InvestorQ : What are the key highlights of FM Piyush Goyal's budget speech?
swati Bakhda made post

What are the key highlights of FM Piyush Goyal's budget speech?

Answer
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Shreya Karn answered.
1 year ago


The Union Budget was really a good stroke from the Government to please lower income group, to middle class, to tax-payer, to defence. Here are few highlights from Budget that was presented by Interim Finance Minister, Piyush Goyal.
Taxation:
* Increased income tax exemption limit from Rs 2,50,000 to Rs 5,00,000 pleasing the salaried section. Also, it introduced deduction of savings under section 80C from Rs 1 lakh to Rs 1.5 lakh.
* Capital tax gains increased from one residential house to two houses
* This roll over on capital gains up to Rs 2 crore can be exercised once in a lifetime
Agriculture:
*Budget promised Rs 6,000 per year assured income for small and marginal farmers in 3 installment of Rs. 2000 each. Govt has allocated Rs 75,000 crore for the said scheme .
*2% interest subvention for farmers affected by natural disasters, and if repaid the loan on time an additional 3 percent additional exemption.
*Boosting animal husbandry by giving Two percent interest subvention for farmers pursuing animal husbandry, fisheries
Rural sector:
* Budgetary allocation of Rs 19,000 crore for construction of rural roads under Gram Sadak yojana in 2019/20
* Government to allocate Rs 60,000 crore for a MNREGA scheme
Employment:
* Budget tries to cover unorganised sector workers through New Social Security Coverage Scheme wherein assured pension of Rs 3,000 rupees per month will be given by only contributing 100 rupees per month, for workers in unorganized sector after 60 years of age
GST:
* Group of Ministers to suggest ways to reduce GST for house buyers
* Small and medium-sized businesses registered under the GST to get 2 percent interest subvention on loan of Rs 1 crore