Indian Budget 2020 Highlights: Union Budget Summary
Today by 1st of Feb 2020, Finance Minister Nirmala Sitharaman presents a budget in Lok sabha! By starting with the achievement of Modi governments and reform has been done by the government. Something like GST Uniform, Ujjwala Bharat, Digital India, Affordable Housing. Also, she mentions central government gets success in the control of the economic position.
Top Announcement in Indian Budget 2020
- 5 new smart city declared by the Finance minister Nirmala Sitharaman.
- 27,300 Crore Announced for Industries Development & eCommerce.
- Government Allocates Rs. 3000 crore & Rs. 99,300 crore for skill development & education sector, respectively.
- 3000 Crore allocated for Skill India Development.
- Railways: 27,000 KM Railways lines converted to the Electric line.
- Railways: 150+ new Train will be started based on PPP Model. Suburban train project for Bengaluru at a total cost of Rs 18,600cr. 20% from the Central Government.
- Railways: New trains like Tejas will be started by next year by Indian Railway.
- Railway in Budget 2020: Solar Panels along railway tracks and plan announced for Bengaluru Suburban Rail
- By 2024, 100 Airports to be created by Central Government around the Country to Support UDAN Scheme.
- New 1 Lakh Panchyat will be connected through the Internet to make the process smooth.
- In the next 3 years, a new smart prepared electric meter to be used.
- The consumer will soon be able to choose who supplies power to your home with the government’s proposed smart meters
- FM declared Propose to monetize 12 lots of highway bundles of over 6,000 km before 2024
- Indian Central Government sets agricultural credit target at ₹15 lakh cr for FY21.
- 5 Historic Place will be developed under the central government.
- Rs 28,600 crore allocated to women-specific programs in Indian Union Budget 2020
- Government Preparing country for the future: Rs 8,000 crore allocated for National Mission On Quantum Technology
- 2500 Crore has been declared to improve-promote tourism in India. India is now in the 34th position on tourism.
- FM Nirmala Sitharaman announces new, simplified #GST return filing system from April 1, 2020, in #Budget2020
- The amount deposited upto 5 Lakh in Bank is totally Secure – FM Nirmala Sitharaman
- Small firm entrepreneurs will get subordinate debt as quasi-equity.
- 30757 crore Rupee for the UT of J&K. & Rs.5958 cr for the UT of Ladakh announced.
- Rs 9,000 crore for senior citizens, Rs 53,700 crore for development and welfare of Scheduled Tribes and Rs 85,000 crore in 2020-21 for the welfare of SC and other backward classes.
- 14% of IDBI Bank to be sold!
- The growth rate for GDP is Approx 10% – FM Nirmala Sitharaman.
- LIC to be listed on the stock market.
- Financial losses is about to 3.8% in Financial Year 2020-2021
- The tax has been removed on Dividend distribution.
Corporate Taxes in Union Budget 2020
- Corporate taxes for the newly formed company is about to 15%
- Serving companies has to pay about to 22% of corporate tax
- “New power companies have to pay 15% corporate tax.”
- Business Range for a startup is about to 100 Crore.
Announcements for Tax Payers in Union Budget 2020:
Below 5 Lakh of Income, No need to pay the Income Tax.
Income between 5 Lakh to 7.5 Lakh has to pay 10% Income Tax instead of 20%
7.5 Lakh to 10 Lakh 15% Income Tax instead of 20%
10 lakh to 12.5 Lakh, 20% of Income Tax Instead of 30%
12.5 Lakh to 15 Lakh is about to pay 25% Income Tax Instead of 30%
For 15 Lakh plus income, have to pay the same 30% of Income Tax.
Top Things from Indian Budget 2020
GST is slowly coming to a standstill. Tax rates have come down due to GST
The situation of banks has improved. 60 lakh new taxpayers are connected.
For every woman wishing to stand up and get counted, for minorities, #Budget2020 hopes to have your aspirations addressed
A household saves an average 4% annually because of GST
This budget is woven around 3 factors: – Aspirational India – Economic development and – a caring society.”
Last year 14 Crore People filled text, We are now 5th largest Economic Country in the World
Under ‘Aspirational India,’ the first point is agriculture, irrigation, and rural development
Agriculture market needs to be liberalized; government proposes to handhold farmers
A degree-level full-fledged online education program to be offered by institutes in the top 100 in the National Institutional Ranking Framework.
Enrolment of girl students in all levels of school education are higher than boys.
“Tax harassment cannot be tolerated when we are talking about wealth creators.”