Highlights of Budget 2019

Highlights of Budget 2019

Income Tax

- Taxpayers can use Aadhar and PAN interchangeably. Hence, any person having Aadhar can file income tax return without having to obtain PAN.
- Corporate tax rate of 25% will be now be applicable for companies with a turnover of upto INR 400 crores.
- Income tax will not be applicable for persons having an income of less than Rs.5 lakhs per annum.
- 2% TDS will be levied if INR 1 Crore is withdrawn in cash from a single bank account in a year.
- Income tax assessment will be done in a completely electronic mode with no face-to-face interaction.
- No charges or MDR will be applicable on digital modes of payment.
- Large businesses will be mandatorily required to provide digital payment options.
- Income tax deduction will be provided for person purchasing eVehicles.

Goods and Services Tax

- Taxpayers with an annual turnover of less than INR 5 Crores can now file quarterly GST returns.
- A completely automated GST refund module will be implemented soon to streamline GST refunds.
- An electronic invoice system soon to be introduced will further streamline GST compliance.

MSME

- INR 350 Crores has been allocated for 2% interest subvention for every GST-registered MSME on fresh/ incremental loans.
- Pension for shopkeepers and retailers with an annual turnover of less than INR 1.5 Crore will be launched under the Pradhan Mantri Karma Yogi Maan Dhan Scheme.
- Pension benefits will be extended to over 3 Crores of retailers, traders and shopkeepers under the Pradhan Mantri Karam Yogi Maan Dhan Scheme.
- In order to improve the technology of MSME and similar industries, Technology Business Incubators and Livelihood Business Incubators will be set up under the ASPIRE Scheme. This has been proposed in order to develop and train 75,000 skilled entrepreneurs in the Agro-rural Sector.
- The Central Government will create a payment platform for MSMEs in order to file bills and make payments on the MSME platform itself. This will be implemented to cut down payment time for every user.
- Social stock exchange for the listing of social enterprises and voluntary organisations.

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