Among the Budget proposals being considered for the Union Budget is that the long term capital gains (LTCG) tax will be fixed at 24 months or two years uniformly for all asset classes.
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
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.
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.
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.
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.
Finance Minister Nirmala Sitharaman received an unusual suggestion from the BJP - to consider making budgetary provisions to start mid-day meals in madrasas across India following modernising them.
Union Budget 2020-2021 will be presented by Finance Minister Nirmala Sitharaman on February 1 as the first phase of budget session will commence from January 31 and remain effective till February 11
Finance Minister Nirmala Sitharaman on Sunday said the Centre has taken steps to address the challenges faced by various sectors without waiting for the Budget. She also said that GST collection, which crossed Rs 1 lakh crore per month mark during the last two months, will remain "good" in coming days.
Talking about the economic slowdown in India, Nobel laureates Abhijit Banerjee said that it was important that there were no more cuts in corporate taxes.
The Department of Telecom will meet industry players and various associations on January 6 to discuss the Budget wishlist and outstanding issues of the sector which is confronted with thousands of crores in unpaid statutory dues and burgeoning debt, according to sources.
The common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget next month for relief in income tax, but an economic slowdown and a sharp reduction in corporate tax rates hint that she has very little flexibility to dole out a big largesse.
Faced with a shortfall in revenue collection, the government has initiated austerity measures by revising downwards the expenditure limit for January-March period of the ongoing financial year. The government has asked all departments to restrict the expenses to 25 per cent of the Budget Estimate (BE) in January-March.
The government is likely to cut personal income tax rates in the upcoming budget, according a report in Reuters. A cut is expected on long-term capital gains from equity investments in the next budget, the report said.
Beginning the customary pre-Budget consultation exercise from Monday, Finance Minister Nirmala Sitharaman will seek inputs from various stakeholders including industry bodies, farmer organisations and economists for reviving consumption and boosting growth.
In addition to expenditure secretary, the position of joint secretary (Budget), one of the key officials in the entire Budget-making process, is also vacant for almost three months.
China's defense budget has grown 850 percent in the last 20 years from USD 20 billion to USD 170 billion in 2018, a top Pentagon official told lawmakers on Thursday.
Official sources said no decision has been taken on this but the names are being considered on the basis of the current government stake in them and also the nature of their operation where the private sector is already present and is largely non-strategic.
In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations.
This comes at a time when the economic growth rate has slumped to a five-year low after accelerating in the first few years of Modi 1.0 regime. Consumer spending has slowed, private investment hit a bump, the auto sector is facing the worst crisis in two decades leading to tens of thousands of job losses, real estate sector has seen piling of unsold inventories and fast-moving consumers goods (FMCG) companies have seen a decline in volume growth.
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