The Modi government of the center presented its interim budget on Friday. Career Finance Minister Piyush Goyal announced bumper for everyone, including farmers, laborers, taxpayers, women`s class in his budget. However, even after the budget, there was enough confusion about taxation. What was the interim budget of the central government and what was found, in simple language understand here ...
1. Bumper gift received to farmers
In his speech, Piyush Goyal announced big help for the farmers. Now the central government will provide financial assistance of Rs 6 thousand annually to small farmers. This help will be given in the form of three installments in a year, i.e., the government will send three installments of 2000-2000 rupees to the farmers` accounts. This benefit will be given to those farmers who have land up to 2 hectares.
Piyush Goyal said that this scheme will benefit 12 crore farmers families. These programs will be applicable from December 1, 2018. The government`s plan will cost 75 thousand crore rupees.
2. Historical rise in defense budget
This time the historical budget has been increased in the defense budget. This is the first time that the budget has crossed 3 lakh crore. This year, budget of Rs 3,05,296 crore will be given as compared to 2018-19.
3. Bumper discounts in the tax budget
Piyush Goyal has given big relief to taxpayers even though these exemptions have been given to taxpayers. Any person who earns up to 5 lakh rupees annually, he will not have to pay any tax. Apart from this, any person investing in any type of savings, insurance or other provident fund will get tax deduction up to 6.5 million annually.
Apart from this, Piyush Goyal has increased standard deduction (standard deduction) from 40 thousand to 50 thousand rupees. This will give direct benefits to 3 crore taxpayers. He announced that if a person receives an interest of Rs 40000 from the bank or post office, then he will not have to pay any TDS.
4. What did women get?
1330 crore rupees have been announced for the women`s safety and empowerment mission in the interim budget. Piyush Goyal said that under the Ujjwala scheme, eight million women should be given gas connections, so far 6 crore connections have been distributed so far. This goal will be completed by next financial year.
5. Workers will get pension
The government has announced a pension for the laborers working in the unorganized sector earning 15 thousand rupees per month. Under this, 29-year laborers will have to pay 100 rupees per month, under which they will be given a pension of 3000 rupees every month after the age of 60.
This is the same with the laborers of the age of 18 years, if the age of the age of 55 rupees is deposited every month, after getting the age of 60, every month will get a pension of 3000 rupees. The government believes that this will provide direct benefits to 10 crore laborers.
6. Digital becomes rural India
Piyush Goyal has announced that in the next five years, one lakh villages will be digitized. He said that under Digital India, more than 3 lakh public utility centers are providing employment to about 12 lakh people. He said that today India is getting the world`s cheapest mobile data.
7. Increase in education budget
Piyush Goyal has announced an increase in education budget in his budget speech. 38572 crores will be allocated for the National Education Mission. Of this 2100 crores have been given for higher education only.