New Delhi: Finance Minister Piyush Goyal announced Friday that individuals with income up to Rs 5,00,000 per annum will get full tax rebate. It will benefit three crore middle crore tax payers. He also said that people with gross income of Rs 6,50,000 will also not have to pay tax if they make investments.
The acting Finance Minister also announced the launch of the Pradhan Mantri Shram Yogi Mandhan (PMSYM) scheme to provide unorganised workers an assured monthly pension of Rs 3,000 after 60 years of age. The scheme will attract matching contribution of Rs 100 per month from government as well as from workers.
Besides, pension scheme for unorganized workers, Goyal also announced hiking of tax free gratuity to Rs 30 lakh from existing Rs 20 lakh for employees having service of more than five years.
He said, “The scheme will benefit 10 crore workers in unorganised sector, may become the world’s biggest pension scheme for unorganised sector in five years.”Goyal informed that there are around 42 crore unorganised sector workers, which contribute toward the growth of national economy.
The scheme will cover all those unorganized sector workers like autorikshaw drivers, whose income is up to Rs 15,000 per month.
Goyal also said that the budget allocation to the North East region is being increased by 21 per cent to Rs 58,166 crore for 2019-20 fiscal. In another development, he said that one lakh digital villages will be created in the next five years.
Goyal also said that Rs 76,800 crore will be allocated for welfare of SCs/STs for 2019-20, up from Rs 62,474 crore in 2018-19.
PTI