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Updates Of Union Budget 2020


01 February 2020

OMMCOM NEWS


Bhubaneswar: The first budget of the Modi Government’s second term is being presented today by Finance Minister Nirmala Sitharaman. 

Yesterday, President Ram Nath Kovind addressed a joint sitting of the Parliament, ahead of the Budget Session. He said that scrapping of Article 370 and Article 35A of the Constitution by Parliament was a historic one and that it paved way for equal development of Jammu and Kashmir and Ladakh. He added that the government is promoting India as a digital nation and it is determined to achieve the 5 trillion-dollar economy it has set as a target for itself in this term.

1.45 pm: Finance Minister Nirmala Sitharaman could not complete her Union Budget 2020 speech as became unwell. Speaker adjourns House

1.41 pm: Health cess increased on medical equipment import

1.40 pm: Custom duty raised on footwear and furniture

11.38 pm: Aadhar based Tax verification introduced

1.33 pm: Start-up limit up from Rs 25 crore to Rs 100 crore; Turnover limit for start-up increased

1.30 pm: 'Vivad Se Vishwas' scheme for tax litigations

1.25 pm: Tax holiday for developers of affordable housing extended; Concessions for real estate transactions

1.20 pm: Turnover threshold for audit raised to Rs 5 crore from Rs 1 crore

1.15 pm: Taxes on ESOPs deferred by 5 years

1.10 pm: Income from Rs 5-7.5 lakhs to be taxed 10%, Rs 7.5-10 lakhs to be taxed at 15%, Rs 10-12.5 lakhs to be taxed at 20%, 12.5-15 lakhs to be taxed 25% and 30% for income above 15 lakhs

1.08 pm: No income tax till income of Rs 5 lakh

1.05 pm: Corporate Tax at 15% lowest in the world, Dividend Distribution Tax abolished

1.03 pm: Propose to bring simplified personal income tax regime

1.00 pm: Estimated nominal GDP growth rate for 2020-21 10%; 3.8% Fiscal deficit estimated for 2020 and 3.5% for 2021

12.55 pm: Government to sell part of its holding in LIC and IDBI

12.47 pm: New scheme for subordinate debt for MSME; App-based invoice financing for MSME

12. 45 pm: Deposit insurance coverage raised from Rs 5 lakh to Rs 1 lakh

12.41 pm: Funds amounting to Rs 30,757 allocated to union territories of Jammu & Kashmir, Rs 5958 for Ladakh

12.38 pm: India to host G-20 Presidency in 2022; Rs 100 crore set aside for preparation 

12.35 pm: Tax harassment will not be tolerated; Taxpayer Statute coming up. Government proposes an amendment in the Companies Act to decriminalise civil offences

12.30 pm: Rs 4400 allocated for each of Clean Air & Climate Change Policy

12.28 pm: 5 archaeological sites would be developed as iconic sites with onsite museums

12.25 pm: Rs 23, 150 crore in Tourism sector; Rs 2,500 for Tourism promotion

12.20 pm: Rs 85,000 for welfare of Scheduled Castes and Backward Castes; Rs 53,700 for Scheduled Tribes

12.18 pm: Allocation of Rs 35,600 crore for nutritional programmes; Rs 28,600 crore for women upliftment related programmes

12.15 pm: Beti Bachao, Beti Padhao a huge success, Gross enrollment of girls higher than boys across India

12.13 pm: Rs 8000 crore proposed for Quantum Technology in next 5 years, Rs 22,000 for Power Sector

12.10 pm: Rs 6000 crore proposed for 'Bharat Net'; 1 lakh Gram Panchayats to be connected by the Bharat Net

12.08 pm: Propose Rs 22000 cr for power and renewable energy sector

12.06 pm: Plans to energise economic activity along the river banks; 100 more airports to be developed by 2024

12.00 pm: 2000 km of strategic highways to be built; Aim to achieve 11000 km of track electrification

11.60 am: Rs 27, 300 crore for Promotion  of Industry and Commerce

11.55 am: 5 new smart cities in collaboration with states; Encourage manufacture of mobile phones

11.53 am: Entrepreneurship has always been the strength of India; We recognize the knowledge skills and capabilities of our youth

11.50 am: Rs 99, 300 cr proposed for Education sector, Rs 3000 cr for Skill Development

11.45 am: TB Haarega, Desh Jeetega: Propose to end Tuberculosis by 2025

11.40 am: Allocation for Swach Bharat Abhiyan Rs 12,300 crore for year 2020-21, Jal Jeevan Mission Rs 11, 500 cr for year 2020-21. A total of Rs 69,000 crore for the health sector

11.38 am: Horticulture exceeds production of food grains. We propose to support state for 1 product, 1 district

11.35 am: Propose fish production to 200 lakh tonnes

11.25 am: Will take measure for 100 water-stressed districts across India 

11.23 am: 16 Action Points for Agriculture sector; Committed to doubling farming incomes in 2022

11.20 am: This budget is woven around 3 factors- Aspirational India,  Economic development and A caring society

11.18 am: Central Govt reduced debt to 48.7% of GST in March 2019; India now 5th largest economy of the world

11.15 am: Clean energy through Ujjwala Yojana, Affordable housing for all through PMAY

11.12 am: 16 lakh new taxpayers added, Total of 40 crore GST returns filed so far

11.10 am: FM pays tribute to Arun Jaitley and said that GST has formalised the economy. She added that it has been the most historic reform

11 am: Finance Minister Nirmala Sitharaman presents her second Union Budget with permission from Lok Sabha Speaker Om Birla

10.59 am: Union Cabinet approves Budget 2020-21

10.27 am: Prime Minister Narendra Modi arrives in Parliament ahead of budget presentation

10.20 am: Finance Minister Nirmala Sitharaman meets President Kovind before presenting

10.15 am: Cabinet Meeting currently underway.

10.00 am: FM Nirmala Sitharaman arrives in Parliament holding the traditional ‘bahi khata’