last five years
Up to $239 billion.
Foreign direct investment policies were also rapidly liberalized during this period, enabling most FDI to pass automatically. 10.
Madam Speaker, over the past five years, we have witnessed a wave of structural reforms for the next generation that have laid the foundation for decades of high growth.
By introducing a tax on goods and services (GST)
And other tax reforms.
Banking reform and bankruptcy and Bankruptcy Code (IBC)11.
For the period from 2008-
14 will be seen as a period of strong credit growth, which is the main reason for the non-credit surge, according to RBI
Bad loans and asset pressures.
During this period, outstanding loans from public sector banks increased from Rs 18 to Rs 52.
Many projects are either not completed or have low capacity utilization, resulting in the inability to repay the loan.
High pressure and non
Execution assets (NPAs)
RS 5.
Lakh crore in 2014
More is hidden through restructuring or other means, which were found in asset quality reviews and inspections conducted since 2015. 12.
We stopped this dubious practice and stopped the culture of "telephone banking.
Recognition, resolution and weight of 4Rs
Capitalization and reform were implemented.
Some measures have been taken to ensure the cleanliness of the banking business.
We recognize these national action programmes through transparent and accountable procedures.
The bankruptcy and Bankruptcy Code has systemized a resolution --
Friendly mechanism, which helps to restore non-
Make loans while retaining basic business and work.
Earlier, only small businessmen had faced pressure to repay their loans, and in the case of big businessmen, it was a headache for banks.
But for now, management who defaulted either pay or quit their business.
Nearly Rs 3 has been recovered for banks and creditors.
In order to restore the health of public sector banks, capital restructuring has been carried out through an investment of Rs 2. 6 lakh crore.
Bank mergers have also been carried out to gain the benefits of economies of scale, improve access to capital and cover a larger geographic area.
Anti-corruption measures 13.
We have ushered in a new era of transparency.
We gave a government without corruption.
Real estate (
Regulations and development)Act, 2016 (RERA)
Trading with Benami (Prohibition)
Act 1988 helps to increase transparency in the real estate industry.
2018 The Fugitive Economic Offenders Act will help to confiscate and dispose of assets of economic criminals who evade the jurisdiction of Indian law.
In addition, we have conducted a transparent auction of natural resources, including coal and spectrum.
We already talked. Cleanliness14.
In honor of 150 anniversary of the birth of Gandhi on 2019, my government launched the Swachh Bharat delegation, the world's largest movement for behavioural change.
Rural health coverage in India is 98%, up to 5.
45 Lahe villages have been announced to be free to urinate in the open air ".
"This is a comprehensive plan that has succeeded in changing the mindset of our people.
With the participation of the people, they turned it from a government plan to a national campaign.
I am grateful to the 130 core people in the country for the success of swage Bharat Abyan, who wholeheartedly accepted the plan.
Poor and backward classes
The poor have the first right to the resources of the country.
While maintaining existing bookings for SC/ST/other backward classes, the government has now ensured 10% of the educational institutions and poors government service bookings.
About 25% additional seats in these institutions (
About 2 lakh)
Will be provided so that there will be no shortage of existing/reserved seats at any level. 16.
To provide food to the poor and middle class at affordable prices, around 1,70, 000 rupees were spent in 2018
This is almost twice as much as 92,000 rupees in 2013 --14.
We make sure everyone has food and no one sleeps hungry.
BE 60,000 allocated Rs 2019 for MGNREGA20.
Additional amounts will be provided if required. 17.
We try to build bridges between cities.
The rural divide.
In this house in August, most of them come from rural areas, and the honorary members will agree that, in the past few times, only empty promises have been made to those living in our village.
Over the past five years, we have adopted targeted spending to improve their quality of life.
Our goal is to provide urban facilities in the countryside while keeping the soul of country life intact. 18.
Under the leadership of Pradhan Mantri Gram Sadak Yojana, the construction of rural roads has tripled. 15.
A total of 17, 80 lakh accommodation.
84 lakh habitations have been connected to the pucca Road and other work will be done soon.
Pradhan Mantri Gram Sadak Yojana (PMGSY)
19,000 rupees are being allocated in BE 2019
20 RS 15,500-2018 relative to RE19.
There was a time when a child once arrived at school after walking up the 1 feet trail, and today the situation changed at 2014-
18. total number 1.
House built under 10 million 53, Pradhan Mantri Awas Yojana. 19.
Until 2014, about 2.
More families were forced to live without electricity in the 18 th century.
Under "saubhagya yojna", we offer free power connections to almost every home.
By March 2019, all willing families will have access to electricity.
