Union Budget 2020- Live News and Updates

[At 13:44 pm] – Finance minister Nirmala Sitharaman, After feeling uneasy concluded her speech.

[At 13:42 pm] – FM announces Health cess to be imposed on imports of medical equipment given these are made significantly in India.

[At 13:41 pm] – Govt to further ease the process of allotment of PAN card. Govt to launch system for instant allotment of PAN on basis of Aadhaar: FM Nirmala Sitharaman

[At 13:38 pm] – Custom duty raised on footwear and furniture: FM

[At 13:34 pm] – Under Vivad Se Vishwas Scheme, taxpayer whose appeals are pending at various forum to pay only amount of disputed tax, will get a complete waiver on interest and penalty, if the scheme is availed by March 31, 2020: FM Nirmala Sitharaman

[At 13:32 pm] – Income Tax Act will be amended in order to allow faceless appeals against tax orders on lines of faceless assessment. FM proposes scheme to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums

[At 13:30 pm] – Option to be provided to cooperative societies to be taxed at 22% + 10% surcharge and 4% cess, with no exemptions or deductions; to be exempted also from Minimum Alternative Tax.

[At 13:24 pm] – In order to promote affordable housing projects, I propose to extend date of approval of affordable housing projects for availing tax holiday by one more year -FM Nirmala Sitharaman.

[At 13:24 pm] – Turnover threshold for audit of MSMEs increased Rs 5 crore from Rs 1 crore to boost the MSMes.

[At 13:22 pm] – Concessional corporate tax rate of 15% to new domestic companies in manufacturing and power sector.

[At 13:21 pm] – Tax concession for sovereign wealth fund of foreign governments and other foreign investments.

[At 13:20 pm] – Dividend Distribution Tax shifted to individuals instead of companies. Govt proposes 100% tax concession to sovereign wealth funds on investment in infra projects -says FM Sitharaman.

[At 13:10 pm] – Tax audit limit raised from INR 1 Cr to INR 5 Cr. However, Rs 40,000 crore per annum will be revenue foregone from new income tax rates for individuals -adds FM Nirmala Sitharaman

[At 13: 07 pm] – There would be no tax for income upto INR 5 lakhs.

[At 13:06 pm] – Under the new regime New income tax slabs will be as income up to 0 – 2.5 lakh will be exempted. An individual will be required to pay tax at a reduced rate of 10% between income of Rs 5-7.5 lakh, For income between Rs 7.5-10 lakh– the tax rate has been reduced to 15%, for income between Rs 10-12.5 lakh- the tax rate is currently 30%. which has now been brought down to 20%, Tax rate of 30% on income above Rs 15 lakh will be continued.

Review: Income Tax Slab rate for last ten years.

[At 13:05 pm] – These income tax rates will be optional and are available to those who are willing to forego some exemptions and some deductions.

[At 13:03 pm] – Finance Minister Nirmala Sitharaman proposes a new simplified income tax slabs and lower slabs.

[At 12:59 pm] – We estimate a fiscal deficit of 3.8% -says Sitharaman. Further she adds: To improve consumption demand, private investment and public spending and since revenue side could not be pressed further, without violating FRBM (Fiscal Responsibility and Budget Management), we had to relax fiscal deficit target by 0.5%.

[At 12:57 pm] – Govt proposes to sell a part of its holding in LIC via IPO.

[At 12:57 pm] – GDP nominal growth has been estimated at 10%.

[At 12:54 pm] – Extension of invoice financing to MSMEs through TReDs. Govt asks banks to extend restructuring MSME NPAs for one more year, which has a deadline of March, 2020

[At 12:48 pm] – FM unveils new scheme to provide subordinated debt for entrepreneurs of MSMEs. These schemes would be anchored by EXIM Bank and SIDBI to handhold MSMEs in exports markets.

[At 12:45 pm] – Over 5 lakh MSMEs have benefited from debt restructuring: Finance Minister

[At 12:40 pm] – To boost depositor’s trust and making the Indian banking system more robust, Finance Minister Nirmala Sitharaman today announced to increase the deposit insurance from Rs 1 lakh to Rs 5 lakh.

[At 12:40 pm] – India will host G20 presidency in the year 2022, says FM Nirmala Sitharaman. Rs 100 crore to be allocated for G20 preparations: Finance Minister

[At 12:35 pm] – The Government intends to introduce major reforms in recruitment to Non-Gazetted posts in governments and public sector banks by conducting of a computer-based online Common Eligibility Test for recruitment to Non Gazetted posts. A test-centre in every district, particularly in the Aspirational Districts would be set up: FM Sitharaman

[At 12:34 pm] – The Finance Minister says that “The government would not allow the taxpayers to be harassed at the hands of the tax officials. “We wish to enshrine in the statutes a taxpayer charter through this Budget.”

[At 12:32pm] – Promoting ease of living is the goal of Modi government: FM

[At 12:29 pm] – Cities with over 1 million, clean air is a concern. The govt proposes to encourage states which are following parameters set by central govt to reduce air pollution. Rs. 4,400 crore allocated for cities to ensure clean air

[At 12:24 pm] –  FM Sitharaman quotes that Task force will be set up to recommend marriageable age for women

[At 12:22 pm] – Government allocates Rs. 3150 crores for ministry of culture for the year 2020-21. FM further says Five archaeological sites to be developed at iconic sites with on-site museums at five archaeological sites in the states of Haryana, Tamil Nadu, Gujarat, Assam and Uttar Pradesh.

[At 12:20 pm] –FM announces that the govt will enhance allocation of Rs 9500 crores for senior citizens and ‘Divyang’ in the year 2020-21.

