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Live Updates of Union Budget: VISION 2020
Posted on: 01/Feb/2020 10:49:14 AM
The union Budget VISION 2020 is going to be presented by the Union Finance Minister Mrs Nirmala Sitharaman. This is the second union budget of the NDA Government. Every year annual budget is presented traditionally on last week of February, but this year it is going to be presented today (February 1, 2020).
Finance Minister introduces the budget in the People`s House (Lok Sabha) and presents an overview of the budget. Then it will be placed in Upper House (Rajya Sabha). Both houses of the parliament will allot time for general discussion on Union Budget and answers will be given to the questions asked on Budget by the Finance Minister.
Highlights of Union Budget: VISION 2020
- More than 6- Lakh New Taxpayers
- Inspection Raj has been Vanished due to GST
- There will be simplified GST Returns System from April 2020
- Clean Energy for Households through UJWALA Scheme
- 5th Biggest Economy of the World
- Aspirational India, Eco Progress for allAgri, Sanitation, Education Under Aspirational IndiaCommitted Doubling Farmer Income by 2022Financial inclusion has helpedExpansion of Micro IrrigationFarm markets to be LiberalizedComprehensive measures for 100 water stressed Districts.Sustainable Cropping patterns will be adopted.Encourage States to follow Modal Agriculture.Solar Power Generation units for Agriculture.To Change scheme which incentivise use of chemical fertilizersEncourages Balanced use of FertilizersRailways to set to kisan rain to tranport perishablesRun village storage schmes run by women SHG`s.Civil Aviation Ministry to set up Krishi Udaan for Agricultural ExportsAgricultural Re-finance target for this year 15 Lakh CoresNABARD RE-Finance sheme will be expandedBenefiaries of PM Kisan Yojana to be covered under Kisan Credit CardStates can facilate Warehouses for Agricultural Products
- To Expand fish production capacity for 200 Lakh tonnes
- Rural Youth to work as Sagarmitras
- Integrated farming systems in rain-fed areas will be established.
- For the horticulture sector, with its current produce of 311 million metric tonnes exceeds the production of foodgrains. For better marketing and exports we will support States which support one product, one district.
- New Educational Policy will be introduced soon.
- 12,300 Crore allocation for Swatch Bharat Mission
- Eradication of TB by 2025.
- 150 Higher Educational Institutions for Industrial Apprentice Diplomas
- 69,000 Crore allocated for Health sector
- Urban Local Bodies to provide internships opportunities for fresh engineers for a year
- 99,300 Crore allocated for Education Sector in the Financial Year 2020-21.
- Study in India Program will be launched
- INDSAT Exams in Asian and African Countries
- National Police Univerisyt and National Forensic University are proposed.
- 3000 Crore allocated for Skill Development Programs.
- Provide Quality Education for Deprived Community Students through Online as a full-fledged degree.
- Will create 5 new smart cities through PPP Model.
- Each District will be an Export Hub
- 27,300 Crore allocated for Development of Industry and Commerece
- 1480 Crore allocated for National Technical Textile Mission
- 1.03 Lakh Crore allocated for National Infrastructure Pipeline
- Chennai-Bengaluru Expressway to be started.
- National Logistics Policy will be introduced soon and it will provide single window for e-commerece through out the country.
- 100 more Udan Airports by FY 2024
- Set up solar panels in Railway Tracks
- 1.7 Lakh Crore for Transport Infrastructure.
- Delhi-Mumbai Expressway to be Completed by FY2023.
- Tejas will connect Iconic Tourist Destinations.
- 22,000 Crore allocated for Power Sector
- More Seed Funds will be allowed for Startups
- 6,000 Crore allocated for "BHARATNET" in FY21.
- 1 Lakh Grama Panchayats will be connected by optic fibre lines.
- BETI BACHAO, BETI PADAO yielded good results.
- Gross Enrollment of Girls in Schools has increased than boys.
- 35,000 Crore Allocated for Nutritious Scheme.
- 85,000 Crore allocated for SC`s and OBC`s.
- 8,000 crore over five years for the National Mission on Quantum Technology and Applications.