In Mission Mode, we provide 143 crore LED bulbs with the participation of the private sector.
This has led to savings of about Rs 50,000 per year on electricity for poor and middle-class families. 20.
Madam Speaker, health care has expanded significantly over the past five years.
Earlier, a poor man was once in a dilemma, whether it was to meet the daily needs of the family or to save the lives of sick members.
This situation is deeply distressing to our honorable prime minister.
We launched Ayushman Bharat, the world's largest health care program, to provide medical care to nearly 50 crore people.
Nearly 10 lakh patients have already benefited from medical treatment and will cost them Rs 3,000 by providing free treatment under the program.
The poor and middle-class Lakhs also benefit from lower prices for essential drugs, cardiac stent and knee implants, as well as affordable through the Pradhan Mantri January Aushadhi Kendras21.
There are currently 21 AIIMS operating in or under establishment in the country.
14 of the 21 AIIIMS have been announced since 2014.
I am pleased to announce the establishment of the new AIIMS No 22 in Haryana. 22.
Ambitious regional programmes are providing targeted development for the country's 115 most backward regions.
The programme has achieved remarkable results, and the implementation of all indicators has improved --
Health and nutrition, education, agriculture and water resources, financial inclusion and skills development.
The progress of farmers and the increase of income.
Madam Speaker, our hard-working farmers are not getting the full value of their products.
In order to double the income of farmers, our government has set the minimum support price for the first time in history (MSP)
Of all 22 crops, at least 50% higher than the cost. 24.
Agriculture remains the main driver of the rural economy. Our hard-
With the support of professional farmers
Over the past four and a half years, our government's peasant policy has produced a record number of agricultural commodities.
Since 2017, agricultural prices in the international market have fallen and food inflation in India has declined.
18, relative to non
However, the food sector has reduced the return on agriculture.
Small and scattered lands held by repeated divisions also led to a decline in farmers' household income.
Therefore, it is necessary to provide structural income support for poor land --
Farmers families who purchase inputs such as seeds, fertilizers, equipment, labor force, etc. in the country.
Meet other needs.
This support will also help them avoid liabilities and fall into the hands of currency holders.
In order to provide guaranteed income support to small and marginal farmers, my government is launching a historic project called "Pradan Manteli Kissman Nidi "(PM-KISAN)”.
Under this programme, vulnerable land farmers with up to 2 hectares of arable land will receive direct income support at a rate of Rs 6,000 per year.
This income support will be transferred directly to the bank account of the beneficiary farmer in three batches of Rs 2,000 per batch.
The plan will be funded by the Indian government.
Some 12 crore farmers and marginal farmers are expected to benefit from this.
The programme will take effect from December 2018 and the first instalment as of March 31, 2019 will be paid this year.
The programme will spend Rs 75,000 per year. 26. PM-
KISAN will not only provide guaranteed supplementary income for the most vulnerable peasant families, but will also meet their urgent needs, especially before the harvest season. PM-
KISAN will pave the way for farmers to create a decent life. 27.
I propose to pay Rs 75,000 for PM-
KISAN in fiscal 2019-20.
I also provided Rs 20,000 in the revised estimate for fiscal 201819. 28.
In the past five years, the amount of interest subsidies has doubled to provide affordable loans to farmers.
Crop loans to farmers have increased to Rs 11.
Lakh crore in 201819.
By providing farmers with soil health cards, quality seeds, irrigation plans and Neem coated urea to eliminate fertilizer shortages, we have made real efforts to eliminate the difficulties of farmers 29.
Considerable support is also needed in the livestock and fisheries sectors.
In this year, I have increased the allocation for the Rashtriya gookul mission to Rs 750.
I announce the establishment of "Rashtriya Kamdhenu Aayog" to improve the level of sustainable genes
The resources of dairy cows are graded to improve the production and productivity of dairy cows.
Aayog will also be responsible for the effective implementation of the dairy laws and benefits program. 30.
India is the second largest fish producer in the world, accounting for 6.
Accounting for 3% of global output, with an average annual growth rate of more than 7% in recent years.
The department provides livelihood for about one person.
Grass-roots 45 people.
In order to continue and focus on the development of this sector, my government has decided to establish a separate fisheries sector. 31.
In the last budget, our government announced the extension of the Kisan Credit Card Program (KCC)
Farmers in animal husbandry and fisheries.
Now, I propose to provide a 2% interest subsidy to farmers engaged in animal husbandry and fishery activities, who receive loans through Kisan Credit Card.
In addition, in the case of timely repayment of the loan, they will also receive an additional 3% interest subsidy. 32.
