A have a look at BJP-led NDA govt’s funds since 2014

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A look at BJP-led NDA govt’s budget since 2014
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budget, budget 2019, budget 2019 20, budget 2019 india, Piyush goyal, Piyush Goyal budget, budget 2019 piyush goyal, modi budget 2019, modi govt budget 2019, Arun Jaitley,union budget, budget 2019 expectations, budget 2019 income tax, income tax slab, income tax slab rate 2019, income tax slab changes, budget 2019 income tax changes, budget 2019 expectation for income tax, budget income tax expectations, budget 2019 income tax rate changes, income tax rate 2019, indian express, latest news
budget, budget 2019, budget 2019 20, budget 2019 india, Piyush goyal, Piyush Goyal budget, budget 2019 piyush goyal, modi budget 2019, modi govt budget 2019, Arun Jaitley,union budget, budget 2019 expectations, budget 2019 income tax, income tax slab, income tax slab rate 2019, income tax slab changes, budget 2019 income tax changes, budget 2019 expectation for income tax, budget income tax expectations, budget 2019 income tax rate changes, income tax rate 2019, indian express, latest news Price range 2019 was introduced by Piyush Goyal on February 1, 2019.

Union Price range 2014-15: Breaking the ‘Standing-Quo’

Gross Home Product: 7.4%

FPI: Rs 2,77,459 cr

FDI: $30,931 mn

MF Inflows: Rs 68,121 cr

*Leisure of international direct funding norms for defence, insurance coverage, housing and manufacturing sectors

*Revenue arising out of transactions in securities market to be handled as capital beneficial properties and never enterprise earnings for taxation function

*Ability India programme to coach the youth with an emphasis on employability and entrepreneur abilities was launched

*Revenue tax exemption restrict raised by Rs 50,000 to Rs 2,50,000 and to Rs 3,00,000 for senior residents

*Determined to not change guidelines on taxation with retrospective impact

*Rs 10,000-crore fund introduced with an intention of making “a conducive ecosystem” for enterprise capital within the medium and small business

*A a lot wanted 10-year tax vacation for developer of energy initiatives was introduced to rekindle investor sentiment within the sector.

*A recent push for making a nationwide marketplace for agricultural produce and different reforms have been deliberate by means of restructuring of the Meals Company of India.

Union Price range 2015-16: Company Tax Minimize, Mudra

Gross Home Product: 8.2%

FPI: – Rs 18,175 cr

FDI: $40,001 mn

MF Inflows: Rs 67,611 cr

*Proposed discount of company tax charge over the following 4 years to 25 per cent from 30 per cent, which has not occurred absolutely but. 2018-19 Price range had prolonged the decreased charge of 25 per cent for firms with turnover of lower than Rs 50 crore (in FY16) additionally to firms reporting turnover as much as Rs 250 crore.

*Service tax plus schooling cess elevated from 12.36 per cent to 14 per cent. Wealth tax abolished, 2 per cent surcharge on people with taxable earnings of Rs 1 crore and above.

*Proposed to create a Micro Items Growth Refinance Company (MUDRA) Financial institution, with a corpus of Rs 20,000 crore, and credit score assure corpus of Rs 3,000 crore to refinance microfinance establishments by means of Pradhan Mantri Mudra Yojana.

*Proposed to introduce Gold Monetisation Scheme and Sovereign Gold Bond.

*Introduced launch of Pradhan Mantri Suraksha Bima Yojana to cowl unintended dying threat of Rs 2 lakh, Atal Pension Yojana for an outlined pension, relying on the contribution and Pradhan Mantri Jeevan Jyoti Bima Yojana which covers each pure and unintended dying threat of Rs 2 lakh.

 

Union Price range 2016-17: Give attention to Farm, Rural India

Gross Home Product: 8.2%

FPI: Rs 48,411 cr

FDI: $43,478 mn

MF Inflows: Rs 59,006 cr

*This was pitched as funds for agriculture sector and rural India with enhanced allocations for rural roads, irrigation, curiosity subsidy on farm loans and schemes geared toward bettering farmers’ welfare. Proposed creation of a devoted Lengthy Time period Irrigation Fund (LTIF)

*The Price range has additionally elevated allocation to the Pradhan Mantri Krishi Sinchai Yojana, and introduced the Pradhan Mantri Fasal Bima Yojana, for which the Price range has allotted Rs 5,500 crore, greater than the Rs 2,954.65-crore below all present crop insurance coverage schemes in 2015-16.

*Proposed to tax 60 per cent of the corpus of provident fund on the time of withdrawal, on potential foundation, to deliver its tax remedy according to the Nationwide Pension System. This was subsequently withdrawn after opposition from a number of quarters together with Workers’ Provident Fund Organisation.

*Imposed a Krishi Kalyan cess of 0.5 per cent on all taxable providers, proceeds from which have been to be completely used for financing initiatives referring to enchancment of agriculture and welfare of farmers. This was subsequently abolished after introduction of GST.

 

Union Price range 2017-18: ‘Remodel, Energise, Clear’

Gross Home Product: 7.2%

FPI: Rs 1,44,680 cr

FDI: $44,857mn

MF Inflows: Rs15,675 cr

*The Finance Minister proposed to deliver down nameless or unnamed money donations by people to political events from the present Rs 20,000 to Rs 2,000 according to the advice of the Election Fee. The proposal was subsequently carried out.

*The federal government halved the tax charge to five per cent for taxable earnings between Rs 2.5 lakh and Rs 5 lakh thereby offering tax saving of as much as Rs 12,500 to all people.

*Proposed to extend tax burden for the excessive earnings class and levy a surcharge of 10 per cent on people with web taxable earnings between Rs 50 lakh and Rs 1 crore.

*Whereas the federal government avoided reducing the tax charge for big corporates, it introduced a 5 share level discount in tax charge for firms with annual turnover of as much as Rs 50 crore, which might profit medium and small enterprises.

*The federal government introduced abolition of the International Funding Promotion Board, the physique which cleared international direct funding plans as much as Rs 5,000 crore.

 

Union Price range 2018-19: Showpiece: Insuring Well being

Gross Home Product: 7.2%

FPI: Rs 1,01,252 cr

FDI: $12,752 mn

MF Inflows: Rs 81,201 cr

*The showpiece of the Price range was an bold Nationwide Well being Safety Scheme (NHPS) for over 10 crore poor and weak households, an estimated 50 crore particular person beneficiaries, with protection of as much as Rs 5 lakh per household per yr. This scheme was subsequently launched.

*Imposed long-term capital beneficial properties tax of 10 per cent on beneficial properties exceeding Rs 1 lakh arising from sale of listed fairness shares or models of equity-oriented mutual funds. Proposed 10 per cent tax on dividend earnings distributed by equity-oriented mutual funds. Each these taxes are in place.

*Promised that the minimal assist costs for all crops will probably be fastened in order to ensure farmers a 50 per cent return over their manufacturing price. The federal government has introduced hike in MSP of assorted farm crops.

*Introduced introduction of e-assessment for taxpayers to chop discretion by the hands of earnings tax officers and promote transparency.

*Minimize company tax charge from 30 per cent to 25 per cent, for firms with turnover of as much as Rs 250 crore. The choice benefited micro, small and medium enterprises.



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