The budget is being presented at the moment by the Finance Minister -- Piyush Goyal.
Students preparing for the competitive exams should know about this important highlights of Budget 2019.
An Interim Budget, also known as vote on account, virtually means that the government is seeking the approval of Parliament for meeting expenditure for the first four months of the fiscal year by paying salaries, ongoing programmes in various sectors etc., with no changes in the taxation structure, until a new government takes over and presents a full Budget that is revised for the full fiscal.
The budget includes a report card on the income and expenses that have been made last year and the proposed expenses likely to be made in the next few months until the new government takes over. Once the approval passed from the parliament the funds for these expenses are then debited to the Consolidated Fund of India.
Sometimes the newly elected government might practice the same procedure and present a VOA as they might not have enough time to draft a full annual budget.
- Tax exemption to those earning up to 5 lakh, No tax on income up to Rs 5 lakh Savings will be 6.50 lakh savings. Standard deduction increased from 40 thousand to 50 thousand rupees.
- Approval of Prime Minister Kisan Mahant Nidhi Yojana, Rs. 75,000 crore allocations.
- MSP cost of crops one and a half times.
- 5% discount on interest to the affected people.
- Rs 3 lakh crore allocation for the defence sector
- Gratuity payment limit is now 20 lakh
- 2% discount on the interest rate for animal husbandry and fishery farmers.
- 7 thousand rupees bonus for labourers with less than 21 thousand salaries.
- The minimum wage was increased - workers should get a minimum pension of Rs. 1 thousand.
Big announcements by the government so far:
- Recommendations of the Seventh Pay Commission were implemented.
- The Beginning of Kisan Adhash Nidhi.
- Workers with a lesser salary of less than Rs. 21 thousand will get Rs. 7 thousand bonus
- Government contributions increase in NPS
- National Kamdhenu Commission for cow will be established
- Less than a thousand rupees pension scheme for the labourers
- Insurance of Rs 6 lakh to those who have EPF deducted
-EGoM aims to provide eight million gas connections in Ujjwala
- Three thousand rupees pension to ten million labourers
- The pension will get less than 15 thousand salary
- MSME has a loan of Rs 1 crore in 59
- A loan of Rs.15 lakh crore has been given in the money scheme
- 26 weeks of maternity leave scheme for pregnant women
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