Published on 1/02/2019 8:38:09 AM | Source: HT Media

Expectations from Interim Budget 2019:things to know

Posted in Budget Reports| #Expert Views #Union Budget #Wealth

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  • Farm relief package itself could run to at least 1 trillion rupees ($14.04 billion)
  • Set to earmark about 1.8 trillion rupees for food subsidies in the fiscal year

  • Expected to waive premium for taking insurance policy for food crops

  • Proposal for waiving interest on crop loans for farmers who pay on time

  • Target of about $11 billion from state asset sales in FY 2019-20

  • An anticipated corporate tax rate cut to 25% from 30% may be put on hold until after the elections

  • Higher tax exemptions for the middle class and for small businesses anticipated

  • Discount of 2 percentage points on loans for businesses with annual sales of less than 50 million rupees; government to compensate banks for the costs

  • 40 billion-rupee capital infusion for public-sector general insurers

  • Budget allocation for health is likely to increase by 5 percent from a year ago

  • Better digital infrastructure in rural areas

  • Abolition of the angel tax to boost start-ups

  • Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 pct)

  • Reduction of goods and services tax (GST) on electric vehicles and batteries