Budget 2019 Live: From Corporate Tax and Social Stock Exchange to MSME Sector Upliftment This is
#Budget2019withSMEStreet #Budget4MSMEs understand Budget 2019 From MSMEs perspective with SMEStreet. Stay tuned for Union Budget Live Updates.
And that’s it guys, all major talking points from Finance Minister Nirmala Sitharaman’s first union budget.
- PAN and Adhaar to become interchangeable
- Withdrawals over Rs 1 Crore from an account to attract taxation of 2%
- Corporate tax of 25% for companies with turnover upto 400 Crores
- Tax exemption for individual tax payers remains unchanged
- Angel Tax issues rectified with multiple measures
- Government has a disinvestment target of 1.05 crore this year
- 20 rupee coin will be launched for public use shortly
- 1 Lakh Crore will be invested in Infra in next 5 years
- 70,000 crores of capital will be infused in public sector banks
- Customers of one public sector bank can access services across all PSBs
- RBI to get more power over NBFCs
- New TV channel in DD bouquet exclusively for startups
- Skill training to now cover AI, Big Data, 3D Printing, virtual reality and more such techologies that will help Indian youth pick up jobs across the world.
- Gove proposes to merge multiple labour laws in 4 simple codes
- 100 new clusters to be developed to promote bamboo, khadi, and ilk
- More PPP projects for Metro rail connectivity.
- NRI Portfolio may be merged with FPI portfolio
- FPI should be raised upto levels of FDI
- PPP model top be explored in Railway infrastructure development
- 100% FDI in Insurance Intermediaries
- FDI may also be raised in aviation, animation, media
- Local sourcing norms for single-brand retailers to be relaxed.
- Social Stock Exchange planned to help raise funds under SeBI
- Rs 350 crore has been allocated to help MSME Sector with interest reduction on fresh or incremental loans in 2019-20.
- Payment platform for MSMEs to file their bills and track payements from government departments.
- Retail traders with turnover below 1.5 Crore will get pensions
- Credit Guarantee Enhancement scheme will be set up this year
- India Aims to be a 5 Trillion Dollar Economy in coming years
- Focus is to increase investment in Infrastructure
- Rupay cards to find new uses at toll booths and bus charges.
As Finance Minister Nirmala Sitharaman is looking forward to impress finaancial experts as well as common man by showing a balance creating budget, the Union Budget 2019 is going to have a mini-stimulus strategy to take the economy out of five-year low alongside giving some tax relief to commoners. Stage has all set for her first Budget and Narendra Modi’s first after winning the second term.
More importantly, budget 2019 is expected to boost spending at the cost of short-term slippage in fiscal deficit targets as she lays down the Modi 2.0 government’s road map for the economy and the nation in the next five years. Some believe she may give relief to the common man by raising personal income tax threshold for certain categories while at the same time, upping spending on agriculture, healthcare and social sectors.
At the international level, this budget should be covering many sensitive issues, The economy has also been impacted by slowing trade, rising protectionism, trade conflict between the United States and China, Brexit, US sanctions on Russia, Iran and Venezuela impacted the domestic economy.
The sluggishness in the economy has led to expectations of the budget containing further stimulus measures to boost the growth through new policy initiatives and continued reforms to achieve accelerated growth and increase in employment. This may be in the form of a combination of capital infusion in the public sector banks, removing the roadblocks that have crept into the Insolvency and Bankruptcy Code process, providing liquidity to non-bank financial companies (NBFCs), address the agrarian crisis and step up allocations for infrastructure and social sectors.
There are many possibilities, many constraints and many expectations. Bringing all of them in one, is not going to be a cakewalk, it will be a tightrope walk for sure. Lets welcome, Ms Nirmala Sitharaman and lets welcome the Union Budget 2019.