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Budget Highlights
In last 2 years, 60 lakhs new tax payers added
Simplified new Returns System Filing introduced, to begin from 1 April 2020
Total Rs 40 crore GST Returns so far
India now 5th largest economy
Achieved growth rate of 7.4 percent
Central govt debt reduced to 48.7 pct of GDP in March 2019
Theme of Budget -- Aspirational India, Economic Development for All, Building a caring society
Doubling farmers income by 2022
Farmer markets to be Liberalised
Financial inclusion has helped increased Farm Income
Comprehensive measures for 100 water stressed districts
Will set up Kisan Rail so that farm goods can be quickly transported across the country
PM-KUSUM to be expanded to provide 20 lakh farmers in setting up standalone solar pumps
Agricultural credit target has been set at Rs 15 lakh crore
Raise fish production to 200 lakh tonne by 2022-23
Encourage balanced use of all fertilizers to change incentive regime which encourages excessive use of chemical fertilizers
Food Corporation of India and Warehousing Corporation of India to build warehousing facility on their land
Village storage scheme to be run by SHG
To supply cold perishable goods - Railways to run cold storage trains
Krishi Udan to be launched by Civil Aviation
Integrated farming sector to extend in rain harvesting areas
Kisan Credit Scheme proposed
108 million metric tonne milk production by 2021
Rs 2.83 lakh crore allocation for Agriculture and Irrigation
Holistic vision for National Healthcare
Provided an additional Rs 69,000 cr for the health sector
More hospitals to be set up
Setting up of hospitals in PPP mode
Rs 1.23 lakh crore will be allocated to Rural Development, Panchayati Raj
Rs 1.6 lakh for Agriculture and Allied activities
Provided an additional Rs 69,000 crore for the health sector
The total allocation for Swachh Bharat Mission is Rs 12,300 crore in 2020-21
Rs 3,000 crore for skill development in 2020-21
5 new Smart Cities to be set up in PPP mode
Investment clearance cell to be set up in PPP at centre and States
National Police University and National Forensic University to be set up
Govt will encourage manufacture of mobile and electric equipment
Digital refunds of duties for Exporters
National Tech Textile Mission soon
Rs 1,480 cr outlay for Textile sector
Proposes Rs 27,300 crore for development & promotion of Industry and Commerce in 2020-21
Rs 103 lakh crore NIP launched
Project preparation facility for Infra
National Logistic Policy to be released soon
200 km of Strategic Highway to be built
Delhi-Mumbai Expressway will be completed by 2023
Additional Rs 69,000 crore for Health Sector
Propose to monetise 12 lots of Highways bundles of over 6,000 km before 2024
Proposes setting up of a large solar powered capacity alongside Rail tracks
Aims 11,000 km of track electrification
4 stations to be redeveloped under PPP model
More Tejas type trains for tourism to be introduced
High-speed train between Mumbai and Ahmedabad will be actively pushed
100 more Airports to be developed by 2024
Reforms to help stressed DISCOMS
Rs 22,000 crore outlay for Power and Renewable Energy sector
550 Wi-Fi facilities have been commissioned at Railway stations
National Gas Grid to be expanded by 16,200 km
Policy soon for building data centre parks
One lakh Gram Panchayat to be connected to BharatNet
Rs 8,000 crore for Quantum tech in next five years; National Mission for Quantum Technology & Application
Rs 1.7 lakh crore for Transport Infrastructure in 2020-21
Allocation of Rs 35,600 crore for Nutritional Programmes
Rs 28,600 crore outlay for women related schemes
Rs 85,000 crore for backward caste for 2020-21
There will be no manual cleaning of sewers. Sustainable technology identified.
Rs 53,700 crore for scheduled tribes
Indian Institute of Heritage and Conservation to be set up, with the status of a deemed university
5 archaeological sites to be made iconic sites with on-site museums
4 more museums to be taken up for renovation
Rs 9,000 crore allocated for senior citizen for 2020-21
The New Education Policy will be announced soon
Proceeds from taxes on medical devices would be used to support setting up of hospitals
Approved RS 3.6 lakh crore for Jal Jeevan Mission to provide safe drinking water to Rural India
Budget proposes to start Ind-Sat Exam to promote study in India
Ant-TB campaign to be launched to eliminate TB by 2025
Rs 99,300 crore outlay for Education sector in 2021
Rs 2,500 crore allocation for Tourism promotion
Rs 4,400 crore allocation for Clean Air
Niryat Rin Vikas Yojana (Nirvik)scheme to provide enhanced insurance cover and reduce premium for small exporters
Tax Payers Charter to be part of law
National Recruitment Agency to be set up
Changes will be made in Companies Act
India will host G20 Presidency in 2022
Rs 100 crore to be allocated for making preparations for this historic occasion, where India will drive global economic agenda
Govt proposes to sell part of its holding in Life Insurance Corporation by way of Initial Public Offering
Will bring LIC IPO to unload govt shares, announces FM
Simplified income tax regime, which will reduce tax burden on individual taxpayers
No tax for income below Rs 5 lakh
Income between 5 lakh -7.5 lakh at 10 pct
Income between 7.5 lakh- 10 lakh at 15 pct
Income between 10 lakh- 12.5 lakh at 20 pct
Income between 12.5 lakh- 15 lakh at 25 pct
Income above 15 lakh at 30 pct
Around 70 of more than 100 in income tax deductions and exemptions have been removed
Govt proposes 100 percent tax concession to sovereign wealth funds on investment in infra projects
Concession for real estate transactions
Tax holiday for developers of affordable housing extended
Income Tax Act to be amended to enable faceless appeal
Vivad se Vishwas’ scheme for tax litigations
Tax on cooperative societies proposed to be reduced to 22 percent plus surcharge and cess as against 30 percent at present.
New system for instant allotment of PAN
GST Refund process has been simplified
PAN Cards will be allotted instantly online soon with AADHAR
15th Finance Commission reduces state share of central taxes by one percentage point to 41 percent
International Bullion exchange to be set up in IFSC GIFT city
Revised Expenditure for FY20 at Rs 26.99 lakh crore, receipts at Rs 19.32 lakh crore
Corporate tax at 15 percent, lowest in the world
Rs 48,000 crore revenue loss due to income tax relief
Dividend Distribution Tax (DDT) abolished
Companies will not be required to pay DDT; dividend to be taxed only at the hands of recipients,at applicable rates.
15 percent concessional tax rate for new power generation companies
Tax on cooperative societies reduced to 22 percent without exemptions
For modernisation and buying new weapon systems, defence forces allocated Rs 1,10,734 crore
Tax holiday for affordable housing extended by one year
NRI will be allowed to invest in certain G-sec
Govt doubles divestment target for the next fiscal at Rs 2.1 lakh crore

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