Interim Budget 2019: Since coming to centre in July 2014, Prime Minister Narendra Modi has given many surprises in the form of Demonetization, mandatory filing of Goods and Services Tax Returns, linking of Aadhaar Card with not just PAN but Account Number and Mobile Phones too, besides providing LPG connections to a humungous BPL population, ensuring electrification of villages that didn’t see light until dawn, opening Skill India centers and enrolling children to senior citizens in Swacch Bharat Abhiyaan. The bold decisions taken by BJP-led National Democratic Alliance had invited both applause as well as criticism from different stakeholders.

However, as the finance ministry is working up on making an Interim Budget 2019 for its remaining tenure before the General Elections in May 2019; the Prime Minister is leaving no stone unturned to come up with new poll promises by leading with example this time.

Addressing Reservation Woes:

Caste-based Reservation has been long criticized by the upper castes for bereaving equal opportunity to their wards, besides not to forget, the Jat Quota stir in Haryana and Patidar Reservation demanded in Gujarat in the past few years.

In another historic, surprising and bold decision taken by the outgoing PM, the centre today has approved 10% Caste Free Quota that will give reservation to Economically Weaker Sections of the society for candidates belonging to Brahman, Thakur, Kayastha, Baniya, Jaat, Gujjar and others in Unreserved category.

GST Reboot:

The central government, in its 31st GST Council meeting on 22nd December 2018 revamped the then existing Goods and Services Tax slabs for 23 items with a rate cut from 18% to 12%. Monitors and Televisions up to 32” screen size, digital cameras and video camera recorders, power banks of lithium ion batteries, video game consoles and other sports equipment, Cinema Tickets, Parts and accessories used for the carriage of disabled persons like wheelchairs, Third-party Insurance premium of goods carrying vehicles were moved to 12% GST Sla; while Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container, as well as provisionally preserved were totally exempted and declared GST-free besides Music books; and Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) were also exempted from paying GST on the bank’s services.

Income Tax Restructuring:

Finance Minister Arun Jaitley and Prime Minister Narendra Modi have been speaking about introducing Direct Tax Code proactively since July 2018 that will replace the existing Income Tax Act, 1961. The PM spoke about restructuring the Income Tax slabs as there’s enough room for bringing it down for the salaried class.