Union Budget 2020 Analysis by Vakilsearch

Last Updated at: March 11, 2020
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Union Budget 2020 Analysis By Vakilsearch

The wait is over. The highlights of Union Budget for the year 2020 is presented by Vakilsearch to you. 

In many ways, it will be a make-or-break for the Government and we sense, it will have much more than just economic jargon and tax slabs.

With barely hours to go before the budget unfolds, expectations are high and the ‘air’ is full of ideas and speculations. The Finance Minister tabled the Economic Survey of India 2020 in the Parliament today, which gave a sneak peek into the Budget 2020, due for ‘release’ tomorrow. The theme of this Survey is wealth creation and it says, promoting a pro-business policy is critical for India to become a $5 Trillion Economy by 2025. We believe, the Indian SMEs can expect some real good news tomorrow.

Major highlights of Union Budget 2020

11:01 AM – Lok Sabha session begins. The budget speech will start in a short while.

11:04 AM – Ministry of Finance (India), Nirmala Sitharaman, begins her speech. She pronounces that “Let our businesses be innovative, healthy and solvent with use of technology”.

11:11 AM – Finance Minister of India states that 40 crores of GST returns were filed in this financial year.

11:14 AM – A new and simplified GST Return system will be coming this April 2020.

11:26 AM – GST resulted in Rs.1 lakh crore profits to consumers. It helped in removing Inspector Raj.

11:49 AM – Finance Minister of India announces Rs.99,300 crore outlay for the education sector in 2020-21 and Rs.3,000 crore for skill development.

11:50 AM – AI (Artificial Intelligence) and Machine Languages are to be used for promoting #AyushmanBharat Scheme, over 50% IND population having access to medical education.

11:55 AM – Finance Ministry says “Entrepreneurship is the backbone of India. I propose to set up an investment clearance cell that will provide end to end facilitation and support including pre-investment advisory, information on land banks and facilitate clearance at the state level.”

11:57 AM – Finance Ministry proposes Rs.27,300 crore for the development and promotion of industry and commerce in 2020-21

12:15 PM – The budget encourages the private sector to build more data Centre Parks.
12:17 PMBudget Net Program is Rs.6000 crores allocated to 1 lakh village panchayats, will get digital connectivity through fibre optics within this year. 
12:22 PM – Quantum Technology has various commercial applications, Rs.8000 cr. will be spent over a period of 5 years if successful India will be the 3rd biggest pioneering nation in the field of Quantum technology.
Chennai to Bangalore expressway proposed to encourage economic activity between two of the biggest cities in India.
Digital refund of export taxes: centre and state taxes, as well as fuel taxes through online platforms
12:29 PM – Rs.4,400 Crore is allocated for clean air initiative.
12:34 PM – Finance Minister reassures taxpayers about measures to eliminate tax harassment. Taxpayers’ charter is to be institutionalized.
12:35 PM – Rs2,500 crore has been allocated to boost tourism.
12:41 PM – Insurance cover for a depositor will be raised to Rs.5 lakh from Rs.1 lakh.
12:42 PM – Allocation of Rs.30,757 crores for 2020-21 for Jammu and Kashmir and Rs.5,958 crores for Ladakh.
12:46 PM – New scheme to provide subordinated debt to MSMEs (Ministry of Micro, Small and Medium Enterprises)

12:52 PM – India will host the G20 residency meeting in 2022. 100 Crore budget allocated.

12:53 PM – A part of Government holding in LIC (Life Insurance Corporation) to be sold off through IPO.
12:58 PM – Amendments will be in place to enable NBFCs (Non-Banking Financial Company) to extend invoice financing to MSMEs
1:02 PM – Corporate tax for existing companies slashed to 22%. Finance Minister says it’s the lowest in the world.
1:05 PM – An individual will be required to pay tax at a reduced rate of 10% between an income of Rs.5 lakhs and Rs.7.5 lakhs.
1:06 PM – For income between Rs 7.5 lakhs and Rs.10 lakhs, the tax rate has been reduced to 15%
1:07 PM – For income between Rs.10 lakhs and Rs.12.5 lakhs, the tax rate is 20%.
1:08 PM – Tax rate of 30% on income above Rs.15 lakhs will be continued.

1:15 PM – GDP growth estimated to reach 10% by FY 2021.

1:19 PM – Finance Minister proposes a 100% tax concession to sovereign wealth funds on investment in infra projects.

1:20 PM – No Dividend Distribution Tax (DDT) for companies. Big move for stock markets!

1:22 PM – Boost to MSMSEs (Modelling and Simulation in Materials Science and Engineering). The turnover threshold for audit raised to Rs.5 crores from Rs.1 crores.

1:23 PM – The government makes housing more affordable, gives tax holiday to affordable housing developers.

1:27 PM – Tax on Co-op societies to be reduced to 22% plus surcharge, as against the existing 30%

1:29 PM – Additional Rs.1.5 lakhs tax benefit on interest paid on affordable housing loans to March 2021.

1:35 PM – ‘Vivad se Vishwas’ scheme for direct taxpayers whose appeals are pending at various forums.

1:36 PM – The government is to launch a system for instant allotment of PAN on the basis of Aadhaar.

1:40 PM – Finance Minister announces health cess on import of medical equipment.
1:44 PM – Honorable Finance Minister, Sitharaman concludes her speech.

