Budget 2019 LIVE: Piyush Goyal Proposes to Raise Income Tax Exemption Limit to Rs 5 Lakh But Leaves Implementation to Next Govt

"The main changes in the tax stricture will be discussed in the main budget post elections. So that the middle class salaried individuals know what we are planning, I announced in my Budget speech that as an income tax rebate for those earning taxable income upto Rs 5,00,000 in a year will not have to pay taxes. For those falling in the other brackets will see detailed discussions by the then finance minister in the next budget," says Piyush Goyal after presenting Budget 2019.

Nomura, a Japanese financial holding company, says that the cumulative effect of the cash transfer to farmers and the middle income class will be a boost to consumption, but likely at the cost of crowding out private investments.

Nomura on #InterimBudget2019: The cumulative effect of the cash transfer to farmers and the middle income class will be a boost to consumption, but likely at the cost of crowding out private investments#Budget2019 #ElectionBudget #BudgetSession2019 pic.twitter.com/5D6yXfC7rE

— CNBC-TV18 (@CNBCTV18Live) February 1, 2019

"Opposition has no issues to talk about, they are scared of Modi ji’s welfare schemes. We don’t do votebank politics, we do development politics. We are dedicated to take Indian farmers to new heights," says Union Minister Dharmendra Pradhan on Budget 2019. 

PM Narendra Modi has decided to set up 'Rashtriya Kamdhenu Aayog' for implementation of policies and schemes for the welfare of cows, says Amit Shah.

#NewsAlert | PM @narendramodi has decided to set up 'Rashtriya Kamdhenu Aayog' for implementation of policies and schemes for the welfare of cows: @AmitShah | #BudgetWithNews18 | #Budget2019 pic.twitter.com/LyU9QJPZsq

— News18 (@CNNnews18) February 1, 2019

This is a budget for the middle class & poor, says Piyush Goyal.

This is a budget for the middle class & poor: says @PiyushGoyal after presenting #InterimBudget2019 #Budget2019 #ElectionBudget pic.twitter.com/Gf5J2MYU7K

— CNBC-TV18 (@CNBCTV18Live) February 1, 2019

New Delhi: Finance Minister Piyush Goyal on Friday said that income tax refunds will be processed within 24 hours and released immediately as the Narendra Modi government reached out to the middle class with the election year budget.

Indians have already started reacting on the Budget. While some are happy about the proposed tax rebates, others have presented their views in forms of meme and humour. CLICK HERE for all buzz around the Budget.

In his opinion, if the Commission charts out a good plan it will help in curbing farmer's suicide and spread right kind of energy by promoting desi cows.

Finance Minister Piyush Goyal in his budget speech announced that taxable income up to Rs 5 lk will be exempted from income tax. Here are some details of the tax measures announced in today's interim Budget.

#ElectionBudget #Budget2019 | Finance Minister Piyush Goyal in his budget speech announced that taxable income up to Rs 5 lk will be exempted from income tax. Here are some details of the tax measures announced in today's interim Budget pic.twitter.com/VGLuDDwEtq

— CNBC-TV18 (@CNBCTV18Live) February 1, 2019

Congratulatory messages pour in from fellow ministers for Piyush Goyal after he presented the Budget for 2019-20.

Yet again the Modi government has proved that the dreams & aspirations of the Youth, Poors & Farmers matter the most!
I congratulate our honourable PM @narendramodi Ji , FM @PiyushGoyal Ji & his entire team for this exceptional budget!#BudgetForNewIndia #Budget2019

— Babul Supriyo (@SuPriyoBabul) February 1, 2019

I congratulate PM @narendramodi ji & FM @PiyushGoyal ji for giving the Nation a holistic budget benefiting farmers, poor & middle class and giving thrust to Digital India, Infrastructure & Defence. #BudgetForNewIndia

— Smriti Z Irani (@smritiirani) February 1, 2019

Undoubtedly an election budget, but many tax reforms introduced are bound to give solace to the salaried class. @narendramodi @PiyushGoyal #UnionBudget2019

— Kavitha Kalvakuntla (@RaoKavitha) February 1, 2019

A News18 Creative on Budget.

Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also said Rs 35,000 crore has been given under OROP in the last three years.

Congress gives a 'reality check' to Modi government on Budget.

PM Modi can make all the grand announcements he wants but his history of lies has already lost him the trust of farmers. #Budget2019 #AakhriJumlaBudget pic.twitter.com/vwZE9IE3gC

— Congress (@INCIndia) February 1, 2019

Here's a brilliant idea💡Modiji, don't lie about things that are so easy to fact check. #Budget2019 #AakhriJumlaBudget pic.twitter.com/rQ3PjhboMt

— Congress (@INCIndia) February 1, 2019

Senior Congress leader Shashi Tharoor slams the Modi government over announcements for farmers. "Rs 6,000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity?" he said.

Sensex Rallies Over 500 pts, Nifty Nears 11,000 Mark | The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget. Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase fiscal burden on the exchequer. The 30-share Sensex was trading 506.21 points, or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 mark rallying 143.30 points, or 1.32 per cent, to 10,974.25. In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000.

