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Top 10 budget headlines: Fiscal-wise outlay, PM lauds Sitharaman & more

From changes in tax rules to divestment targets, Business Standard brings you top 10 stories that made headlines on Friday

BS Web Team 

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Fiscal discipline and financial reforms mark Sitharaman's first budget

Finance Minister Nirmala Sitharaman, presenting her first Budget, found novel ways of raising resources while also seeking to restore confidence in the financial sector and deepening the equity and bond markets. A major thrust of the Budget was simplifying the payment of both direct and indirect taxes, as well as support for small and medium enterprises and start-ups. Capital expenditure was crunched to help meet fiscal consolidation targets. Read more here

This Budget has been made with a 10-year vision in mind: FM Sitharaman

In an interaction with the media after the Budget presentation, Finance Minister Nirmala Sitharaman said all the targets set by the government were achievable, the RBI would be a regulator for housing finance companies, and it was time to switch to electric vehicles. Edited excerpts here

All finesse: Nirmala Sitharaman doesn't miss a beat in her Budget debut

The nervousness was palpable. As she adjusted her sari to affix the microphone that would relay the Budget live to the world, Nirmala Sitharaman’s fingers trembled and she thought she might need a safety pin. With barely a minute to go for 11 am, there was no time to get one. Read more here

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Budget 2019: Liquidity tap opened for NBFCs, RBI gets powers over boards

The Union Budget will partially guarantee high-quality pooled assets of non-banking financial companies (NBFCs) and the Reserve Bank of India (RBI) has opened an indirect liquidity window for the sector to aid banks to give funds to the sector, which is on the verge of collapse. Read more here

Budget 2019: Here's how to make sense of changes in tax rules & regulations

The headline corporate tax rate in India is 30 per cent, coupled with the dividend distribution tax of 20 per cent. With most tax incentives being phased out, it is imperative that the headline rate be reduced. Read more here

Budget 2019: Tax benefit may attract retail investors to government ETFs

Finance Minister Nirmala Sitharaman announced in her Budget speech on Thursday that the government plans to offer an investment option in exchange traded funds (ETFs), on the lines of equity linked savings scheme (ELSS). An ELSS offers investors a tax deduction of up to Rs 1.5 lakh under Section 80C and comes with a lock-in period of three years. Read more here

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Union Budget 2019: Tax hike on rich will also hurt global companies

The Union Budget was expected to introduce an estate tax, or maybe, even a banking transaction tax. However, Finance Minister Nirmala Sitharaman took the simpler way out — tax the rich even more. The new tax rates — 39 per cent for incomes of Rs 2-5 crore and a whopping 42.74 per cent for incomes of Rs 5-10 crore — mean an effective increase of 3.12 per cent and 6.8 per cent, respectively. Read more here

Budget 2019: No Angel Tax action against start-ups who've filed documents

Finance Minister Nirmala Sitharaman in her Budget speech on Friday said all start-ups booked under the Angel Tax [Section 56(2)(viib) of the Income Tax Act] but had submitted all relevant documents and decelerations sought by the tax authority would not be pursued any further. Read more here

Budget 2019: Air India sale on cards, govt hikes divestment target for FY20

The government will reinitiate the process of divesting its stake in carrier Air India, even as it increased its disinvestment target in the Union Budget 2019-20 (FY20) presented by Finance Minister Nirmala Sitharaman on Friday. Read more here

Budget 2019: Minimum public float in listed companies now at 35 per cent

The Centre is planning to increase the minimum public float in listed firms to 35 per cent from 25 per cent now. The government has directed the markets regulator Securities and Exchange Board of India (Sebi) to vet the proposal and work on its implementation. Read more here

First Published: Sat, July 06 2019. 07:44 IST
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