 

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Union Budget 2020 Analysis by Vakilsearch

851

The wait is over. The highlights of Union Budget for the year 2020 is presented by Vakilsearch to you. 

In many ways, it will be a make-or-break for the Government and we sense, it will have much more than just economic jargon and tax slabs.

With barely hours to go before the budget unfolds, expectations are high and the ‘air’ is full of ideas and speculations. The Finance Minister tabled the Economic Survey of India 2020 in the Parliament today, which gave a sneak peek into the Budget 2020, due for ‘release’ tomorrow. The theme of this Survey is wealth creation and it says, promoting a pro-business policy is critical for India to become a $5 Trillion Economy by 2025. We believe, the Indian SMEs can expect some real good news tomorrow.

Major highlights of Union Budget 2020

11:01 AM – Lok Sabha session begins. The budget speech will start in a short while.

11:04 AM – Ministry of Finance (India), Nirmala Sitharaman, begins her speech. She pronounces that “Let our businesses be innovative, healthy and solvent with use of technology”.

11:11 AM – Finance Minister of India states that 40 crores of GST returns were filed in this financial year.

11:14 AM – A new and simplified GST Return system will be coming this April 2020.

11:26 AM – GST resulted in Rs.1 lakh crore profits to consumers. It helped in removing Inspector Raj.

11:49 AM – Finance Minister of India announces Rs.99,300 crore outlay for the education sector in 2020-21 and Rs.3,000 crore for skill development.

11:50 AM – AI (Artificial Intelligence) and Machine Languages are to be used for promoting #AyushmanBharat Scheme, over 50% IND population having access to medical education.

11:55 AM – Finance Ministry says “Entrepreneurship is the backbone of India. I propose to set up an investment clearance cell that will provide end to end facilitation and support including pre-investment advisory, information on land banks and facilitate clearance at the state level.”

11:57 AM – Finance Ministry proposes Rs.27,300 crore for the development and promotion of industry and commerce in 2020-21

12:15 PM – The budget encourages the private sector to build more data Centre Parks.
12:17 PMBudget Net Program is Rs.6000 crores allocated to 1 lakh village panchayats, will get digital connectivity through fibre optics within this year. 
12:22 PM – Quantum Technology has various commercial applications, Rs.8000 cr. will be spent over a period of 5 years if successful India will be the 3rd biggest pioneering nation in the field of Quantum technology.
Chennai to Bangalore expressway proposed to encourage economic activity between two of the biggest cities in India.
Digital refund of export taxes: centre and state taxes, as well as fuel taxes through online platforms
12:29 PM – Rs.4,400 Crore is allocated for clean air initiative.
12:34 PM – Finance Minister reassures taxpayers about measures to eliminate tax harassment. Taxpayers’ charter is to be institutionalized.
12:35 PM – Rs2,500 crore has been allocated to boost tourism.
12:41 PM – Insurance cover for a depositor will be raised to Rs.5 lakh from Rs.1 lakh.
12:42 PM – Allocation of Rs.30,757 crores for 2020-21 for Jammu and Kashmir and Rs.5,958 crores for Ladakh.
12:46 PM – New scheme to provide subordinated debt to MSMEs (Ministry of Micro, Small and Medium Enterprises)

12:52 PM – India will host the G20 residency meeting in 2022. 100 Crore budget allocated.

12:53 PM – A part of Government holding in LIC (Life Insurance Corporation) to be sold off through IPO.
12:58 PM – Amendments will be in place to enable NBFCs (Non-Banking Financial Company) to extend invoice financing to MSMEs
1:02 PM – Corporate tax for existing companies slashed to 22%. Finance Minister says it’s the lowest in the world.
1:05 PM – An individual will be required to pay tax at a reduced rate of 10% between an income of Rs.5 lakhs and Rs.7.5 lakhs.
1:06 PM – For income between Rs 7.5 lakhs and Rs.10 lakhs, the tax rate has been reduced to 15%
1:07 PM – For income between Rs.10 lakhs and Rs.12.5 lakhs, the tax rate is 20%.
1:08 PM – Tax rate of 30% on income above Rs.15 lakhs will be continued.

1:15 PM – GDP growth estimated to reach 10% by FY 2021.

1:19 PM – Finance Minister proposes a 100% tax concession to sovereign wealth funds on investment in infra projects.

1:20 PM – No Dividend Distribution Tax (DDT) for companies. Big move for stock markets!

1:22 PM – Boost to MSMSEs (Modelling and Simulation in Materials Science and Engineering). The turnover threshold for audit raised to Rs.5 crores from Rs.1 crores.

1:23 PM – The government makes housing more affordable, gives tax holiday to affordable housing developers.

1:27 PM – Tax on Co-op societies to be reduced to 22% plus surcharge, as against the existing 30%

1:29 PM – Additional Rs.1.5 lakhs tax benefit on interest paid on affordable housing loans to March 2021.

1:35 PM – ‘Vivad se Vishwas’ scheme for direct taxpayers whose appeals are pending at various forums.

1:36 PM – The government is to launch a system for instant allotment of PAN on the basis of Aadhaar.

1:40 PM – Finance Minister announces health cess on import of medical equipment.
1:44 PM – Honorable Finance Minister, Sitharaman concludes her speech.

 

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