- Expand the national gas grid from 16,200 km to 27,000 km
- India`s tourism sector grew at 7.8 per to 1.88 lakh crore from 1.75 lakh crore
- 3,150 Crore allocated to Ministry of Culture
- Tribal Museum is proposed in Ranchi
- Five archaeological sites will be developed as world-class sites - Rakhigarhi, Haryana; Hastinapur, UP; Sivasagar, Assam; Dholavira, Gujarat; Adichanallur, TN.
- Indian Institute of Heritage and Conservation to be set up, with the status of a deemed university.
- 4,400 Crore allocated to promote clean air in cities with 1 million population
- Tax Harrasments won`t be tolerated.
- Propose to amend "Companies ACT" to bring criminal ability.
- National Recruitment Board will be formed for Non-Gazatted Posts in banking Sectors.
- India will host G20 Presidency in 2022.
- 100 Crores allocated for 75th year of celebrating Independence.
- 30,000 Crore allocated for Development of J&K
- 5,000 Crore allocated for Development of Ladakh
- Robust Mechanism to monitor Health of Banks.
- Insurance Cover raised to 5 Lakhs for Depositers
- Auto Enrolment in Universal Pension Coverage
- MSMEs vital to keep wheels of our economy moving.
- Factor Regulation Act amended to enhance MSMEs
- Enhance financial sustainability of MSMEs
- New National Policy on Official Statistics proposed. Clean, reliable, robust financial sector critical for economy.
- Fiscal Deficit target revised to 3.8% for FY20, 3.5%for FY21
- Government to sell its STAKE of LIC via IPO
- Nominal GDP growth to be pegged at 10% in FY21
- Total Expenditure for FY21 pegged at 30.42 lakh crore.
- Direct Taxes
- Tax rate reduced for new companies to 22% and for manufacturing companies 15%
- New simplified personal tax regime for Individual tax payers. The revised slab can be availed if they do not claim deductions and certain exemptions.
- For income :
- Upto 5,00,000 : nil
- Rs 5,00,000 -7,50,000 : 10%
- Rs 7,50,000 - 10,00,000 : 15%
- Rs10,00,000 - Rs 12,50,000 : 20%
- Rs 12,50,000 - Rs 15,00,000 : 25%
- More than Rs 15,00,000 : 30%
- Companies not required to deduct dividend distribution tax and will be taxed only in the hands of the recipient. Parent company to be allowed deduction of dividend received subsidiary
- Concessional tax rate of 15% extended to power generation companies
- Investment made in Infrasture and other specified sectors
- Tax rate of 194LC at 5% for interest payment to non resident in respect of money borrowed or bond issued upto June 30,2023 and for 194LD at 5% for interest on borrowing from foreign institutional or qualified investor and municipal bonds
- Interest payment on bonds listed on exchange by ILFS - 4%
- Option to Coorperative societies to pay tax at 22% with no exemption or deduction. Exempt from alternative minimum tax
- Affordable housing tax breaks extended by one year. Additional 1.5 lakhs tax benefit on interest paid on affordable housing loans to March 2021
- Turnover threshold for tax audit raised to Rs 5 crore from Rs 1 crore
- 100% tax concession to sovereign wealth funds on investment in infra projects
- Income from Charitable institutions fully exempt from taxation. Donation to such institution allowed as deduction.
- Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily.
- Faceless appeals against tax orders on lines of faceless assessments
- For tax payers who have appeals pending only disputed tax is to be paid by tax payer and no interest or penalty if the same is paid within March 31,2020. Post March 31,2020 certain amount levied uptill June 30,2020
- Startup ESOP taxes deferred by 5 years
- Aadhaar-based verification for GST compliance to be introduced to identify dummies.
- Instant PAN based on Aadhaar proposed.
- Imports under FTA are on the increase. Provisions of checking of dumping of goods are being strengthened. Customs duty hike on footwear and furnitures.
- A new scheme NIRVIK to be launched this year itself for exporters
- A debt ETF consisting of government securities will be launched.
- For NBFCs and HFCs, liqduity constraints will be addressed.
- FPI Limit in corporate bonds will be raised to 15% from 9%.
- LIC to be listed at stock exchanges
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