In order to ensure the availability of convenient and favourable credit and to make KCC acceptable to all farmers, my government has decided to initiate a comprehensive effort with a simplified application form. 33.
When a natural disaster occurs, farmers are often unable to repay their crop loans.
At present, the crop loans of these affected farmers have been rescheduled, and they only receive a 2% interest subsidy in the first year of the rescheduled loan.
My government has now decided that all farmers affected by serious natural disasters will be assisted by the National Disaster Relief Fund (NDRF)
, Will receive a 2% interest allowance and will receive a 3% repayment incentive quickly throughout the period of rescheduling the loan.
Labor and worker dignity 34.
Madam Speaker, my government firmly believes that workers and all those working in the government sector should benefit from a fast-growing economy.
India has witnessed industrial peace in the past five years. 35.
The high growth and formalization of the economy led to the expansion of employment opportunities, as shown in EPFO membership, which increased by nearly 2 crore in two years, reflecting the formalization of the economy and employment creation36.
After The Seventh Report of the central payment Committee is submitted, it is recommended to implement it immediately.
The new pension plan (NPS)
Let go.
To maintain the contribution of 10% employees, we have increased the government contribution by 4% to 14%.
The maximum bonus limit given to workers is raised from Rs 3,500 to Rs 7,000, and the maximum wage limit is raised from Rs 10,000 to RS 21,000.
The upper payment limit for tips is raised from Rs 10 to Rs 20.
In the past five years, the minimum wage for all categories of workers has increased by 42%, the highest ever.
The qualification cap for ESI was raised from Rs 15,000 to RS 21,000.
The minimum pension for each worker is fixed at Rs 1,000 per month.
If the worker dies during the service, the amount paid by EPFO increases from Rs 2.
RS 5 to Rs 6.
Under the leadership of Anganwadi and Asha Yojana honor, wages for all categories of workers have increased by about 50%. 37.
Half of India's GDP comes from the sweat and hard work of 42 workers in the unorganized sector, they are street vendors, rickshaws, construction workers, pickers, agricultural workers, beedi hand looms, leather and many other similar occupations.
The number of domestic workers is also very large.
We must provide them with comprehensive pension insurance.
Therefore, in addition to the medical insurance provisions 'ayushman Bharat' and the life and disability insurance provisions 'pradhan Mantri kiwanyojana 'and 'pradhan Mantri Suraksha Bima Yojana ', our government is proposing to launch a program called "pradhan Mantri Shram-
Yogi maandhan 'serves unorganized departmental workers who earn up to Rs 15,000 a month.
The pension yojana shall provide them with a guaranteed pension of Rs 3,000 per month from the age of 60 and pay a small amount of affordable pension per month at their working age.
Unorganized sector workers who joined the yojana pension at the age of 29 can only pay Rs 100 per month before the age of 60.
Workers who join the yojana pension at the age of 18 pay only Rs 55 per month.
The government will deposit equal matching shares in workers' pension accounts every month.
It is expected that at least 10 crore workers and workers in the unorganized sector will benefit from "pradhan Mantri Shram-
Yogi maandhan has made it one of the world's largest pension plans in the next five years.
500 rupees were allocated for the plan.
Additional funds will be provided as required.
The plan will also be implemented this year. 38.
Our government is committed to helping the poorest citizens of the country.
Conditions for this, De-
It is worth paying special attention to the nomadic and seminary communities.
These communities are difficult to reach, not so obvious, and are therefore often excluded.
Nomadic and seminary communities move from place to place in order to find a livelihood.
The Renke Committee and the Idate committee have done commendable work in identifying and listing these communities.
A committee will be set up under NITI Aayog to complete the determination of De-
Nomadic and semi-nomadic communities that have not yet been officially classified.
My government will also set up a welfare Development Committee under social justice and empowerment dedicated to the implementation of welfare and development programmes
Notice of nomadic and semi-nomadic
Nomadic communities.
The board should ensure that special strategies are designed and implemented to serve these hard workto-
The development of women to women-led development.
In our electoral declaration, Madam Speaker, we commit ourselves to changing the quality of life of rural women in India by providing cleaner fuel.
Ensure the health of every family
Manufacturers in rural areas, and making sure that she does not have to shed tears for cooking to support her family, my government has started to implement a plan to provide 8 crore free LPG connections under ujwala Yojana.
More than 6 connections have been provided, and the rest will get free gas connections next year.
Ujwala is an amazing success story for our government project, defined with a bold and practical vision of responsible and compassionate leadership. 40.
More than 70% of the beneficiaries of Pradhan Mantri MUDRA Yojana are women who can afford and receive collateral --
Provide free loans for your own business.
