Budget 2019: Highlights of Last 5 Budgets Presented by the Modi Government

Interim Budget 2019 will be presented by Finance Minister Arun Jaitley on 1st February 2019

the Feb 2019 budget will be an Interim Budget and a full-fledged budget for the year 2019-20 will be unveiled only after the results of General Elections 2019

The NDA Government has been ruling centre since 2014 and will be presenting it’s 6^th consecutive budget on 1^st February 2019. Though the Feb 2019 budget will be an Interim Budget and a full-fledged budget for the year 2019-20 will be unveiled only after the results of General Elections 2019, let us take you down the lane of Last 5 Budgets presented by the NDA Government and how they impacted the common man.

• Highlights of Budget 2018-19

Standard Deduction of Rs.40,000/- was introduced while medical and transport allowance was done away with. Education Cess was increased to 4% from 3% earlier. The Personal Income Tax Slabs were untouched as the FM had already slashed taxes in the previous year. GST was to be introduced to bring in One Nation – One Tax.

• Highlights of Budget 2017-18

Budget 2017-18 brought a cheer for salaried individuals as personal income tax was reduced to 5% from 10% earlier for income slab Rs.2.5 lacs to 5 lacs. Surcharge of 10% for Income above Rs.50 lac, besides keeping 15% surcharge for Income of super-rich (above Rs.1 Crore) No-Scrutiny perk given to first time ITR filers, while one-page ITRs were introduced for income upto Rs.5 lacs. The government declared waging War against Black Money, which was evident from the demonetization of bank notes in the previous year, but assured that the effects will not spill over next fiscal year.

• Highlights of Budget 2016-17

Budget 2016-17 ushered good news for home buyers as service tax was excused for small houses (less than 60 sq mts) and additional exemption of Rs.50,000 was provided for house loans ranging upto 35 lacs. Rs.2000 crore was earmarked during this budget for BPL families to provide LPG connections to women. Rs.9500 crores was assigned for the government’s pet project - Swacch Bharat Abhiyan. The government’s drill on SUVs and Luxury cars began with Budget 2016-17 when 1% service charge was levied on cars costing Rs.10 lac and upwards. 4% high capacity tax was slapped on SUVs. 15% surcharge was levied on income above Rs.1 Crore.

• Highlights of Budget 2015-16

Wealth Tax was abolished in FM Arun Jaitley’s second consecutive budget for the year 2015-16; however, a surcharge of 2% was to be charged for income over Rs.1 Crore, hereon. Service Tax was increased to 14%. 5 AIIMS, 2 IIMs and 1 IIT were announced. 6 Crore toilets was the target under the Swachh Bharat Abhiyaan, while Housing for all by 2020 and other schemes like Jan Dhan Yojana were introduced.

• Highlights of Budget 2014-15

Income Tax exemption limit raised to Rs.2 lac (Rs.3 lac for senior citizens). Tax Exemption under Section 80C raised from Rs.1 lac to Rs.1.5 lac apart from various other measures that ensured tax savings for the common man. LTCG doubled to 20% with 3 years lock-in period.