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Budget 2019

CSSwati Rawat
2019 Tax Reforms: Lower Corporate Rates, GST Cuts on EVs, Startup Exemptions, and New TDS Rules The 2019 budget introduced several tax proposals aimed at reforming the economy. Direct tax revenue increased to 11.37 lakh crores. A corporate tax rate of 25% was set for companies with turnover up to 400 crores, covering 99.3% of companies. GST on electric vehicles was reduced from 12% to 5%, with an additional 1.5 lakh tax deduction on loans for purchasing them. Startups are exempt from IT Department scrutiny. Other measures include interchangeability of PAN and Aadhaar for tax returns, faceless e-assessment, and a 2% TDS on cash withdrawals over 1 crore. Custom duties were adjusted on various goods. (AI Summary)

Budget 2019 Highlights

Direct and Indirect tax

1. Mantra of Modi sarkar - reform,  perform and transform

2. Direct tax revenue increased to 11.37 lakh crores

3. Corporate Tax- Tax Rate of 25% on Companies with turnover of upto ₹ 400 crores. This will cover 99.3 % companies.

4. GST rate reduced on electric vehicle from 12% to 5%.

5. Tax deduction on loan taken for purchase of electric vehicle:- Additional Income tax deduction of ₹ 1.5 lakh of interest on loan taken for purchase of electric vehicle.

6. Start up’s would not be require Scrutiny by IT Department.

7. Additional deduction of ₹ 1.5 lakh for interest on loans borrowed for housing. 

8. STT change in case of Options

9. Interchangeability of PAN and Aadhaar for Income Tax Returns. 

10. Faceless E-assessment for Tax Scrutiny

11. TDS of 2% on cash withdrawal exceeding ₹ 1 cr. from a Bank account per year.

12. No charges for customer on Digital modes of payment.

13. Propose to enhance surcharge on taxable income of ₹ 2 to 5 cr. 

14. Automated GST refund system to be initiated

15. Custom duty raised on Auto Parts and CCTV’s

16. 5% Custom duty increased on imported books

17. Increase of custom duty on Gild

18. Decrease of excise duty on petrol

Budget - Tax Proposals
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