New Delhi: Finance Minister Nirmala Sitharaman presented the budget on Wednesday. This was the last full budget of the second term of the Modi government. In such a situation, Nirmala Sitharaman made many big announcements, including tax cuts. Now there will be no tax on annual income up to Rs 7 lakh. Know the major 10 items in the budget.
1 — The government has also made changes in the slab of income tax under the new tax regime. The new tax rate of personal income tax is now nil up to Rs 0-3 lakh annual income, 5 percent from Rs 3 to 6 lakh, 10 percent from Rs 6 to 9 lakh, 15 percent from Rs 9 to 12 lakh, from Rs 12 to 15 lakh 20 percent and above 15 lakh will be 30 percent.
2 — Finance Minister Nirmala Sitharaman announced Rs 2.40 lakh crore for the Railways, which is the biggest rail budget ever. Also, this is about 9 times the money given to the Railways in the year 2013-14.
3 — Finance Minister Nirmala Sitharaman announced a defense budget of 5.94 lakh crores today. This time in the defense budget, the government has laid great emphasis on the purchase of new weapons, modernization of the armed forces, infrastructure related to the defense sector and self-reliant India.
4 — Finance Minister Nirmala Sitharaman said during her budget speech that custom duty, cess, surcharge rate has been changed. The customs duty on toys has been reduced to 13 percent, which means that now toys will become cheaper. Apart from this, cycles have also been made cheaper. Customs duty on lithium-ion batteries has been relaxed.
5 — The Finance Minister informed that in the next three years, 38 thousand teachers will be recruited for 740 Eklavya Model Residential Schools. This will increase employment opportunities. At the same time, the education system of children will also be better.
6 — Fiscal deficit will remain at 5.9 percent of GDP in the next financial year. Finance Minister Nirmala Sitharaman projected the country’s fiscal deficit or fiscal deficit to be at 5.9 percent of GDP during the next financial year.
7–The Finance Minister said that with an expenditure of Rs 2,200 crore, a self-sustaining clean planting program will be launched to increase the availability of disease-free, quality planting material for high-value horticultural crops.
8 — Finance Minister announced Prime Minister Vishwakarma Kaushal Samman package. Through this, efforts will be made to improve the quality of artisans and craftsmen, to take their products to the mass market, and to link them with the MSME value chain.
9 — Finance Minister Nirmala Sitharaman has proposed to create a National Digital Library for children and adolescent girls in the budget. Through this, the damage caused to the education of children during the Corona epidemic will be compensated.
10 — Mahila Samman Savings Letter Scheme will start. In this, women will get 7.5 percent interest on savings of Rs 2 lakh. The limit of the Senior Citizen Account Scheme will be increased from 4.5 lakh to 9 lakh.