Goyal will be presenting the Modi government's sixth and final budget before it goes for elections in May this year.
Goyal will begin his presentation of the budget at 11 am.
On January 31, the Parliament began the 'Budget Session' with Prime Minister Modi's address to the MPs. President Ramnath Kovind then spoke about the surgical strike and Triple Talaq Bill among other topics.
An interim budget and not a union budget is presented when an outgoing government presents it. It is similar to a Union budget where it includes the country's financial statement, expenditure, and the projections for the upcoming fiscal year.
TDS threshold on rental income raised
TDS threshold on rental income raised from Rs 1.8 lakh to 2.4 lakh - Piyush Goyal
Standard reduction raised
Standard reduction raised from Rs 40,000 to Rs 50,000 - Piyush goyal
Tax rebate on rent
No tax on notional rent on the second house
Exemption of tax for salaried class with income up to Rs 5 lakh per year if they show proof of extra Rs 1.5 lakh investments (total Rs 6.5 lakh).
To help with employment generation, Goyal said that India will launch a social security scheme for the unorganised sector.
He also said that a new scheme which will assure Rs 3,000 per month as pension with Rs 100 every month for workers 60 years of age and older in the unorganised sector
- Aims for manned space mission by 2022
- Clean rivers
- safe drinking water
- Distress free health care and a comprehensible wellness system
- Next-gen infrastructure in India
- India will be digitised
Crores of unaccounted money uncovered
- Rs 50,000 crore worth assets seized
- Rs 1.30 crore unaccounted money has been traced
3.38 lakh shell companies deregistered
Goyal said that 3.38 lakh shell companies have been detected and deregistered in the country.
We will become $5 trillion economy in five years
Goyals aims for India to become a $5 trillion economy in five years and $10 trillion economy in 8 years.
Goods and Services Tax
- GST is the biggest tax reform in history
- GST has been continuously reduced and modified to help the poor and middle class
- Almost all items of daily use within 0-5 per cent tax slab
- GST aims to benefit small traders, small businesses and manufacturers.
- Small service providers with turnover up to 50 lakhs can opt for the turnover scheme
99.54% of tax returns accepted without scrutiny
- Tax returns increases to Rs 12 lakh crore from Rs 2.38 lakh crore
- IT returns to be processed within 24 hours of filing
- All tax assessment to be done electronically in two years
- Safest year in railway histtiry
- Vande Bharat Express will provide speed and service
- Implementation of One Rank One Pension (OROP)
- Budget for Defence Sector crosses RS 30,000 crore
PM Kaushal Vikas Yojana
- India second biggest hub of start-ups
- 1 crore youth trained to earn a livelihood
- National artificial intelligence portal to be developed soon=
- 6 crore free cooking gas connection already given
- "We achieve a target of eight crore connections every year," Goyal says.
Farmers affected by natural calamities to bet interest subvention
Farmers affected by natural calamities will get 5 per cent interest subvention
'New jobs created due to high growth,' says Goyal
- Monthly pension of Rs 3000 organised for sector workers
- Gratuity limit increased from Rs 10 lakh to Rs 30 lakh
- Expansion of employment opportunities
Rashtriya Gokul Yojana
Rashtriya Gokul Yojana
- Allocation of Rs 750 crore
- A separate department for fisheries
- 2 per cent interest subvention for animal husbandry and fisheries farmers
Rs 75,000 crore for PM Kisan
Goyal wants this budget to help vulnerable farmers. He wants Rs 75,000 crore to be set aside for PM kisan for the current financial year."
He added, "PM Kisan to help vulnerable farmers, the budget has also lowered the Minimum Support Price and has also doubled farmers' income."
He also said, "Benefits will directly be transferred to farmers accounts."
According to the finance minister, farmers will get Rs 6,000 per year as income support.
2.5 per cent account deficit
Goyal expects account deficit expected to be 2.5 per cent this year
Largest budget for healthcare
"Rs 3,000 crore has been set aside for Ayushman Bharat," Goyal said in his speech. He also added that the government aims to set up 22 AIIMS in Haryana.
Urban-rural divide to be bridged
Goyal said, "Rs 19,000 crore allocated for rural roads. He added that1.53 crore homes constructed in 4 years."
He also said, "Rs 60,000 crore has been allocated for MNREGA."
3 lakh crore bad loans recovered
Goyal said that Rs 3 lakh crore bad loans recovered throught IBC and businessmen now prioritise repaying loans.
Revised fiscal deficit 3.4%
Goyal says, revised 2018-19 fiscal deficit at 3.4 per cent
GST a good thing: Goyal
India undertook path-breaking reforms with the Goods and Services Tax.
Lowest rate inflation during NDA government
According to Goyal, inflation has been the lowest during the Modi-ked NDA government.
Current account deficit is likely to be 2.5 per cent GDP.
Goyal aims for New India 2022
Piyush Goyal begins the Budget speech with a hope for a New India 2022 with a solitary India that is back on track.
He envisions for a house for everyone with sanitation, electricity, with income of farmers doubled. He also looks forward for an India without casteism and communalism.
TDP demands special status for Andhra Pradesh
TDP members are staging a protest on the Parliament premises demanding special status for Andhra Pradesh ahead of interim budget.
'Budgets they've presented so far haven't really benefitted general public,' says Congress' Mallikarjun Kharge
"They'll try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls. Budgets they've presented so far haven't really benefitted general public. Only 'Jumlas' will come out today. They've only 4 months when will they implement the schemes?" Congress' Mallikarjun Kharge tells ANI.
Piyush Goyal arrives at Parliament
Piyush Goyal arrives at the Parliament to present the budget after the cabinet meeting.
Piyush Goyal on his way to the Parliament
'Modi government is a popular government, we will take care of everything,' Shiv Pratap Shukla
Modi government is a popular government, it's natural that we will take care of everything. We will do whatever is possible for the people. We have always presented a good budget," Shiv Pratap Shukla, MoS, Finance told ANI.
Copies of the budget arrive at the Parliament
Copies of the Budget go through a security check in the Parliament
How is Interim budget different from Union budget?
An interim budget is traditionally submitted by an outgoing government in the year when general elections are scheduled. While the interim budget is similar to the regular budget, it can be changed by the new incoming government which will be elected during the general elections.
This year's interim budget will be presented by Railways minister Piyush Goyal.