10 highlights of Budget 2019-20

Priti Singh :- The Finance Minister Nirmala Sitharama has finally presented the Budget 2019-2020 keeping in mind future of India. The budget seems not so happy for the middle group people after the hike in Petrol and diesel, and hike in gold. On the other end, the budget has been made to boost infrastructure and foreign investment.

• The budget is for a New India has a roadmap to transform the agriculture sector of the country, this budget is one of hope, says Narendra Modi.

• Fully automated GST Refund module shall be implemented; multiple tax ledgers to be replaced by one; invoice details to be captured in a central system.

• Basic customs duty on certain items to be increased to promote the cherished goal of Make in India. Import of defence tools not manufactured in India is being exempted from basic customs duty.

• As per the Budget proposals, import duty to be hiked on gold and precious metals to 12.5% from current level of 10%.

• This budget has given an affordable housing, additional deduction of 1.5 Lakh rupees on the interest paid on loans for purchase of house up to Rs45 Lakh up to 31 March 2020.

• Deduction of 1.5 Lakh rupees on the interest paid on the loans taken purchase electric vehicles.

• Aadhar and PAN interchangeable Around 120 crore Indians now have Aadhar Card. So, Finance Minister propose to make PAN card and Aadhar card interchangeable and allow those who does not have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN.

• 70,000 Crore rupees will be provided by Public Sector Banks to increase capital and improve credit.

• Four new embassies to be opened in 2019-20, to improve footprint of India overseas presence and to provide better public services to local Indian communities.

• Government will start raising a part of its gross borrowing program in external markets in external currencies.