61. Special benefits and incentives were also given to small businesses and start-ups. Overall compliance processes were simplified. Threshold limit for presumptive taxation of business was raised from Rs 1 crore to Rs 2 crore. The benefit of presumptive taxation was extended for the first time to small professionals fixing threshold limit at ` 50 lakh. In order to promote a less cash economy, the presumptive profit rate has been reduced from 8% to 6%. The tax rate for companies with turnover of up to ` 250 crore, covering almost 99% of the companies, was reduced to 25% which was also applicable to new manufacturing companies without any turnover limits.
Friday, February 01, 2019
#Defence Budget of Rs 3,00,000 crore for the first time in 2019-20
47. Our Defence Budget will be crossing ` 3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided
India is now on the way to becoming a global manufacturing hub in various sectors including automobiles and electronics, defence and medical devices.
India is now on the way to becoming a global manufacturing hub in various sectors including automobiles and electronics, defence and medical devices.
#Artificial Intelligence and related technologies in Budget 2019
42. In order to take the benefits of Artificial Intelligence and related technologies to the people, a National Programme on 'Artificial Intelligence' has been envisaged by our Government. This would be catalysed by the establishment of the National Centre on Artificial Intelligence as a hub along with Centres of Excellence. Nine priority areas have been identified. A National Artificial Intelligence portal will also be developed soon.
#GST in budget 2019, relief to small business and cinema goers
Most items of daily use of the poor and middle class are now in the 0% or 5% tax slab.
Cinema goers who were subjected to multiple taxes up to 50% are mostly paying much lower tax at 12% now
Exemptions from GST for small businesses has been doubled from ` 20 lakh to ` 40 lakh.
Further, small businesses having turnover up to ` 1.5 crore have been given an attractive composition scheme wherein they pay only 1% flat rate and have to file one annual return only.
Similarly, small service providers with turnover upto `50 lakhs can now opt for composition scheme and pay GST at 6% instead of 18%.
Budget 2019- abolished Customs duties on 36 capital goods, single point of approval,digitalization of export/ import transactions and leveraging RFID technology for export logistics
Honourable FM Speech
"66. To promote the “Make in India” initiative, we have undertaken rationalization of customs duties and procedures. Our Government has abolished duties on 36 capital goods. A revised system of importing duty-free capital goods and inputs for manufacture and export has been introduced, along with introduction of single point of approval under section 65 of the Customs Act. Indian Customs is introducing full and comprehensive digitalization of export/import transactions and leveraging RFID technology to improve export logistics. "
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