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Feb 11, 2020

Budget Highlights 2020-21 - Direct Taxes

New and simplified personal income tax regime proposed wherein tax rates are as follows: Taxable Income (in Rs.) Existing Tax Rates New Tax Rates 0 - 2,50,000 Exempt Exempt 2,50,000 – 5,00,000 5% 5% 5,00,000 – 7,50,000 20% 10% 7,50,000 – 10,00,000 20% 15% 10,00,000 – 12,50,000 30% 20% 12,50,000 – 15,00,000 30% 25% Above 15,00,000 30% 30% Around 70 of the existing exemptions and deductions (more than 100) to be removed in the new simplified regime. New tax r.....

Feb 12, 2020

Budget Highlights 2020-21 - Indirect Taxes

Simplified GST returns with features like SMS based filing for nil return and improved input tax credit flow to be implemented from 1st April 2020 as a pilot run.Customs duty raised on footwear to 35% from 25% and on furniture goods to 25% from 20%.5% health cess to be imposed on the imports of medical devices, except those exempts from Basic Customs Duty.Excise duty proposed to be raised on Cigarettes and other tobacco products. No change made in the duty rates of bidis. .....

Feb 12, 2020

Budget Highlights 2020-21 - Fiscal Management

For the FY 2019-20:Revised Estimates of Expenditure: at Rs.26.99 lakh Crores.Revised Estimates of Receipts: estimated at Rs.19.32 lakh Crores.For the year 2020-21:Nominal growth of GDP estimated at 10%.Receipts: estimated at Rs.22.46 lakh Crores. Expenditure: at Rs.30.42 lakh Crores. Fiscal deficit of 3.8% estimated in Revised Estimate 2019-20 and 3.5% for Budget Estimate 2020-21. .....

Feb 12, 2020

Budget Highlights 2020-21 - Agriculture and Rural Economy

The government proposed an action plan to boost agriculture and farmers' welfare.Kisan Rail to be set up by Indian Railways through PPP: To build a seamless national cold supply chain for perishables (milk, meat, fish, etc.).Express and Freight trains to have refrigerated coaches.Krishi Udaan to be launched by the Ministry of Civil Aviation: Both international and national routes to be covered. North-East and tribal districts to realize the Improved value of Agri-products.Artificial insemination to be increased to 70% from the present 30%.Foot and Mouth Disease, Brucellosis in cattle and P.....

Feb 12, 2020

Budget Highlights 2020-21 - Education and skills

National Police University and National Forensic Science University proposed for policing science, forensic science, and cyber-forensics.Degree level full-fledged online education program by Top-100 institutions in the National Institutional Ranking Framework.Up to 1-year internship to fresh engineers to be provided by Urban Local Bodies. The budget proposes to attach a medical college to an existing district hospital in Public-Private Partnership mode. .Special bridge courses to be designed by the Ministries of Health and Skill Development to fulfill the demand for teachers, nurses, para-med.....

Feb 12, 2020

Budget Highlights 2020-21 - Industry, Commerce and Investment

National Technical Textiles Mission: With four-year implementation period from 2020-21 to 2023-24.At an estimated outlay of Rs 1480 crore. To position India as a global leader in Technical Textiles. NIRVIKscheme for exporters to achieve higher export credit disbursement, which provides for: Higher insurance coverage. Reduction in premium for small exporters. Simplified procedure for claim settlements. This scheme is expected to support the export of around Rs. 30 Lakh Crores in 5 years. It is also proposed to launch a scheme to encourage the manufacture of mobile phones, electronic equipm.....

Feb 12, 2020

Budget Highlights 2020-21 -Health

PM Jan Arogya Yojana (PMJAY): Viability Gap Funding (VGF) window (incentive scheme in which a certain percentage of the total capital cost is paid by the government) proposed for setting up hospitals in the Public-Private Partnership mode. Aspirational Districts with no Ayushman empaneled hospitals to be covered in the first phase.Jan Aushadhi Kendra Scheme to offer 2000 medicines and 300 surgical in all districts by 2024. TB Harega Desh Jeetega campaign launched with a commitment to end Tuberculosis by 2025. Jal Jeevan Mission: Augmenting local water sources, recharging existing sources, a.....

Feb 12, 2020

Budget Highlights 2020-21 - Women Empowerment

Allocation of Rs. 35,600 crore for nutrition-related programs proposed for the FY 2020-21.Rs. 28,600 crores proposed for women-specific programs.The issue about the age of a girl entering motherhood – It is proposed to appoint a task force to present its recommendations in six months’ time. .....

Feb 12, 2020

Budget highlights 2020-21 - Financial Sector

Deposit Insurance and Credit Guarantee Corporation (DICGC) permitted to increase Deposit Insurance Coverage to Rs. 5 lakh from Rs.1 lakh per depositor.NBFCs eligibility limit for debt recovery reduced from:Rs. 500 crore to Rs 100 crore asset size. Rs 1 crore to Rs 50 lakh loan size. Government to sell its balance holding in IDBI Bank to private, retail and institutional investors through the stock exchange.The window for MSME’s debt restructuring by RBI to be extended by one year till March 31, 2021.An app-based invoice financing loan product for MSMEs to be launched. .....

Feb 12, 2020

Budget Highlights 2020-21 - Infrastructure

A National Logistics Policy to be released soon to clarify roles of the Union Government, State Governments and key regulators.Single window e-logistics market to be created.Rs.1.7 lakh crore proposed for transport infrastructure in 2020-21.Delhi-Mumbai Expressway and two other packages to be completed by 2023. Chennai-Bengaluru Expressway to be started.Large solar power capacity to be set up alongside rail tracks, on land owned by railways. Four station re-development projects and operation of 150 passenger trains through PPP. More Tejas type trains to connect iconic tourist destinations.1.....

Feb 12, 2020

Budget Highlights 2020-21 - Culture and Tourism

An Indian Institute of Heritage and Conservation under Ministry of Culture proposed with the status of a deemed University.5 archaeological sites to be developed as iconic sites with on-site Museums: Rakhigarhi (Haryana) Hastinapur (Uttar Pradesh) Shivsagar (Assam) Dholavira (Gujarat) Adichanallur (Tamil Nadu)Museum on Numismatics and Trade to be located in the historic Old Mint building in Kolkata. Government to provide support for setting up of a Tribal Museum in Ranchi (Jharkhand). Maritime Museum to be set up at Lothal- the Harrapan age maritime site near Ahmedabad, by the Ministry of S.....

Feb 12, 2020

Budget Highlights 2020-21 - Others

Government to sell a part of its holding in LIC by way of Initial Public Offer (IPO).Fiber to the Home (FTTH) connections through Bharatnet to link 100,000-gram panchayats this year. Rs.6000 crore proposed for the Bharatnet program in 2020-21. For recruitment to Non-Gazetted posts in Government and Public sector banks, an independent, professional and specialist National Recruitment Agency (NRA) for conducting a computer-based online Common Eligibility Test for recruitment.New National Policy on Official Statistics to promote the use of the latest technologies including Artificial Intelligenc.....

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