Interim Budget has sops for voters, slips on fiscal deficit target again

Income tax slab rate expectation Big income tax changes for the salaried class likely in Budget 2019

PM Modi added that it is the generosity and honesty of the middle and middle upper class which provides tax to the nation through which schemes are formulated and there is welfare of the poor. Goyal sought the support of state governments in implementing the scheme for small and marginal farmers as the Centre would need land records to identify beneficiaries.

Going against convention, the Narendra Modi government on Friday presented a full-fledged election Budget targeting farmers, unorganised labourers, and the middle class to swing the Lok Sabha poll results in its favour. "This is not just an interim budget, this is a vehicle for the developmental transformation of the nation", said Mr Goyal, who was given the additional charge of finance last month. The standard deduction limit has also been increased to Rs 50,000.

Subsequently, with all the tax-saving options, exemption can go up to Rs 10 lakh.

India's interim budget for the financial year 2019-20 has a strong focus on the rural and agricultural sector and also suggests that economic priorities have taken precedence, according to a leading bank here.

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The government has also proposed rollover of capital gains up to Rs 2 crore towards buying (investing) two houses compared to only one under the present one unit only. Additionally, Piyush Goyal also announced that those having a gross income of up to Rs 6.5 lakh a year can get full tax rebate if they make investments in provident funds and other similar investments. The government has set a disinvestment target of ₹90,000 crore in 2019-20, despite having realized only ₹35,533 crore so far, against the budget target of ₹80,000 crore in 2018-19.

This clearly indicates that the BJP government has NOT proposed to change any tax slabs where the exempt category still lies with under Rs 2.5 lakh.

With lack of fresh revenue generating measures in the interim budget, much of the funding is likely to arise from higher markets-based borrowings, she said. The government's total expenditure is estimated to increase 13.3% in 2019-20 from the revised estimates for the current year. In technical terms, a "rebate" is the amount of tax the taxpayer is not liable to pay. The government now estimates GST collections for this year to be 6.44 trillion, lower than the Rs 7.44 trillion expected earlier. Gross market borrowing in 2019-20 is budgeted to grow 33.1%, which could result in higher bond yield, and make a policy rate cut by the central bank hard.

If Prime Minister Modi had asked of his finance ministry mandarins to frame a budget he could sell to the masses, they seem to have done a fine job.

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