Finance Minister Nirmala Sitharaman today declared a budget the first time since the Bharatiya Janata Party led by Prime Minister Narendra Modi returned for a second term in power.

Here are the highlights of Finance Minister Nirmala Sitharaman’s budget for the 2019-20:

• The budget has been presented with a 10-year vision in mind. The startups are being given a whole set of tax benefits.
• The budget is for a New India has a roadmap to transform the agriculture sector of the country, this budget is one of hope, says Narendra Modi
• Fully automated GST Refund module shall be implemented; multiple tax ledgers to be replaced by one; invoice details to be captured in a central system.
• Basic customs duty on certain items to be increased to promote the cherished goal of Makein India. Import of defence equipment not manufactured in India are being exempted from basic customs duty.
• The government today increased customs duty on gold. According to the Budget proposals, import duty to be hiked on gold and precious metals to 12.5%, from current level of 10%.
• It increases special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel.
• The income tax slab rates are unchanged, but announcement have been made for a slew of new income tax proposals.
• Full tax rebate for individual taxpayers with annual income up to Rs.5 lakh. The income limit eligible to avail tax rebate under section 87A has been raised to Rs.5 lakh from Rs 3.5 lakh. b. This means, the new Budget increased the limit of tax rebate under section 87A increased from Rs.2500 to Rs.12,500
• To provide further impetus to affordable housing, additional deduction of 1.5 lakh rupees on interest paid on loans borrowed upto 31 March 2020 for purchase of house up to ₹45 lakh.
• Additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase electric vehicles.
• To discourage the practice of making business payments in cash, the government proposes to levy TDS of 2% on cash withdrawal exceeding ₹1 crore in a year from a bank account.
• PAN and Aadhaar now interchangeable: More than 120 crore Indians now have Aadhar card, therefore for ease of tax payers it has been proposed to make PAN card and Aadhar card interchangeable and those who don’t have PAN are allowed to file returns by simply quoting Aadhar number and use it wherever they require to use PAN.
• Public sector banks to be provided 70,000 crore rupees to boost capital and improve credit.
• For purchase of high-rated pooled assets of financially sound Non Banking Finance Companies amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee to be given to public sector banks (PSBs).
• India’s sovereign external debt to GDP is among the lowest globally at less than 5%. Govt will start raising a part of its gross borrowing program in external markets in external currencies.
• A new series of coins of Re 1, ₹2, ₹5, ₹10, ₹20 easily identifiable to the visually impaired were released by the PM on 7th March 2019. These coins will be made available for public use shortly.
• Four new embassies to be opened in 2019-20, to improve footprint of India’s overseas presence and to provide better public services to local Indian communities.
• Regulation authority over housing finance sector to be returned from National Housing Bank to RBI.
• To further encourage women entrepreneurship, Women Self Help Group (SHG) Interest Subvention Programme to be expanded to all districts in India.
• Non-performing asset(NPAs) recovery of ₹4 lakh crore over the last four years, NPAs down by ₹1 lakh crore in the last one year.
• To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India.
• Exclusive TV programme exclusively for startups to be started, channel will be designed and executed by startups themselves.
• The Adhaar Card for non-residents with Indian passports will be considered after their arrival in India without waiting for the mandatory 180 days.
• New National Educational Policy to be brought in to transform Indian educational system; major changes in higher as well as school system to be brought in.
• India will be made open defecation free on 2 October 2019, as per the dream of Prime Minister Narendra Modi.
• Jal Shakti Ministry will look at the mgmt of our water resources and water supply in an integrated and holistic manner and will work with states to ensure ‘Har Ghar Jal’, to all rural households by 2024 under ‘Jal Jeevan Mission’.
• The government will invest widely in agricultural infrastructure and support private entrepreneurship in driving value addition to farmers produce and those from allied activities too, like bamboo, timber and also for generating renewable energy.
• 6 crore toilets have been constructed since 2 October 2014. More than 5.6 lakh villages have become open defecation free. The Swachh Bharat mission will be expanded to undertake sustainable solid waste management in every village.
• The government will bring out a policy framework for making India a global hub of aircraft financing and leasing activities. The idea is to encourage new industries to come up, leveraging India’s existing capabilities that will add more quality jobs.
• Every rural family, except those who are unwilling to take the connection will have electricity and clean cooking gas.