Among the many measures, 26 weeks of maternity leave benefits and Pradhan Mantri u Vandana Yojana of pregnant women provide financial support to women while enhancing their ability to participate in their work.
To empower young people to realize their potential.
India is one of the youngest countries in the world.
Through Pradhan Mantri Kaushal Vikas Yojana, more than 10 million young people in the month are being trained to help them make a living.
We managed Yuva Shakti in our own way.
Employment plans including MUDRA and Start
India Station-up India.
According to the printing month Yojana.
56 crore loans have been issued in the amount of Rs 7. 23. 000.
Employment concepts are changing around the world, and jobs are not limited to government services or factories.
As job seekers become job seekers, India has become the second largest startup in the world. up hub.
We are proud of the hard work and innovative ideas of our young people. 42.
In order to bring the benefits of artificial intelligence and related technologies to the people, our government has envisaged a national plan on "artificial intelligence.
This will be facilitated by the establishment of national centres of artificial intelligence and centres of excellence.
Nine priority areas have been identified.
A national AI portal will soon be developed.
Support small and medium-sized enterprises and traders.
The government has taken a number of effective measures to strengthen the MSME sector that provides jobs to the population.
Recently, a plan to approve loans up to 1 crore rupee in 59 minutes has been launched.
Gst-registered SME units will receive a 2% interest rebate on an incremental loan of Rs 1.
The demand for government enterprises to purchase from small and medium-sized enterprises increased to 25%.
At least 3% of the material will come from small and medium-sized enterprises owned by women. 44. Government e-Marketplace (GeM)
Two years ago, our government changed public procurement by creating it completely transparent, inclusive and efficient.
Small and medium-sized enterprises have the opportunity to sell products through gem.
More than 17,500 rupees have been traded, saving an average of 25-28%.
Currently, the GeM platform is expanding to all CPSEs. 45.
Our focus is on supporting domestic trade and services.
My government recently assigned the theme "promoting internal trade, including retail trade and benefits for traders and their employees" to the Ministry of Industrial Policy and Promotion, now renamed the Ministry of Industrial and internal trade promotion.
Strengthen national defense and national security.
Madam Speaker, our soldiers protect our borders under difficult conditions.
They are our pride and honor.
We also respect their dignity.
In our campaign declaration, we commit ourselves to a first-class pension (OROP).
This has been pending for the last 40 years and we have resolved it.
The former government announced the plan in three budgets, but only approved Rs 500 in 2014 --
15 provisional budget;
By contrast, we have paid Rs 35,000 after implementing the plan in its true spirit.
The government also announced a substantial increase in military service salaries (MSP)
All service personnel and special allowances for Navy and Air Force personnel deployed in high-risk positions are granted. 47.
Our defense budget will exceed 3, 00, 000 rupees for the first time in 2019. 20.
In order to ensure the security of our borders and the preparation to maintain the highest order if necessary, additional funds will be provided.
Support Indians all over the world
Today, all people from India feel safe and their home country at will take care of them and support them when needed.
India's transformation has instilled pride and respect for Indians and Indians on a global scale.
We have taken several initiatives to strengthen their ties with India, promote their investment in India and facilitate their travel.
Infrastructure development 49.
Infrastructure is the backbone of any national development and quality of life.
Whether it's highways, railways, airlines, or even digital highways, we 've gone beyond incremental growth and achieved transformative results. 50.
Because of the UDAN program, an ordinary citizen is also traveling by plane today.
With the launch of Xijin Pakyong airport, the number of operating airports has exceeded 100.
In the past five years, domestic passenger traffic has doubled and a lot of jobs have been created.
Today, India is the world's fastest highway developer, building 27 kilometers of highways a day.
Projects such as the eastern peripheral highway around Delhi or the bogebel railway have stalled for decades
The cumroad Bridge in Assam and Abang has been completed.
The Sagarmala flagship programme along the country's coastal areas will develop ports to handle import and export goods more quickly.
Inland waterways from Kolkata to Varanasi begin container freight for the first time.
My government will also introduce container cargo transportation to the North East by improving the sailing capacity of the Brahmaputra river 51.
The Indian Railway has experienced the safest year in history.
All unmanned crossings on the wide rail network have been eliminated.
Introduced the first half-height of local development and manufacturing
"Vande Bharat Express" will provide Indian passengers with a world-class experience in speed, service and security.
This significant leap in fully developed technology by our engineers will drive manufacturing initiatives in India and create jobs.
In 2019, the proposed capital support for the railway budget was RS 64,58720 (BE).
The total capital expenditure for the railway is RS 658.
It is expected that the operation will increase from 98. 4% in 2017-18 to 96. 2% in 2018-19 (RE)
Reached another 95% in 201920 (BE). 52.
