Thread by @deepakshenoy

#Budget2019 Starts. (Thread)

When our hearts are filled with hope, trust and aspirations, we added $1 trillion in 5 years. GDP. Okay.

After a lot of fluff, we are now on.

Lots of words, but yeah we have like roads and rails and everything are like super connected now.

Now we need to get into aircraft financing, she says.

Okay we have an all India transport card for tolls, bus tickets etc. Plus Rupay for retail debit transactions. Hmm.

MSMEs get 2% interest subvention for less than 1 cr. this is good.

Investment in MSMEs will be given tax benefits. I don't know what these are.

Pension scheme for retail traders. Only aadhaar and something required. Great.

India needs 20 lakh crore per year as investments. Credit Guaranteed corp by RBI in 2020. Bond market and CDS market to be notifid with infra focus.

Want to increase public shareholding to 35%. Dudette, see your govt ownership in PSU no?

Will reduce KYC needs for FPIs. Let's see.

A "social" stock exchange for voluntary and social orgs. This could get very interesting. Could be super fraud also, or change the game.

Will allow 100% in insurance intermediaries. Whoa. Check Infoedge on this, they have policybazaar.

Something about FPI investment in REITs/Invits issued debt.

NRI investments merged with FPI? This could be a pretty interesting thing.

If you are looking for more explanations on the tweets, this is not the time.

This was all macro. Now we get into rural india, it seems.

We've had 7 crore LPG connections across the country. Gotta say this: Insanely incredible achievement, this is.

Every single rural family except people who are unwilling to take a connection, will get LPG and electricity.

We will build 1.95 crore houses in the next three years.

114 days to make a house. Versus 314 three years ago.

100,000 kms road will be upgraded at a cost of 80,000 cr. I vote for Haralur road first.

Also we praise farmers for making hajaar dals and oilseeds.

So introducing "Zero budget farming". Switch off your TV now.

Har Ghar Jal is the new shaving product by Gillette. No, it's a new scheme that will go a long way in ensuring people don't forget about tongue twisters.

9.6 cr. toilets have been constructed in the last 5 years. Private toilets for everyone!

Hajaar houses being created etc. in PM Awaas yojana.

Imagine, the budget speech has a mention of how many downloads are there, of a government app. How the world has changed.

There is a "Gandhipedia". There is such a thing. Beyond this, I do not know what.

Now for the youth of India.

New National Education Policy. Online Open Education is also happening. There's not much to go by here.

"Study in India" to get foreign students to india.

Also "Khelo India scheme". Make up your mind.

I'd like both, of course. Just kidding.

Whoa. Do language training so people can take job abroad. Studiy in India, play in India, but work abroad? (I'm just a little bored, pls to excuse)

Multiple labour laws to go into four labour codes. Streamline it all. Less disputes. This can be huge.

Bouquet of TV programmers esp for startups. (Please remove startup tax!!!!!)

She will deal with tax on startups! oh man. Very expectedly. Thank you.

Machine based scavenging to get some benefits. We'll see later.

35 cr. LED bulbs distributed. Cost saving of 18,000 cr. every year.

Now for the women of India. Naari to Narayana. I don't know what this means.

Record number of 78 women MPs. Now that's worth applause, good start

THere were no initiatives for women, or did I miss anything? (I know I'm talking like a guy)

Ok, now. Aadhaar card for non resident indians - just come to india and get it, no waiting 180 days.

Whoever wrote the Hindi in Nirmala Sitaraman's speech just trolled her big time.

Now for banking and finance. Initiate steps to figure out what to do if other people deposit money into your account. (I'm not sure why this is a bad thing but okay)

Whoa. NBFC pooled assets sold for 100,000 cr. -> Govt will do partial crdit guarantee! HOLY SMOKE.

First loss upto 10% is govt. This is nice, and will actually help. Nice.

Debenture redemption reserve will be done away with. TREDS will be changed to allow NBFCs. This is also huge.

Pretty good for housing fin lenders I think.

Excellent. NHB will be defunct - regulation goes back to RBI.

100 lakh crore for infra over the next five years is needed.

Awesome. 51% govt state will now mean also includign stuff held by PSUs or LIC.

Will realign holding in PSU banks = will sell more stake. This is good.

Strategic disinvestment for not just air india but more others. Rs. 105,000 cr. of disinvestment. Hope this actually happens.

Investing in CPSE will be 80C deductible?

Govt. will raise some external borrowing (in USD I guess). Not bad - we have veyr little borrowing outseid anyhow. Maybe we should borrow in rupees abroad.

Now for taxes.

Awesome move on the bond yield. Full paisa vasool. Thank you.

Only when taxable income > 5L, do people have to pay. She won't give detail. Aiyo.

Corporate tax: widens the lower tax of 25% on cos making turnover of 400 cr. or less. Covers 99.3% of all companies. Great!

Mega manufacturing places like fabs, batteries, computer stuff etc. will have investment linked deduction plus some GST benefits.

EV - GST will be lowerd to 5%. Additonal income tax deduction of Rs. 1.5 lakh rupees on the interest paid on loans for EVs. Whatay.

This helps both the financiers and the EV makers. Nice.

Startups: No scrutiny on valuation if docs given (Angel Tax). Everification of identity is all that's needed! Scrutitny gone. Excellent!!!

Assessing officer can't do stuff without the supervisory officer can't hit people with angel tax. And don't need valuation stuff for Cat 2 AIFs also (no scrutiny if they invest)

Cap gains of house prop invested in startups = exteneded to 2021. Good, cos IT didn't even notify how to do this.

3.5 lakh rupees = deduction on for interest on affordable home loans. Or something. ignore. We'll check back later.

Ok. Upto 45 lakh house = benefit of interest deduction up to 3.5 lakh a year

STT on exercise of options will be cut to only profit ! THis is pretty good.

Interchangeability of Aadhaar and Pan: You can use either to file income tax! And to anyplace where pan is needed! Changes the game for MFs and markets for new players.

Tax verification without any human interface: e-assessments. Only electronic notices, and no mention of who your assessing officer is. Should curb bribes perhaps.

Discouraging cash: TDS of 2% on cash withdrawal exceedign 1 cr. a year.

Turnover of more than 50 cr. = no charges or MDR will be allowed. Banks and RBI will absorb the cost. Whoa! Visa and mastercard are gonna be pissed. But who cares. We are all benefited.

More details later.

Tax on 2cr. to 5cr. income will have be like 3% more tax (if was 30 will be 33 etc). More than 5 cr. = 7% more. Whatay.

Less than 5 cr. turnover, only do gst quarterly. Thank goodness.

Electronic invoice system - centralized invoice creation. No need of a separate eway bill from Jan 2020.

Tiles, auto parts, synthetic rubber, OFC cable, ip camera etc. has higher duty.

Imported books = 5% import duty? Why?

Petrol and diesel to cost more by Rs. 2 a liter.

Gold duty = increased to 12.5%

Okay this is the end. She commends the thingy to the august house.