[At 12:19 pm] – Govt provides Rs 53,700 crore for development and welfare of Scheduled Tribes.

[At 12:18 pm] – FM proposes to provide budget of Rs 85,000 crore for welfare of SC and other backward classes in 2020-21

[At 12:16 pm] – Fm is proposed to provide Rs 35,600 crore for nutrition-related programmes in the year 2020-21.

[At 12:14 pm] – More than 6 lakh anganwadi workers equipped with smartphones to upload the nutrition status of 10 crore household.

[At 12:12 pm] – Rs 1.7 lakh crore provided for transport infrastructure in 2020-21.

[At 12:11 pm] – FM proposes Rs 8,000 crore outlay over 5 years for National Mission of Quantum Technology and Application.

[At 12:09 pm] – Proposal to allow Data centre parks to be set up throughout the country, says FM Sitharaman.

[At 12:07 pm] – Huge employment opportunities exist for India’s youth in construction, operation & maintenance of infrastructure; ‘Project Preparation Facility; will involve young engineers, management graduates and economists from our universities: FM Sitharaman.

[At 12:05 pm] – 100 more airports to be added under UDAN scheme, aircraft fleet to be doubled.

[At 12:02 pm] – Solar panel to be set up alongside the railway tracks on the land owned by the rail departments: FM Sitharaman. Electrification to be done more vigorously. Delhi-Ahmedabad Bullet train to be pursued.

[At 12:00 pm] – Propose to monetize 12 lots of highway bundles of over 6,000km before 2024: Finance Minister

[At 11:58 pm] – FM Nirmala Sitharaman proposes to provide Rs 27,300 crore for development for industry and commerce for the year 2020-21.

[At 11:56 pm] – Each district should develop as an export hub. We are creating a mechanism for this. We are making a unified procurement system. It will be great for small and medium vendors: FM Sitharaman

[At 11:55 pm] – Foreign direct investment (FDI) into the country has increased to USD 284 billion during 2014-19, Finance Minister Nirmala Sitharaman said on Saturday while presenting the Union Budget for 2020-21.

[At 11:54 pm] – Electronic goods manufacturing to get further boost under new scheme

[At 11:49 pm] – Finance Minister proposes Rs 99,300 crores for the education sector in 2020-21 and Rs 3,000 crores for skill development.

[At 11:47 pm] – FM proposes to expand Jan Aushadhi Kendras in all districts of country to provide medicines at affordable rates. Shortage of qualified medical doctors both general practitioners and specialists. Proposed to attach a medical college to a district hospital in PPP mode. More details of the scheme to be worked out soon -Says FM Sitharaman

[At 11:43 pm] – We have approved Rs 3.6 lakh crore for Jal Jeevan Mission to provide safe drinking water to rural India. Safe water Jal Jeevan mission and sanitation mission to enhance the health condition of the poor. 20,000 hospitals empanelled under Ayushman Bharat. We need more hospitals in tier 2 cities: FM Sitharaman.

[At 11:41 pm] – 20,000 hospitals empanelled under Ayushman Bharat. We need more hospitals in tier 2 cities: FM Sitharaman.

[At 11:38 pm] – Indhradhanush scheme to cover more diseases.

[At 11:37 am] – Agricultural credit target has been set at Rs 15 lakh crore. Further Finance Minister adds that We will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers.

[At 11:36 am] – FM Sitharaman speaking of government’s efforts to promote the use of solar energy in the farming sector says that We shall help 20 lakh farmers in setting up their grid-connected standalone solar pump sets via Pradhan Mantri Kisan Urja Suraksha avem Utthan Mahabhiyan.

[At 11:30 am] – To quickly transport  perishable farm goods across the country the government will set up Kisan rail through PPP model and NABARD refinance scheme will be further expanded.

[At 11:28 am] – Finance Minister Sitharaman presents 16 point action plan to boost farmer income. launching Krishi Udaan scheme for domestic and international routes will be one of them.

[At 11:23 am] – FM Nirmala Sitharaman by quoting  “We are committed to the goal of doubling farmers’ income by 2022”, announces that Finance Ministry will allocate INR 2.83 crore for agriculture and irrigation.

[At 11:22 am] – Water stress-related issues a serious concern across the country, our government proposes comprehensive measures for 100 water-stressed districts.

[At 11:16 am] – FM Sitharaman says central govt’s debt has come down to 48.7% in March, 2019 from 52.2% in March, 2014.

[At 11:15 am] – Guided by Sabka saath, sabka Vikas, Sabka Vishwas, our Government has successfully implemented the schemes that directly benefited the poor and disadvantaged- says FM Nirmala Sitharaman.

[At 11:14 am] – On three main points this budget 2020 is woven around- Aspirational India to boost the standard of living, economic development for all, and building a human and compassionate society.

[At 11:09 am] – 40 crore GST returns were filed in this financial year.

[At 11:08 am] – GST returns have received massive response.

[At 11:00 am] – Our government is proposing comprehensive measures for 100 water-stressed districts in the country. Finance Minister says, this budget will boost the income of people and enhance their purchasing power.

[At 11:00 am] – FM Nirmala Sitharaman starts her presentation for Union Budget 2020.

[At 10:55 am] – FM Nirmala Sitharaman is all set to present Union budget 2020.

As per the opinion of economists, the Budget 2020 will be mostly focussed on reviving a slowing economy and boosting consumption. Some of them are expecting a GST rate cut, while a few are expecting an increase in the deduction limit of section 80C, and other group of people are expecting high about the restructuring of the Income tax slab.

Amidst the slowdown, the government may opt for a spending stimulus in the Budget, with more funds allocated to infrastructure development and direct benefit transfer, instead of one through income tax concessions that will benefit a smaller section.