The state revenues, he said, are improving with guaranteed 14 per cent annual revenue increase for the first five years from the implementation of GST.
Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also said that a welfare development board to frame special strategies for the benefit of the hard-to-reach de-notified, nomadic and semi-nomadic communities will be set up under the Ministry of Social Justice and Empowerment.
Finance Minister Piyush Goyal on Friday proposed to increase tax deducted at source (TDS) limit on rent income to Rs 2.4 lakh from the current Rs 1.80 lakh.
The Budget 2019, proposed today by acting Finance Minister Piyush Goyal In Lok Sabha, brought cheers to middle-class, farmers, labourers and senior citizens.
The 30-share Sensex was trading 506.21 points, or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 mark rallying 143.30 points, or 1.32 per cent, to 10,974.25.
Under the current norms, they are required to seek refund on tax deducted on interest income beyond Rs 10,000 per annum.
"To promote the entertainment industry, single-window clearance for ease of shooting films, earlier available only to the foreign filmmakers is now going to be available to the Indian film makers as well," Goyal said while presenting the Interim Budget for 2019-20.
Chidambaram also thanked Finance Minister Piyush Goyal for "copying" the Congress declaration that the poor will have the first right to resources of the country.
Union Budget 2019: Piyush Goyal's full speech in Lok Sabha - Part 1
Last year, then finance minister Arun Jaitley had allocated an amount of Rs 1.48 lakh crore for the Railways in his budget.
The Congress veteran also questioned the move to present a "full budget" instead of a vote on account.
Budget proves Modi govt dedicated to poor, farmers, youths: Amit Shah
The BJP chief described the hike in income tax exemption announced by Finance Minister Piyush Goyal as "historic" and said it will not only provide tax relief to the middle class but also deepen their participation in the country's development.
Finance Minister doled out tax sops to middle class including doubling of income tax exemption limit to Rs 5 lakh, raising standard deduction to Rs 50,000 and provided concessions on interest income from bank deposits and rent.
Goyal, who was given the charge of the finance ministry temporarily recently, presented the Budget 2019-20 in absence of Jaitley, who is away in New York for medical treatment.
Announcing substantial hike in military service pay, the finance minister said defence budget has been increased to over Rs 3 lakh crore in 2019-20.
Union Budget 2019: Piyush Goyal's full speech in Lok Sabha - Part 2
The biggest Easter egg in Piyush Goyal’s populist kitty was for individual tax payers. Revising the income slab to give relief to over 3 crore tax payers, the Modi government today proposed a full tax rebate on annual income upto Rs 5 lakhs.
Special debate on Union Budget 2019
This is not just an interim Budget, but a way to develop India: Piyush Goyal after presenting Budget
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