Budget 2020 Date, Time, Schedule: Key things you must know before February 1
Union Budget 2020: The Modi government is due to present the Union Budget for FY in Parliament on February 1. As the countdown for the Union Budget 2020 has begun, all eyes are set on what measures will be announced by the Finance Minister Nirmala Sitharaman. From slowing demand, low industrial output and the overall GDP growth pegged at an 11-year low of 5%, Sitharaman has quite a few things on her table.
This will be the second Budget of the Narendra Modi government 2.0. At present, India's economy is facing a downfall like rising inflation, unemployment, drop in GDP, low tax revenue and others.
Budget 2020 date, time:
With a speech by President Ram Nath Kovind. the Budget session of the Parliament will begin on January 31 at 11 am. President Kovind will address a joint session of both Lok Sabha and Rajya Sabha.
Union Budget 2020 will be presented in the Parliament on February 1 at 11 am, according to the Lok Sabha calendar. Finance Minister Nirmala Sitharaman will present the Union Budget 2020 in the Parliament.
The Economic Survey will be released on January 31.
Budget 2020 session of Parliament:
The Budget 2020 session will be held in two phases -- from January 31 to February 11 and March 2 to April 3. According to Livemint reports, there will be a 19-day recess to enable the standing committees to consider the Demands for Grants of Ministries or Departments and prepare their reports.
Expectations from Union Budget 2020:
Income tax (I-T): The Modi government may look to tinker with the income tax slabs.
Boosting the cash flows of the taxpayer: The finance ministry may consider relaxing personal income tax rates in the upcoming Budget 2020.
New GST returns: It is said that the Finance Minister may tweak the GST laws to prepare taxpayers for the new GST return filing system effective from April 1, 2020.
GST rate cuts: Over the last two years, GST rate cuts have led to dwindling revenue collections. The auto sector is looking forward to a rate cut in automobiles from 28 per cent to 18 per cent.
Affordable housing: The Modi government may increase the Rs 1.5 lakh tax exemption limit for affordable houses from current Rs 45 lakh or below to Rs 75 lakh this year.
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