Jun 21, 2024

Union Budget 2020 all Highlights


A person earning Rs 15 lakh per anum and not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh: FM

Rs 40,000 crore per annum will be revenue foregone from new income tax rates for individuals, says FM

Those earning up to Rs 5 lakh in a year will pay no tax: FM

Tax rate of 30% on income above Rs 15 lakh will be continued: FM

FM Sitharaman announces major relief for taxpayers

Similarly, for income between Rs 10-12.5 lakh, the tax rate is currently 30%. This has now been bought down to 20%: FM

For income between Rs 7.5-10 lakh, the tax rate has been reduced to 15%: FM

Under the new regime, an individual will be required to pay tax at a reduced rate of 10% between income of Rs 5-7.5 lakh

To provide significant relief to individual taxpayers, I propose to bring a new simplified personal income tax regime wherein I-T rates will be decreased: FM

Presently, an individual pays 20% of tax on income between Rs 5-10 lakh and 30% on income beyond Rs 10 lakh

* The finance minister presents the full Budget of the second term of the Narendra Modi government
* Sitharaman begun her Budget speech by saying, “under PM’s leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy.”
* Budget is for boosting income, purchasing power and enhance their purchasing power
* GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted MSME. Consumers have got an annual benefit of 1 lakh crore rupees by GST
* Fundamentals are strong, ensuring macroeconomic stability. Inflation was contained, banks cleaned up and recapitalised. Companies provided exit through IBC. GST has been most historic

* Total allocation for ‘Swachh Bharat’ is around 12,300 crore rupees for this year
* During the maturing of GST, it faced some challenges. The GST Council has been proactive in resolving issues during the transition. 40 crore returns have been filed, 800 crore invoices uploaded, 105 crore e-way bills generated, simplified new return being introduced from April 1, 2020
* Welfare schemes embedded with Direct Benefit Transfer; Sanitation and water as provision of basic needs; Health care through Ayushman Bharat; Clean energy through Ujjwala and solar power; Financial inclusion, credit support, insurance and pension schemes for vulnerable sections of people; Digital penetration with broadband and UPI and affordable housing through PMAY

* Central government’s debt has come down to 48.7% in March, 2019 from 52.2% in March, 2014
* There are two cross-cutting developments: Proliferation of technologies such as analytics, machine learning, AI, bioinformatics and the number of people in productive age group at its highest. Efforts we have made in the last five years and the enthusiasm and energy of our youth are the ignition of our growth
* The Budget has been woven on three threads: Aspirational India; Economic Development for All; Ours shall be a caring society


* Finance Minister listed 16-point action plan for farmers, towards the goal of doubling farmers’ income by 2022
* Agricultural credit target has been set at Rs 15 lakh crore. NABARD Refinancing Scheme to be further expanded.
* Will encourage state governments who implement following model laws: Model Agricultural Land Leasing Act of 2016; Model Agricultural Produce and Livestock Marketing Act of 2017; Model Agricultural Produce and Livestock Contract Farming and Services Promotion and Facilitation Act of 2018

* Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps
* 2.83 lakh crore rupees allocated for agriculture and allied activities, irrigation and rural development
* We will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers
* Village Storage Scheme run by SHGs, will provide holding capacity for farmers, women in villages can regain their status as Dhaanya Lakshmi

* Krishi UDAN will be launched by the Ministry of Civil Aviation on international and national routes, improving value realization in North East and tribal districts
* Milk processing capacity to be doubled by 2025
* Indian Railways will set up Kisan Rail through PPP arrangement, for transportation of perishable goods
* Fish production to be raised to 200 lakh tonnes by 2022-23

* A medical college to be attached to a district hospital in PPP mode, viability gap funding to be set up for setting up such medical colleges
* Rs 3,000 crore for skill development
* IND-SAT exam to be held in African and Asian countries, for benchmarking foreign candidates who wish to
study in India
* Degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework
* Government announces Rs 99,300 crore outlay for education sector in 2020-21
* New Education Policy to be announced soon
* Urban local bodies across the country to provide internships for young engineers for a period of up to one year
* 8,000 crore rupees over five years to be provided for quantum technologies and applications

* The Budget provides an additional Rs 69,000 crore for the health sector and proposes to expand Jan Aushadhi Kendras in all districts of the country to provide medicines at affordable rates

* To achieve higher export credit, a new scheme being launched which provides higher insurance cover, reduced premium for small exporters and simplified procedure for claim settlements
* 27,300 crore rupees for development of industry and commerce
* Investment Clearance Cell to set up through a portal, will provide end-to-end facilitation, support and information on land banks

* I urge all states and UTs to replace conventional energy meters by pre-paid smart meters in 3 years, this will give consumers the freedom to choose supplier and rate as per their requirements
* 22,000 crore rupees to be provided to power and renewable energy sector in 2020-21

* 100 more airports to be developed by 2024 to support the UDAN scheme
* 1.7 lakh crore rupees to be provided for transport infrastructure in the coming financial year
* More Tejas-type trains to connect iconic destinations
* Accelerated development of highways will be undertaken. Delhi-Mumbai expressway and two other projects to be completed by 2023. Monetization of 12 lots of highway bundles of over 6,000km before 2024
* National Logistics Policy will soon be released, creating single window e-logistics market
* Project Preparation Facility to be set up for preparation of infrastructure projects, actively involving young engineers and management graduates
* Fibre to Home connections under Bharat Net will be provided to 1 lakh gram panchayats this year itself, 6,000 crore rupees provided for Bharat Net
* Soon, policy for private sector to build Data Centre Parks throughout the country * National Gas Grid to be expanded from 16,200 km to 27,000 km

* Gross Enrolment Ratio is now higher for girls than for boys at all levels under ‘Beti Bachao Beti Padhao’
* 28,600 crore rupees provided for programmes which are specific to women
* 35,600 crore rupees for nutrition-related programmes in 2020-21

* 85,000 crore rupees for Scheduled Castes and Other Backward Classes in 2020-21 53,700 crore rupees for Scheduled Tribes Enhanced allocation of 9,500 crore rupees for Senior citizens and Divyangs
* Five archaeological sites to be developed as iconic sites
* 2,500 crore rupees to be allocated for tourism promotion, in 2020-21
* 3,150 crore rupees to be provided for culture ministry in 2020-21
* Parameters and incentives to be provided to states who take measures for cleaner air in cities above 1 million population – 4,400 crore rupees allocated for this

Source : TimesofIndia


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