The Finance Minister Piyush Goyal declared the most awaited budget in the Lok Sabha today on 1st February, 2019 which is virtually considered as “ Full-Fledged Modi Government Budget” Piyush Goyal was given a charge of the finance portfolio to be declared in place of Arun Jaitley who is in US or medical treatment which is widely expected to replace the traditional budget by showering sops in various fields \taking into account all prospects.
The income tax sops could include a rise in the threshold exemption limit for middle class tax payers. The exemption threshold could go up from the present Rs. 2.5 lakh to Rs. 5 lakh P.A.
The corporates have also been reducing the peak rate from 30 to 25 per cent. The center of attraction for Union Budget 2019-2020 shall be the agricultural sector specially in heart states of Madhya Pradesh, Rajasthan, and Chhattisgarh.
Reworking on Bhavantar Scheme implemented by the BJP government in the State of Madhya Pradesh under which farmers are compensated for the gap between Minimum Support Price and the market price.
Due to fiscal deficit, There are major changes in the in the tax collections specially in GST i.e The Goods and Services Tax in this Union Budget 2019-2020 to meet the shortfall of the deficit by higher direct tax collection.