THE INTERIM UNION BUDGET
The Interim Union Budget of 2019,which was a Revolutionary Budget in itself, was released on 1st February'19 and became the first Interim budget that is presented by an Interim Finance Minister.
With it, it brought a gift to million of taxpayers in India and gave a promise of a brighter future to the younger generations.
With the basic exemption limit being raised to Rs 5 Lakhs from Rs 2.5 Lakhs,it gave a huge sigh of relief to a number of Middle Class Taxpayers.
The salaried employees also got an additional benefit of Rs 10,000 as the standard deduction got increased to Rs 50,000 from Rs 40,000. Besides, gratuity limit is increased from Rs 10L to Rs 30 L. Several Reforms in TDS and GST have also been suggested.
It can be said that the budget has made sure that all categories of people get benefit from it in some way or the other.
"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," Interim Finance Minister Piyush Goyal said after the release of the budget.
But somehow there is still a bit of skepticism about the overall economic development of the country since the tax revenues can decline considerably due to the reforms suggested. However,in the end, it all depends upon the efficiency of the government and the honesty of the public.
But for now, it's better to keep the spirits high and hope for a prosperous future of the country!
Another remarkable feature of the budget is that, Rs 6,000 per year is promised to the farmers who have less than 2 hectares of land. This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.
Also, 3 Lakh Crore Rupees has been allocated to the Defense sector which is probably the greatest as yet and is estimated to be greater than the entire budget of Pakistan. Lol!
The finance minister laid out vision for the most important dimensions in 2030, including job creation, physical and social infrastructure building, pollution-free nation and clean rivers.
We can clearly see how the government has played its card at the right moment and has increased its chances to win the 2019 Lok Sabha Elections manifold.
With Prime Minister Narendra Modi calling this budget just a 'trailer' to the achhe din, we await what's next in the league !
Pranjal
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