Union minister Arun Jaitley, who is in the US for treatment, says that the Budget has given significant relief to the middle class. "The Budget is unquestionably Pro-Growth, Fiscally prudent, Pro-Farmer, Pro-Poor and strengthens the purchasing power of the Indian Middle Class," he tweeted.

The Budget expands spending while pragmatically sticking to fiscal prudence.

— Arun Jaitley (@arunjaitley) February 1, 2019

My compliments to Shri Piyush Goyal for delivering an excellent Budget. The Budget furthers the agenda of the Government headed by Prime Minister Shri @narendramodi ji to comprehensively address the challenges of the economy. @PiyushGoyal

— Arun Jaitley (@arunjaitley) February 1, 2019

Interim Budgets are also an opportunity for the Government of the day to introspect their performance of the last five years and place its facts before the people.

— Arun Jaitley (@arunjaitley) February 1, 2019

The Interim Budget presented by Shri Piyush Goyal today marks a high point in the policy directions that the Government headed by Prime Minister Shri Narendra Modi has given to this nation. @narendramodi @PiyushGoyal

— Arun Jaitley (@arunjaitley) February 1, 2019

A single window clearance for filmmaking to be made available to Indian filmmakers, said Finance Minsiter Piyush Goyal in his budget speech.

Reacting to Budget presented by Piyush Goyal, Uttar Pradesh chief minister Yogi Adityanath said, "All sections of the society incl farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a New India."

Taking a jibe at Budget 2019, former finance minister P Chidambaram "thanked" Piyush Goyal for copying the Congress' declaration. He said that it was not a Vote on Account, but an Account for Votes.

It was not a Vote on Account. It was an Account for Votes.

— P. Chidambaram (@PChidambaram_IN) February 1, 2019

Neeru Ahuja, partner at consulting firm Deloitte India, gives Budget 2019 an 8/10 rating. "We all were expecting it. If we add up all the things then people with an annual income around Rs 7.5 lakh won’t have to pay tax (once next government comes to power). It wasn’t the full budget, it was interim budget, so I would give it a 8/8.5 out of 10," she says.

Govt Doubles Tax Exemption Limit to Rs 5 Lakh | In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. The proposal will benefit 3 crore middle-class tax payers, Goyal said while unveiling the Budget proposals for 2019-20. Doubling the threshold exemption limit will increase the burden on the exchequer by Rs 18,500 crore. If an individual invests in the specified tax saving schemes of the government, the effective tax-free income limit will be Rs 6.5 lakh a year, while it may go further up with additional avenues like NPS, medical insurance and home loan interest payment.

This India will drive on electric vehicles. We would not have to import oil and will produce electricity on our own domestically - Goyal.

A day ahead of the budget 2019, the government lowered customs duty on import of parts and components of such vehicles to 10 to 15 per cent to promote domestic assembling of electric vehicles. Until now, vehicle parts and components imported for assembly in India attracted import duty of 15 to 30 per cent. The Central Board of Indirect Taxes and Customs (CBIC) has carved out a separate category for parts and components of electric vehicle for which customs duty has been lowered to 10-15 per cent. Further, the CBIC has removed customs duty exemption to battery packs for electric vehicles and also doubled the duty on battery packs for mobile phones. Henceforth, import of battery packs for electric vehicles will attract 5 per cent tax. Customs duty on battery packs for mobile phone has been doubled to 20 per cent.

“India will lead the energy revolution in the world with the electric vehicles” said Finance Minister Piyush Goyal while presenting the Budget 2019 in Lok Sabha today in presence of Prime Minister Narendra Modi and Union Minister for Road, Transport and Highways Nitin Gadkari. Piyush Goyal said there are 10 dimensions to be focused till 2030 and the third dimension is clean energy and electric vehicles. Goyal said, “This India will drive on electric vehicles. We would not have to import oil and will produce electricity on our own domestically”. He also said India is fast becoming the automobile manufacturing hub of the world. However, no tax structures of rebate slabs were discussed during the budget.

India is leading the consumption of voice calls and mobile data using our mobile phones, which he specified is an increase of over 50 times in the past five years.

Budget 2019 Queries on News18.com | Do you have questions on Budget? Tweet them @news18dotcom. We'll answer and explain it to you.

Piyush Goyal quotes a poet.

The increase in personal income tax exemption limit is unlikely to meaningfully reduce collections unless the successive tax slabs are also changed.

Budget Speech Ends With a Quote | Finance Minister Piyush Goyal says that this country is changing due to the "josh" (enthusiasm) of the people. He quotes a Maharashtrian poet and says, "Main ek paun rakhta hoon, hazaar rahein phoot padti hain (I take a step forward and thousand doors open)." He concludes the Budget speech saying that "iss sarkaar ki niyat saaf hai, niti spasht hai aur nishtha atal hai (the intention of this government is clean, we have clear policies and our we stand by our vision)."

Finance Minister Piyush Goyal says this is not just an interim budget, "ye desh ka vikas yatra ka madhyam hai (It's the route to country's development)." He says that benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-20.