India has played a leading role in global efforts to address climate change.
Our commitment to promoting renewable energy is reflected in the establishment of the International Solar Energy Alliance, the first treaty-based International Solar Energy Alliance
Government organizations based in India.
In the past five years, the installed capacity of solar power generation in India has increased by more than ten times.
The industry is creating jobs in a new era. 53.
India's reliance on imports of crude oil and natural gas has always been a matter of great concern to our government.
While we have taken significant steps to moderate the growing demand by using biofuels and alternative technologies, urgent action is needed to increase the production of hydrocarbons to reduce imports.
High level international competition
The ministerial committee, which consists of my government, has made several specific proposals, including reforming the system of tendering for exploration, from revenue sharing to exploration programmes in the second and third types of basins.
These proposals are being implemented by the government. 54.
People in the northeast also benefited a lot from infrastructure construction.
Recently, the state of Aruba appeared on the air map, and Meghalaya, Tripura and Mizoram appeared on the railway map of India for the first time.
Allocation for the Northeast region is planned to increase by 21% to 58,166 crowns in 201920 over 2018-19 BE.
Digital Indian revolution
Madam Speaker, India is currently leading the world in mobile data consumption.
Monthly consumption of mobile data has increased more than 50 times over the past five years.
The cost of data and voice calls in India may now be the lowest in the world.
Today, driven by Make in India, mobile and parts manufacturing companies have increased from two to more than 268, providing huge jobs.
More than 3 lakh public service centers (CSCs)
Employ approximately 12 Lach people to provide several services to citizens digitally.
The Common Service Centre is expanding its services and establishing digital infrastructure in villages, including connectivity, to transform villages into digital villages.
The government will build one lakh village into a digital village in the next five years. Jan Dhan-Aadhaar-Mobile (JAM)
Direct transfer of interest has changed the rules of the game.
Bank nationalisation was first completed 50 years ago, but a large part of the country is still excluded from the mainstream of the economy and cannot enter formal banking.
In the past five years, nearly 34 crore bank accounts were opened for Dhan in January.
Aadhar is now almost universally implemented.
This helps to ensure that the poor and middle class get the benefits of government programs directly in their bank accounts by eliminating middlemen. Entertment57.
The entertainment industry is the main source of employment.
Promote the development of entertainment industry
For the convenience of filming, a single window license that only foreigners can use will now also be available to Indian filmmakers.
Regulation will depend more on itselfdeclaration.
We will also introduce the opposite.
According to the provisions of the motion picture act to control piracy threats.
Simplify the direct tax system to benefit the taxpayers58.
Madam Speaker, to make our direct taxes better
It's easy for taxpayers, we lower the tax rate, more for the average and middle class, and make the interface with the tax department simpler, basically no one shows up.
As a result, taxes have increased significantly from RS 6.
Lakh crore in 2013
14 to almost 12 rupees this year.
The number of declarations has also increased from 3. 79 crore to 6.
10 million 85 shows 80% of taxes.
I thank the honest taxpayers of India for their trust in our government.
Let me assure them that we use their contributions to serve the poor and to create better infrastructure. 59.
The income tax department is now working online.
Returns, assessments, refunds and enquiries are all made online. Last year, 99.
54% of income
Tax returns are accepted at the time of submission.
Our government has now approved a breakthrough, technology-intensive project to change revenue.
The tax department has become a more friendly department.
All returns will be processed within 20 minutes
4 hours, refund at the same time.
In the next two years, the verification and evaluation of almost all selected review returns will be carried out electronically through the anonymous back office hosted by tax experts and officials, there is no personal interface between the taxpayer and the tax officer. 60.
Since our government took over in 2014, reducing the tax burden on the middle class has been our priority.
We raise the basic exemption limit from RS 2 to Rs 2.
5 Lakh and give a tax refund so that people who earn no more than Rs 3 do not pay taxes.
We also reduced the tax rate for Rs 2 to 10% from 5%.
5 lakh to 5 lakh rupees and a standard deduction of Rs 40,000 was introduced for working class.
Savings deducted under section 80C are increased from Rs 1 to Rs 1. 5 lakh.
Deduction of self-paid interest
Property occupied from Rs 1.
5 lakh to 2 lakh Rs. 61.
Small businesses and start-ups also receive special benefits and rewardsups.
Overall compliance process is simplified.
The threshold for the presumption of commercial taxation is raised from Rs 1 to Rs 2.
For the first time, the benefit of presumed taxation has been extended to small professionals who limit the threshold to Rs 50.
