Budget 2020: Highlights
Budget 2020: Finance Minister Nirmala Sitharaman presented Budget 2020 in Lok Sabha on February 1, amid loud desk-thumping approval from the Union Ministers. During her speech, Sitharaman announced major reforms for the agriculture and education sector including a simplification of GST system. Here are the BIG Highlights from Budget 2020: Here are the BIG Highlights from Budget 2020:
BIG Highlights from Budget 2020
- Aadhaar-based verification of taxpayers is being introduced
- Nominal health cess on import of medical equipment to be introduced
- Customs duty raised on footwear and furniture
- Health cess on import of medical equipment imposed in Budget
- Zero-budget farming may not be a good move for fertiliser companies
- Additional Rs 1.5 lakh tax benefit on affordable housing loans
- Govt to launch system for instant allotment of PAN on basis of Aadhaar
- Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 yr
- Tax on Co-op societies to be reduced to 22% plus surcharge, as against current 30%
- Govt proposes deferment of tax payment by employees on ESOPs from startups by 5 years
- New power generation companies to be taxed at 15%
- Rs 40,000 cr per annum will be revenue foregone from new income tax rates for individuals
- Dividend Distribution Tax shifted to individuals instead of companies
- Budget proposes deferment of tax payment by employees on ESOPs from startups by five years
- Housing made more affordable, tax holiday to affordable housing developers
- 100% tax concession to sovereign wealth funds on investment in infra projects
- Concessional corporation tax rate for electricity generation companies in place
- Income tax rates will be significantly reduced for those who forego reliefs, exemptions
- Income above 15 lakh rupees will continue to be taxed at 30%
- 15% tax for those earning between Rs 7.5 to 10 lacs
- 10% tax for those earning between Rs 5 to 7 lacs
- Manufacturing sector Corporate Tax for new companies at 15%; for existing companies at 22%
- Nominal GDP growth for FY21 revised to 10%
- Universal pension coverage to have auto-enrolment
- Government to sell part holding in LIC
- Scheme to provide subordinated debt for entrepreneurs of MSMEs to be introduced
- Rs 30,757 cr for Jammu and Kashmir; Rs 5,958 for Ladakh for fiscal 2020-21
- Govt to set up national recruitment agency for recruitment of non-gazetted posts
- Parameters and incentives for states who take measures for cleaner air
- Rs 4,400 crore to fight Delhi air pollution
- Allocation of Rs 8,000 cr for National Mission on Quantum Computing and Technology
- More Tejas-like trains between key stations, Kisan rail for farmers
- National Education Policy coming soon
- Degree level full-fledged online education system to be set up
- National Police University and National Forensic Science University proposed by Sitharaman
- From April 2020, government to introduce simplified return for GST
- Double farmers’ income by 2022
- Sitharaman proposes 'Kisan Rail' in her 16-point plan to improve farm sector
- Medical college to be attached to a district hospital in PPP mode
- Rs 12,300 crore allocated for Swachh Bharat Mission this year
- India uplifted 271 million people out of poverty
- 60 lakh taxpayers added in the last 2 years
- Budget to boost income, enhance purchasing power
Also Read | Comprehensive Coverage on Budget 2020
