Interim Budget 2019 |Live Updates

Finance minister Piyush Goyal is all set to present Narendra Modi government’s sixth and final Budget. Get live updates of Interim Budget 2019 along with highlights & budget 2018-19 analysis on Ambitious Baba.

When is an interim budget presented?
The government of the day presents an interim budget if it does not have the time to present a full Budget or because national elections may be near. In the latter situation, propriety demands that the task of framing the full Budget be left to the incoming government. 

Why is an interim budget needed? Why not present a full budget later?
The budget for the year approved by Parliament gives the government spending rights only till the end of the financial year ending March 31. If for any reason the government is not able to present a full budget before the financial year ends, it will need parliamentary authority for incurring expenditure in the new fiscal year until a full Budget is presented. Through the interim Budget, Parliament passes a vote-on-account that allows the government to meet the expenses of the administration until the new Parliament considers and passes the Budget for the whole year. In an election situation, the vote-on-account is usually for a four-month period. 

How does the interim budget differ from a regular budget?
In an interim Budget, the vote-on-account seeks parliament’s nod for incurring expenditure for part of a fiscal year. However, the estimates are presented for the entire year, as is the case with the regular Budget. However, the incoming government has full freedom to change the estimates completely when the final Budget is presented. 
Can the government levy new taxes and propose new policies? 
Constitutionally, the government can make tax changes in the interim budget. However, the 12 interim budgets since Independence have respected the fact that the government is a custodian for a few months and have refrained from announcing big-ticket changes or new schemes.

Live Updates…..

  • Close to 3 lakh crore already recovered in favour of banks and creditors, big defaulters too not spared by our government: FM
  • India attracted $239 billion FDI in the past five years: Goyal
  • Close to 3 lakh crore already recovered in favour of banks and creditors, big defaulters too not spared by our government: FM
  • Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19: FM
  • Inflation in December 2018 was just 2.1%: FM
  • The 22nd AIIMS will be set up in Haryana soon, says FM
  • 21 AIIMS are currently operating in the country, 14 of which have been announced since 2014, says Goyal
  • PM Modi launched the world’s largest healthcare programme – Ayushman Bharat – to provide medical treatment to nearly 50 crore people, says Goyal amid rousing applause
  • We provided free electricity to almost every house through Saubhagya scheme: FM Goyal
  • Our government earmarked Rs 1.7 lakh crore in 2018-19 to ensure food for all: FM
  • More than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF: mindset change achieved, becoming a Jan Andolan: FM
  • The amount will be transferred in three installments of Rs 2,000. Around 12 crore farmers will directly benefit from this scheme: Goyal
  • Will provide Rs 6,000 per annum to farmers holding land of up to 2 hectres: Goyal
  • The initiative will benefit crores of small and marginal farmers, at an estimated cost of Rs. 75,000 crore. It will enable farmers to earn a respectable living: FM
  • We have increased allocation for Rashtriya Gokul Mission to 750 crore in current year: FM
  • 2% interest subvention to farmers pursuing animal husbandry and fisheries: FM
  • In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment: Goyal
  • High growth and formalization of economy have resulted in increased EPFO membership by 2 crore in last two years: FM Goyal
  • We have increased tax-free gratuity from Rs 10 lakh to Rs 20 lakh: Goyal
  • Already disbursed Rs 35,000 crore for our soldiers under OROP, substantial hike in military service pay has been announced: Goyal
  • Defence budget enhanced beyond Rs 3 lakh crore, says Goyal
  • OROP (one rank, one pension) scheme was pending for 40 years, but it was our government that implemented it: FM
  • Gratuity limit increased from Rs 10 lakh to Rs 30 lakh: FM
  • 75% of woman beneficiaries under PM MudraYojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women: FM
  • Ujjawala is a remarkable success story of our government. We aim to cover the target of all 8 crore households this year: FM
  • Our government delivered 6 crore free LPG connections under Ujjawala scheme: FM
  • The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs 3,000 with contribution of Rs 100 per month for workers in unorganized sector after 60 years of age: FM
  • Beneficiaries will be provided assured pension of Rs 3,000 per month: FM
  • ‘Sabka Saath, Sabka Vikas’ has been our government’s mantra and it will reflect in the Budget: Union minister of parliamentary affairs Narendra Singh Tomar
  • Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268: Piyush Goyal
  • FM Goyal allocates Rs 64,587 crore for Railways in FY20

  • Rs. 6,000 For Every Small Farmer Into Their Bank Accounts, Says Piyush Goyal Farmers owing 2 hectares land will get Rs6,000 per year. 
  • 1 lakh digital villages to be set up soon 
  • Railway operating ratio is 96.2 % in FY19 Vs 95% in FY 18
  • allocation for north eastern states increases to 21%.
  • Direct tax collection at 12 lakh Cr INR in FY19 from 6.30 INR Lakh Cr in 2014.
    • 1. Highlights of Rural Outreach:1) Govt to allocate Rs 75,000 crore per year to support farmers’ incomes
      2) Impact of Rs 20,000 crore in current fiscal year
      3) Vulnerable farmers to receive Rs 6,000 per year in three equal instalments
      4) Government to allocate Rs 60,000 crore for UPA’s flagship MNREGA in 2019/20
      5) Allocation of Rs 19,000 crore for construction of rural roads in 2019-20
  • In a relief for common man, most daily-use items are now under 0-5% tax slab under GST: Goyal
  • We are poised to become a $5 trillion economy in the next five years and aspire to become a $10 trillion economy in the next eight years, says Goyal
  • Due to note ban, over 1 crore people have filed tax returns
  • Anti-black money measures taken by us in the last year have uncovered undisclosed income of Rs 1.3 lakh crore
  • Average monthly tax collection in current year under GST is Rs 97,000 crore per month
  • Goyal announces fiscal deficit as a proportion of GDP – 3.4% for the coming year
  • Capital expenditure – Rs 3.36,292 lakh crore
  • Rs 56,619 crore made in budget estimate 2018-19 for welfare of SCs and STs, increased to Rs 62,474 crore in revised estimate 2018-19 has been further increased to Rs 76,800 crore in budget estimate 2019-20: FM
  • Propose to the following tax reforms: Individual taxpayers with annual income of up to Rs 5 lakh will get full tax rebate: Goyal

  • Standard deduction has been increased to Rs 50,000 from Rs 40,000: Goyal
  • Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities: FM
  • TDS threshold on rental income raised from Rs 1,80,000 to Rs 2,40,000: Goyal
  • Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to Rs 2 crore; can be exercised once in a lifetime
  • Development became a Jan Andolan (people’s movement) under the present government, says FM

Leave a Reply