In order to promote the economy of cash reduction, it is assumed that the profit margin will be reduced from 8% to 6%.
The tax rate for companies with turnover of up to Rs 250 covers almost 99% of companies, down to 25%, which is also applicable to new manufacturing companies without any turnover restrictions.
Reform of goods and services tax for consumers and enterprises.
Tax on goods and services (GST)
During the administration of the previous government, the reform lasted for nearly ten years.
Our government has implemented GST, which is undoubtedly the biggest tax reform since independence.
17 different taxes levied by the Central and State/UT governments were merged into one commodity and service tax.
India is a common market.
The goods and services tax has increased the tax base, increased the tax, and made trade more convenient.
This will reduce the daily connection between taxpayers and the government. to-
Daily operation and evaluation.
Now returns are completely online
The way the billing system is. Inter-
With no entry tax, checkpoints and truck queues, state action has become faster, more efficient and easier. 63.
High taxes on a variety of commodities
The GST system has been rationalized and the burden on consumers, especially the poor and middle class, has been greatly reduced.
The GST Council is composed of the center and the States/districts, and the finalized GST rate is generally lowerGST rates.
Since then, the goods and services tax has been continuously reduced, providing consumers with a reduction of about Rs 80,000 per year.
Most of the items that the poor and middle class use on a daily basis are now within the tax range of 0% or 5%.
Film viewers who receive up to 50% of the multiple taxes are now paying much lower taxes, at 12%.
My government wants to reduce the burden of goods and services tax on home buyers, so we have asked the Council of goods and services tax to appoint a group of ministers to review this issue and make suggestions as soon as possible. 64.
The GST is intended to benefit small traders, manufacturers and service providers.
The GST exemption for small businesses has doubled from Rs 20 to Rs 40.
In addition, small businesses with a turnover of up to Rs 1.
5 crore gets an attractive combination scheme where they only pay a flat rate of 1% and only need to submit an annual return.
Similarly, small service providers with a turnover of up to 50 lakhs now have the option to combine plans and pay GST for 6% instead of 18%.
More than 35 lakh small traders, manufacturers and service providers will benefit from these measures in favor of traders.
More than 90% of GST payers will soon be allowed to submit quarterly returns. 65.
Despite the magnitude of the rate cut and the rate cut, the revenue trend is encouraging.
The average monthly tax this year is RS 97,100 per month, compared to Rs 89,700 per month in the first year.
National revenue is improving, with guaranteed annual revenues rising by 14% in the first five years.
Customs and cross-border trade reform.
To facilitate the "Made in India" initiative, we have rationalized tariffs and procedures.
Our government has canceled tariffs on 36 kinds of capital goods.
A revised duty free capital goods import system and input for manufacturing and export have been introduced, and single-point approvals have been introduced under Article 65 of the Customs Act.
Indian customs is introducing comprehensive digitization of import and export transactions and using RFID technology to improve export logistics.
Demonizing and cracking down on black money
Our government is committed to eliminating the drawbacks of black money from our country. The anti-
Over the past four and a half years, the black money measures we have taken in the form of the black money Act, the fugitive act and demonization have brought about undisclosed income of about 1,30 rupees, resulting in the seizure and seizure of assets worth about Rs 50,000, forcing people holding large amounts of cash to disclose their source of income.
During this period, the Nano-assets were valued at Rs 6,900 and the foreign assets were valued at Rs 1,600.
Up to 3,38, 000 shell companies have been detected
Their directors were disqualified.
Direct tax increase of 18% in 2017-
18 and increased tax base up to 1.
06 crore first declared income tax in fiscal 2017-
Mainly due to non-monetization.
Vision for the next decade.
Madam Speaker, the government of NDA, led by the Honourable Prime Minister Shri Narendra Modi, has laid the foundation for India's future growth and development.
We have solved many problems that have prevented us from giving full play to our social and economic potential.
We are ready to become a five Trillion dollar economy in the next five years and hope to become Ten Trillion dollar economy in the next eight years. 69.
In the Indian spirit, anything good should be given, aroused, created and done well in ten directions.
So I will plan our vision for the ten most important aspects in 2030. 70.
The first aspect of this vision is the construction of material and social infrastructure for ten Trillion's dollar economy and the facilitation of living.
It will include the next generation of infrastructure for roads, railways, harbors, airports, urban transport, natural gas and electricity transmission, and inland waterways.
In terms of social infrastructure, each family will have a roof and will live in a healthy, clean and healthy environment.
We will also establish a high quality, science-oriented education system led by a first-class faculty of excellence. 71.
The second aspect of our vision is to create a digital India that covers every sector of the economy, every corner of the country, and affects the lives of all Indians.
