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Budget 2019 What to mark important for UPSC 2019

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Budget 2019 What to mark important for UPSC 2019

 

Here’s the key highlights of Budget 2019 that you must study for UPSC 2019. This post is brought to you by Skholar, a complete dedicated platform for civil services exam aspirants. You can now visit Skholar, take a Free UPSC 2019 Mock Test and get All India Standing. Happy Learning.

Budget 2019 What to mark important for UPSC 2019

 

Budget 2019 Key Point

Economy

  • Current account deficit (CAD) likely to be 2.5 per cent of GDP

  • Fiscal deficit brought down to 3.4% in FY19.

  • Inflation in December 2018 down to 2.19%

  • Capital expenditure for FY20 set at Rs 3.36 lakh crore

  • Expenditure target for FY20 set at Rs 27.84 lakh crore




Tax

  • Full tax rebate for Individual taxpayers with income upto Rs 5 lakh

  • No Tax in making investment in provident funds and prescribed equities for People with gross income upto 6.5 lakh

  • All income tax returns will now be processed in 24 hours and refunds will be issued simultaneously.

  • Within next 2 years, all assessment of returns to be done electronically

  • TDS threshold on rental income raised from Rs. 1.8 lakh to Rs. 2.4 lakh

  • TDS threshold on interest on bank,post office deposit raised to 40,000

  • Standard deduction raised from Rs 40,000 to Rs 50,000

  • No tax on notional rent on second self-occupied house

  • Capital Gainsexemption under Section 54 will be available on two house properties

  • Thebenefits under Sec 80 (i) BA being extended for one more year, for all housing projects approved till end of 2019-20.

GST

  • Most items of daily use under 0-5% tax slab

  • Businesses with less than₹ 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns

  • Mega Pension Scheme

  • Government launches Mega Pension Scheme,Pradhan Mantri Shram Yogi Mandhan, for social security coverage of unorganised labour. The Unorganised labour will get ₹3,000 per month after the age of 60 Pensioners will have to contribute Rs 100 per month and the Government will contribute equally in pension accounts under this scheme.

Farmers

  • Farmers severely affected by severe natural calamities to get 2 per cent interest subvention and additional 3 percent interest subvention if loans are repaid in time

  • Two percent interest subsidy to be given to farmers involved in animal husbandry activities through Kisaan Credit Card scheme.

  • Govt to create separate department of fisheries

  • 2% interest subvention for animal husbandry & fisheries farmers

  • PM Kisan Samman Nidhi:₹75,000 crore of budgetary allocation. Farmers owing 2 hectares land will get Rs 6,000 per year – to be transferred annually in three installments

For Workers

  • Employees’ State Insurance eligibility cover limit has been raised to₹21,000 per month from ₹15,000 per month

  • Workers who suffer grievous injuries will receive₹6 lakh from ₹ 5 lakh through Employee Provident Fund Organisation (EPFO)

  • Gratuity limit increased from₹10 lakh to ₹ 30 lakh




MNREGA

  • ₹60,000 crore allocated to MNREGA

  • MSME

  • GST registered MSME units to get 2 per cent interest subvention on loan of Rs 1 crore

  • Education

  • ₹38,572 crore allocated for the National Education Mission

Society

  • Rs 76,800 crore allocated for welfare of Scheduled Castes (SCs) and Scheduled Tribes (STs)

  • Centre will implement special strategy for uplift of nomadictribes

  • 1 lakh digital villages to be set up soon

  • Allocation for North Eastern states increases to 21%,amounting to Rs 58,166 crores.

  • Sanction of 15.56 lakh loans amounting Rs 7.23 lakh crore under the Mudra scheme.

  • Economically weak given 10% quota

Pradhan Mantri Gram Sadak Yojana

  • ₹19000 crore allocated for Gram Sadak Yojana

Railways

  • Capital expenditure raised to Rs 64,586 crore in FY20 from Rs 53,060 crore in FY19

  • Defence

  • Defence Budget increasesto over Rs 3 lakh crore for the financial year 2019-20

Rashtriya Gokul Yojana for protection of cows

  • ₹750 crore allocated under Rashtriya Gokul Yojana for protection of cows.

  • ‘Rashtriya Kamdhenu Aayog‘ to be set up for implementation of policies and schemes for welfare of cows.

PM Ujjwala Yojana

  • Total of 8 crore LPG connection to be distributed by next year




Medical

  • AnotherAll India Institutes of Medical Sciences (AIIMS) to be set up in Haryana (this would be the 22nd AIIMS in the country)

For Filmmakers

  • Single window clearance to be made available for film-makers to ease shooting of films.In order to combat film piracy, Anti-camcording provision to be introduced to Cinematography Act.

Artificial Intelligence

  • National Centre for Artificial Intelligence under consideration. NationalAI portal to be developed soon.

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