Nirmala Sitharaman has become the first full-time female finance minister to present the union budget. Before that, Indira Gandhi as Prime Minister and having an additional portfolio of finance had presented the union budget in 1970-71.
Breaking the tradition of carrying a briefcase, Sitharaman held a red parcel like bag embossed with the national emblem. The government also changed the name of union budget to traditional “Bahi-Khata”.
Since the interim budget is valid only for two months, the government presented the full-fledged union budget. Here, we would not like to review the budget, but certainly, there are many good sides of the union budget 2019 presented by the Finance Minister Nirmala Sitharaman. Let’s have a look at them.
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Rs. 3000 pension: There are 30 lakh workers in the Prime Minister Shram Yogi Mannadhan Scheme. These people will get a monthly pension of Rs. 3000 after the age of 60 years.
No need of PAN card: The person, who does not possess a PAN card, can use Aadhar card while filing Income Tax return.
Good news for tenants: Nirmala Sitharaman has announced in the budget 2019 that Rental law will be reformed. To promote housing rent, modern tenancy law will be shared with states. The existing rules are not satisfactory in terms of good relations between tenants and landlords.
Instant Aadhar card for NRIs: Nirmala Sitharaman has proposed the instant issuance of Aadhar card with Indian Passport for the NRIs after their arrival in the country. Presently, they have to wait for 180 days for getting Aadhar Card.
One Nation, One Card Service: The central government launched the National Common Mobility Card (NCMC) in the month of March. In this budget, the Finance Minister has announced that people can make multiple kinds of payments such as transport charges, toll tax, parking charges etc all over the country through NCMC. People can also purchase commodities using this card.
RuPay Contactless Card with NCMC is now available with almost 25+ large banks as debit, credit or prepaid. With this launch, RuPay fulfils the promise of One Nation One Card as the same bank issued debit/credit card can be used for many payments including Transit like Metros. pic.twitter.com/YJU9LSDTCs
— RuPay (@RuPay_npci) March 4, 2019
Electric Vehicles: On purchase of electric vehicles, people have to pay only 5% GST instead of 12%. There will be no custom duty on certain parts of electric vehicles. There will be a tax deduction of 1.5 lakh on Electric Vehicles loan interest.
Rs 70,000 crore for banks: The budget 2019 proposes to provide banks with Rs. 70,000 crore capital to boost credit. The finance minister has informed that there has been a record recovery of Rs 4 lakh crore from loan defaulters in the last 4 years.
No Scrutiny of Start-ups: There will be no scrutiny of start-ups and investors with respect to Share Value Premium if they provide requisite information while filing Income Tax Return.
No MDR charges on cashless payment: Companies with an annual turnover of up to 50 crores and also their customers will not have to pay a merchant discount rate. At present this rate is one to two per cent. This is a one way ahead to fulfil the dream of Digital India
These announcements made by the Finance Minister will definitely bring cheers to common people throughout the year.