The digital infrastructure and digital economy in 2030 will build on the success of the digitization of government processes and private transactions in recent years.
Our youth will lead our efforts with countless starting points.
Ups created digital India and created millions of jobs in this ecological environmentsystem. 72.
Making India a pollution-free country with green mother earth and blue sky is the third dimension of our vision.
India will drive electric vehicles as renewable energy becomes a major source of energy supply.
India will lead the world transportation revolution through electric vehicles and energy storage devices, reduce dependence on energy and ensure the energy security of our people. 73.
The use of modern digital technology to expand rural industrialism to create a large number of jobs is the fourth dimension of our vision.
This will be based on the method of making grass in India.
Grass-roots clusters, structures and mechanisms including micro-enterprises, rural industries and start-ups
Ups is everywhere in the country.
India is becoming a global manufacturing hub for industries including automotive and electronics, defense and medical devices. 74.
Our rivers and bodies of water are the pillars of our lives.
Our government is actively working to clean up the Ganga river.
Our fifth aspect of our vision for India in 2030 is clean rivers, providing safe drinking water for all Indians, using micro-water to sustain and nourish life, and efficient use of irrigation water
Irrigation technology. 75.
India's long coastline has the potential to be a force for the economy, especially by developing the blue economy to ensure a better standard of living and quality for a large number of residents in the coastal area.
Our efforts in the Sagarmala Project will be expanded and we will develop other inland waterways more quickly.
Our coastline and sea water provide the impetus for the development and growth of India, which is the sixth aspect of our vision. 76.
The seventh dimension of our vision is facing the outer sky.
Our space program-the launch of gagayan, India-
The launch of an Indian astronaut into space by 2022 reflects our vision. 77.
Let India itself
Adequate food, export to the world to meet their food needs and produce food in the most organic way, is the eighth aspect of our vision.
High agricultural production and productivity will be realized through modern agricultural practice and value-added.
We will focus on an integrated approach to the processing, preservation, packaging and maintenance of agricultural products and food chains. 78.
Healthy India is the ninth dimension of our vision.
We will build a healthy society with the goal of a healthy and secure environment and the support of the necessary health infrastructure.
My government has launched the plan of Ayushman pohardo.
By 2030, we will strive to build a pain-free health care and a fully functional health system for all.
Such a healthy India was established with the participation of women who enjoy equal rights and care for their safety and empowerment. 79.
Our vision can be achieved through the Indian team
Our employees work with elected governments to transform India into a minimum government governance nation.
This is the tenth dimension.
We will have a proactive and responsible bureaucracy in India in 2030, which will be seen as an institution that is friendly to the people. 80.
With this comprehensive ten
We will create an India where poverty, malnutrition, littering and illiteracy will be the past.
India will be a modern, technology-driven, high-growth, fair and transparent society.
Fiscal Programme for 2019And beyond81.
The revenue and expenditure estimates I introduced today link the fiscal deficit for 201920 at 3. 4% of GDP.
We will keep the deficit at 3.
2018 3%-
Further measures were taken in 2019 to consolidate the fiscal deficit-20.
However, given the need to provide income support to farmers, we provided Rs 20,000 in 2018
19 RE and Rs 75,000 crore-2019-20 BE.
If we rule this out, the deficit will be less than 3. 3% for 2018-
19 and less than 3.
2019 1%-20. 82.
Total expenditure rose from RS 235 in 2018
19 RE to Rs 200 on 2019-
20 BE, up 965 rupees or about 13 rupees. 30%.
This reflects a high rise, given low inflation.
Capital expenditure in 2019
It is estimated that BE is RS 292.
Central funding program (CSS)
Proposed allocation of Rs 3, 27, 679 in be 2019-
20 compared to Rs 849 in 201819 RE.
National education mission allocation increased from RS 32,334 to RS 2018
Be rs 38,572-19 to RS 201920.
Allocation of comprehensive children's development plan (ICDS)
Increase from re rs 23,357-2018
Be rs 27,584-19 to RS 201920. 83.
It is proposed to significantly increase the distribution of benefits for Scheduled Castes and Scheduled Tribes.
RS 5661. 9 billion was allocated in 2018-
19 for scheduled caste, it is recommended to increase further to RS 62,474 in RE and RS 76,801 in be to RS 2019
20, an increase of 35.
6% in 2018-19.
For the scheduled tribes, the allocation proposed in 2019
RS 50,086 for 20 BE and RS 39,135-2018 for BE
19, growth of 28%. 84.
In order for these enterprises to be responsible to the people, we have been pursuing the asset management agenda of public enterprises.
