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Budget 2020: BIG Highlights from Sitharaman's Budget speech

Budget 2020: Finance Minister Nirmala Sitharaman presented Budget 2020 in Lok Sabha on February 1. During her speech, Sitharaman announced major reforms for agriculture and education sector including a simplification of GST system. Here are the BIG Highlights from Budget 2020:

India TV Business Desk Edited by: India TV Business Desk New Delhi Updated on: February 01, 2020 17:10 IST
Budget 2020: Highlights
Image Source : INDIA TV

Budget 2020: Highlights

Budget 2020: Finance Minister Nirmala Sitharaman presented Budget 2020 in Lok Sabha on February 1, amid loud desk-thumping approval from the Union Ministers. During her speech, Sitharaman announced major reforms for the agriculture and education sector including a simplification of GST system. Here are the BIG Highlights from Budget 2020: Here are the BIG Highlights from Budget 2020: 

BIG Highlights from Budget 2020           

  • Aadhaar-based verification of taxpayers is being introduced
  • Nominal health cess on import of medical equipment to be introduced
  • Customs duty raised on footwear and furniture
  • Health cess on import of medical equipment imposed in Budget
  • Zero-budget farming may not be a good move for fertiliser companies
  • Additional Rs 1.5 lakh tax benefit on affordable housing loans
  • Govt to launch system for instant allotment of PAN on basis of Aadhaar
  • Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 yr
  • Tax on Co-op societies to be reduced to 22% plus surcharge, as against current 30%
  • Govt proposes deferment of tax payment by employees on ESOPs from startups by 5 years
  • New power generation companies to be taxed at 15%
  • Rs 40,000 cr per annum will be revenue foregone from new income tax rates for individuals
  • Dividend Distribution Tax shifted to individuals instead of companies
  • Budget proposes deferment of tax payment by employees on ESOPs from startups by five years
  • Housing made more affordable, tax holiday to affordable housing developers
  • 100% tax concession to sovereign wealth funds on investment in infra projects
  • Concessional corporation tax rate for electricity generation companies in place
  • Income tax rates will be significantly reduced for those who forego reliefs, exemptions
  • Income above 15 lakh rupees will continue to be taxed at 30%
  • 15% tax for those earning between Rs 7.5 to 10 lacs
  • 10% tax for those earning between Rs 5 to 7 lacs
  • Manufacturing sector Corporate Tax for new companies at 15%; for existing companies at 22%
  • Nominal GDP growth for FY21 revised to 10%
  • Universal pension coverage to have auto-enrolment
  • Government to sell part holding in LIC
  • Scheme to provide subordinated debt for entrepreneurs of MSMEs to be introduced
  • Rs 30,757 cr for Jammu and Kashmir; Rs 5,958 for Ladakh for fiscal 2020-21
  • Govt to set up national recruitment agency for recruitment of non-gazetted posts
  • Parameters and incentives for states who take measures for cleaner air
  • Rs 4,400 crore to fight Delhi air pollution
  • Allocation of Rs 8,000 cr for National Mission on Quantum Computing and Technology
  • More Tejas-like trains between key stations, Kisan rail for farmers
  • National Education Policy coming soon
  • Degree level full-fledged online education system to be set up
  • National Police University and National Forensic Science University proposed by Sitharaman
  • From April 2020, government to introduce simplified return for GST
  • Double farmers’ income by 2022
  • Sitharaman proposes 'Kisan Rail' in her 16-point plan to improve farm sector
  • Medical college to be attached to a district hospital in PPP mode
  • Rs 12,300 crore allocated for Swachh Bharat Mission this year
  • India uplifted 271 million people out of poverty
  • 60 lakh taxpayers added in the last 2 years
  • Budget to boost income, enhance purchasing power     

Also Read | Comprehensive Coverage on Budget 2020

Also Read | Union Budget 2020: Terminology, glossary of frequently used terms

Also Read | Live Updates on Budget Presentation

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