Finance Minister Piyush Goyal in his budget speech on Friday declared a complete tax rebate for those earning upto Rs 5 lakh per annum, leading to widespread cheer among the middle class. Apart from relief for the middle classes, the budget also provided respite to farmers. Finance Minister Piyush Goyal announced the plan of the government to provide an assisted income support to small and marginal farmers under the scheme Pradhan Mantri Kisan Samman Nidhi (PMKISAN). Under the scheme a direct transfer of Rs 6,000 per year will be made to the bank accounts of farmers owning less than two hectares of land, Goyal told the parliament today.
This year’s biggest takeaway has been the benefit under Sec 80(i)BA getting extended for one more year, for all housing projects approved till March 2020. Additionally, the benefit of rollover of capital tax gains has been proposed to increase from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to Rs 2 crore. Further, income tax relief on notional rent from unsold houses, which has now been extended to 2 years, along with an increase in TDS threshold on rental income raised from Rs 1.8 lakh to Rs 2.4 lakh, is a welcome step. The industry now awaits GST council’s next meet and hopes for a reduction in GST on under-construction units from an effective 12 to five percent,”
Maneesh Upadhyaya, Chief Business Officer, 99acres.com
Interim Budget 2019 focuses on 3Cs – Correction, Consumption, and Capitalization says Mr. Vishal Gupta , Director Brands2Life Communication
Interim Budget 2019 has been a Pro People budget. It focuses on 3Cs i.e. Correction, Consumption, and Capitalization. The government has smartly played its cards to take necessary corrective measures to achieve its target of 5 trillion dollar economy in next 5 years and the fiscal deficit slippages are proposed to be limited to 3.4% of GDP. GST return on 5 crores to be filed in a quarter is a welcome step as the payment cycle with clients is often 2-3 months and monthly return filing was giving additional burden to the small scale business.
The budget provided a consumption boost to farmers and middle-class households. With the relief given to taxpayers by increasing the tax exemption slab from 2.5 lakhs to 5 lakhs government has pushed the consumption which becomes a driving force within the Indian economy, with the creation of more investment, thereby providing a further boost to economic growth. More income will lead to an increase in the capital.
With an objective of making India a 5 trillion economy, the Budget 2019 aims at building the social and physical infrastructure.
It is an inclusive budget that is focused on strengthening the agricultural and rural economy, healthcare, infrastructure, social inclusion, digital and employment generation in the country.
It was good to have Piyush Ji talk about India’s growing startup ecosystem, reflecting it is something that the government takes pride in. The GST reforms are a welcome step too. Hoping different departments in the government will work with each other, for example the DIPP and Income Tax authorities, which will really make growth seamless for startups, so that they are able to better serve the New India.” Akshay Chaturvedi, CEO & Co-Founder, LeverageEdu