On one hand, the automobile sector would look out for incentives to gain back its lost footing, while on the other it would want the government to boost its development prospects for the future. With the Budget all set to be announced on February 1, here are some automobile-centric expectations from the Union Budget 2020
As the clamour grows for more money into the pockets of consumers and households to boost consumption in the economy, the government is discussing multiple options on cuts in personal income tax (PIT) in the forthcoming Union Budget. A final decision on personal Income Tax cuts will be taken by Prime Minister Narendra Modi in the next few days.
Manufacturers of appliances and consumer electronics are seeking lower taxes on eco-friendly and energy-efficient products, more incentives for domestic manufacturing and waiving of customs duty on inputs imported to make the components in the upcoming Union Budget.
The BSESENSEX lost 332.18 points or 0.79 per cent to close at 41,613.19 points. NIFTY lost 104.10 points or 0.84 per cent to close at 12,248.25 points. The Indian rupee lost 24 paisa or 0.34 per cent, to close at Rs 71.32 to the US dollar.
LPG used as fuel in automobiles or Auto LPG, which is among the cleanest alternative fuels with a Global Warming Potential of 'zero' is currently taxed at 18 per cent GST.
7th Pay Commission DA Hike: Ahead 2020 Republic Day celebrations, Himachal Pradesh Chief Minister Jai Ram Thakur on Friday announced 5 percent Dearness Allowance hike for state government employees and the pensioners.
Finance Minister Nirmala Sitharaman who will be presenting Budget 2020 on February 1 may announce a raise in import duties on more than 50 items.
7th Pay Commission Latest News: The Uttar Pradesh Government has announced Dearness Allowance (DA) for all its employees at various Public Sector Undertakings (PSUs) and Corporations. After this decision, the annual salary of the Level-1 employees of UP Public Sector Undertakings (PSUs) and Corporations will go up by nearly Rs 26,000.
Congress leader Prithviraj Chavan claimed on Wednesday that pre-Budget meetings are being held at the Prime Minister's Office (PMO) but Finance Minister Nirmala Sitharaman is not being invited.
Union Minister Prakash Javadekar on Wednesday announced that the central government will have a 'plan of action' to boost the economy with the upcoming budget to be presented on February 1.
Budget 2020: Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain open on February 1, 2020; the day on which Budget 2020 will be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha. February 1 is a Saturday, a day on which stock markets are usually closed.
It is after a long gap that the tax collection is actually lower than the numbers given in the previous year. Already the development has rung the alarm bells that current economic crisis may be deep-seated and take much longer time to recover from.
The Indian Railways is yet again expecting the highest-ever outlay for capital expenditure of over Rs 1.70 lakh crore from Union Finance Minister Nirmala Sitharaman, who is set to present the Budget on February 1.
The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.
A Halwa ceremony marked the commencement of Budget printing process for Union Budget 2020-21 today. The tradition was performed at North Block in the presence of Union Finance Minister Nirmala Sitharaman. Union Budget 2020-21 will be presented on February 1, 2020.
The Year 2020 has a lot of speculations regarding budget and financial changes in the country. All eye in on 1 February and Finance Minister, Nirmala Sitharaman for seeking relief on tax slabs for salaried including steps to overcome fiscal deficit along with the addition in the consumer demand.
As a measure to boost domestic small and medium industry, the government may consider a hike in customs duty on over 300 items like toys, furniture, footwear, coated paper, rubber items among other in the Union Budget.
Indian financial market will look for improved transparency in the Union Budget announcements next month, according to a report by Singapore banking group DBS. “Any reduction in the fiscal deficit could result in a negative credit impulse in the near-term, but will need to be balanced with a credible consolidation plan further-out,” according to the the bank’s research report “India Budget Preview: Loosening the purse” released on Thursday.
Bank Strike in India Latest News: Banks' unions have announced a countrywide bank strike on January 31 and February 1 in India. This comes after wage revision talks with the Indian Banks' Association (IBA) failed.
The government is considering a proposal to extend further incentives to salaried taxpayers in the upcoming budget. The Finance Ministry may allow individual taxpayers to pay a lower flat rate of tax if they forego all exemptions.
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