New Delhi: Finance Minister Nirmala Sitharaman has concluded her maiden Union Budget presentation. This was the first Budget of the second Narendra Modi-led government. The speech lasted for over two hours.
Sitharaman has laid on the Table of the House statements on medium-term fiscal policy cum fiscal policy strategy and macro-economic framework.
Interest deduction up to Rs 3.5 lakh for affordable housing as against Rs 2 lakh earlier now to be available until March 31, 2020. Measure expected to drive sales and encourage fence-sitters back into the real estate market.
Our government has taken number of initiatives to promote digital payments. FM says to discourage the practice of making business payments in cash the government proposes to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account, she said.
BHIM, UPI, Aadhaar Pay, NEFT, RTGS can be used to promote less cash economy. Business establishments with annual turnover of Rs 50 crore will have to use these modes of payments with no charges or merchant discount rates will be imposed on customers or merchants. RBI and banks will absorb these costs, she added.