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Finance Minister Mr Piyush Goyal presented the Interim Union Budget 2019-20 in the parliament in the absence of Mr Arun Jaitely. Quoting government’s achievements, the honourable Finance Minister said, “We have prepared the foundation for sustainable progress and prosperity for our people; we are moving towards realizing the dream of New India by 2022.”
In order to provide relief to the major section of the population, Piyush Goyal announced, “Individuals with gross income of up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities. Around 3 crore middle-class taxpayers will get tax exemption due to this measure."
He also said that so far 10 lakh people have been treated under Ayushman Bharat Scheme so far. During the period of 2014 -2018 under the Pradhan Mantri Awas Yojana, 1.53 lakh houses were constructed. Piyush Goyal said Direct tax collection has risen to Rs. 12 Lakh crore from its previous Rs. 6.38 lakh crore in 2013-14. The tax base has gone up to Rs 6.85 crore from its previous Rs 3.79 crore. 99.54% returns have been accepted without any scrutiny. In January 2019, GST collections have crossed 1 lakh crore rupees.
He also said, “We controlled double-digit inflation. Inflation is a hidden and unfair tax; from 10.1% during 2009-14, inflation in December 2018 was just 2.1%. We have broken the back of back-breaking inflation." Speaking about the future of the country, Piyush Goyal said, “We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years."
He also quoted, “GST is undoubtedly the biggest taxation reform implemented since Independence; through tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business.” On the black money front, finance minister Piyush Goyal said, “We are committed to eliminating the scourge of black money. Anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore and 1 crore people filed IT return for the first time after demonetisation.”
He also said, “3.38 lakh shell companies were deregistered. We have recovered Rs 3 lakh crore through Insolvency and Bankruptcy Code. Government expects banks on the Central Bank's Prompt Corrective Action list to be removed soon.”
Other Tax Related Measures Announced