There are currently 57 CPSEs listed, with a total market value of more than 13 rupees.
During 2017, the government received Rs 1 from the withdrawal proceeds. 18.
We are confident to achieve the target of Rs 80,000 this year. 85.
We have been moving towards the goal of achieving a fiscal deficit of 3% by 2020 --21.
India's debt-to-GDP ratio is 46. 2017 5%-18.
According to the FRBM Act, by 2024, the debt-to-GDP ratio of the Indian government should drop to 40%. 25.
With the completion of the fiscal deficit consolidation plan, we will now focus on debt consolidation. 86.
Last year, our government promised to reform stamp duty on financial securities transactions.
I propose, through the financial act, the necessary amendments in this regard.
The proposed amendments will lead to a very streamlined system.
Stamp duty will be imposed on an instrument related to a transaction and stamp duty will be charged at one place through the stock exchange.
Such tariffs will be seamlessly shared with the state government on the basis of the purchase of customer residences.
Part B: tax proposal 87.
On behalf of the Indian people and our government, first of all, I would like to thank all of our taxpayers for their valuable contribution to national construction and to providing a better life for the poor and marginalized groups of society.
Your taxes provide dignity to our sisters and mothers through toilet and gas connections.
Your taxes pay the electricity connection to the poor who have lived in the dark for generations.
The taxes you pay will provide health care for 50 crore siblings and children.
It is through your first-class pension that you ensure the respect, dignity and safe future of our retired jawans.
Thank you taxpayers. 88.
Because we have had major tax reforms over the last four and a half years, both taxes and tax bases have increased significantly, we have made progress in achieving a modest high tax compliance system.
Therefore, some of the benefits of tax reform must also be passed on to middle-class taxpayers, which is just and fair.
With this in mind, I propose to further reduce the tax burden on these taxpayers.
Although, as usual, the main tax proposals will be presented in the regular budget, small taxpayers, especially middle-class, working-class, pension recipients, at the beginning of this year, older people need to identify their taxes in their minds.
Therefore, proposals relating to such persons in particular should not wait.
Therefore, although the current income tax rate will continue for fiscal 2019-
20. I put forward the following suggestions: 89.
Individual taxpayers whose annual taxable income does not exceed Rs 5 will receive a full tax refund and therefore will not be required to pay any income tax.
So even those with a total income of Rs 6.
50 if lakhs invests in provident funds, specific savings, insurance, etc. , they may not have to pay any income tax.
In fact, in addition to additional deductions such as interest on housing loans up to Rs 2, interest on educational loans, contributions to the national pension plan, medical insurance, medical expenses for the elderly, etc, people with higher incomes do not have to pay any taxes.
This will provide tax benefits of RS 18,500 for 3 crore middle class taxpayers estimated to be self-employed, small businesses, small businessmen, working class, pensioners and seniors. 90.
For salaried personnel, the standard deduction is increased from the current Rs 40,000 to Rs 50,000.
This will provide an additional tax benefit of Rs 4,700 for more than 3 working-class and pension recipients. 91.
At present, if one has more than one rent of his own, the nominal rent income tax shall be paidoccupied house.
Taking into account the difficulties of the middle class having to maintain their families in two places due to work, children's education, parental care, etc.
I propose to waive the income tax for the second nominal rentoccupied house. 92.
The TDS threshold for bank/Post Office deposit interest is raised from Rs 10,000 to Rs 40,000.
This will benefit small depositors and non-working spouses.
In addition, it is recommended to raise the TDS threshold for deducting the rent tax from Rs 1,80, RS 000 to RS 2,40, RS 000 in order to reduce the burden on small taxpayers. 93.
According to Section 54 of the Income Tax Act, the rollover benefits of capital gains will increase from investing in one home to two homes for taxpayers with capital gains of up to Rs 2.
This benefit can be used once a lifetime. 94.
In order to provide more housing under affordable housing, Section 80 provides benefits
The International Bar Association of the Income Tax Act will be extended for another year. e.
Housing projects approved by March 31, 2020. 95.
In addition, to drive the real estate sector, I propose to extend the tax exemption period for nominal rent, unsold inventory from one year to two years, starting at the end of the year when the project was completed.
Summary Meeting.
This is not only an interim budget, Madam Speaker, but also a medium for the national development process.
All the changes we are witnessing are due to the enthusiasm of our people.
This is only due to them.
Development has become a mass
The movement of our government during its administration. 97.
With the help of the people, we will turn India into the world's leading country.
We laid the foundation with them.
With their support, a magnificent building will be built.
We have given decisive leadership with clear intentions, transparent policies, and resolute integrity. 98.
With this, I recommend the budget to the house in August.