|Union Budget 2020-21 Highlight With Details, Income Tax Slabs, Budget 2020 Key Features|
Union Budget 2020-21 Highlight With Details, Income Tax Slabs, Budget 2020 Key Features
Union Budget 2020-21 Highlight With Details: Interim Union Budget 2020-21 was presented in Parliament today by the Union Finance Minister Smt. Nirmala Sitharaman.
The Key Highlights of Union Budget 2020-21 are as follows:
Three prominent themes of the Budget
- Aspirational India - better standards of living with access to health, education and better jobs for all sections of the society
- Economic Development for all - “Sabka Saath , Sabka Vikas , Sabka Vishwas”.
- Caring Society - both humane and compassionate; Antyodaya as an article of faith.
Three broad themes are held together by:
- Corruption free, policy-driven Good Governance.
- Clean and sound financial sector.
Ease of Living underlined by the three themes of Union Budget 2020-21.
Three components of Aspirational India:
- Agriculture, Irrigation, and Rural Development
- Wellness, Water, and Sanitation
- Education and Skills
- Sixteen Action Points for Agriculture, Irrigation and Rural Development
Union Budget 2020-21 for Agriculture, Irrigation and Rural Development:
Rs. 2.83 lakh crore to be allocated for the following 16 Action Points:
- Rs. 1.60 lakh crore for Agriculture, Irrigation & allied activities.
- Rs. 1.23 lakh crore for Rural development & Panchayati Raj.
- Rs. 15 lakh crore target set for the year 2020-21.
- PM-KISAN beneficiaries to be covered under the KCC scheme.
- NABARD Re-finance Scheme to be further expanded. Comprehensive measures for 100 water-stressed districts proposed.
- Rs. 1 lakh crore fisheries’ exports to be achieved by 2024-25.
- 200 lakh tonnes fish production targeted by 2022-23.
- 3477 Sagar Mitras and 500 Fish Farmer Producer Organisations to involve youth in fisheries extension.
- Growing of algae, sea-weed and cage culture to be promoted.
- Framework for development, management and conservation of marine fishery resources.
Kisan Rail to be setup 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 Improved value of agri-products.
Union Budget 2020-21 For Education and Skills:
- Rs. 99,300 crore for education sector and Rs. 3000 crore for skill development in 2020-21.
- New Education Policy to be announced soon.
- 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.
- Budget proposes to attach a medical college to an existing district hospital in PPP mode.
- Special bridge courses to be designed by the Ministries of Health, and Skill Development:
- To fulfill the demand for teachers, nurses, para-medical staff and care-givers abroad.
- To bring in equivalence in the skill sets of the workforce and employers’ standards.
- 150 higher educational institutions to start apprenticeship embedded degree/diploma courses by March 2021.
- External Commercial Borrowings and FDI to be enabled for education sector.
- Ind-SAT proposed for Asian and African countries as a part of Study in India program. Economic Development
Union Budget 2020-21 For Indian Railways:
- 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.
- High speed train between Mumbai and Ahmedabad to be actively pursued.
- 148 km long Bengaluru Suburban transport project at a cost of Rs 18600 crore, to have fares on metro model. Central Government to provide 20% of equity and facilitate external assistance up to 60% of the project cost.
Indian Railways’ achievements:
- 550 Wi-fi facilities commissioned in as many stations.
- Zero unmanned crossings.
- 27000 Km of tracks to be electrified.
Union Budget 2020-21 For Culture & Tourism:
Allocation of Rs. 2500 crore for 2020-21 for tourism promotion.
- Rs.3150 crore proposed for Ministry of Culture for 2020-21.
- 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)
- Re-curation of the Indian Museum in Kolkata, announced by Prime Minister in January 2020.
- Museum on Numismatics and Trade to be located in the historic Old Mint building in Kolkata.
- 4 more museums from across the country to be taken up for renovation and re-curation. 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 Ministry of Shipping.
- State governments expected to develop a roadmap for certain identified destinations and formulate financial plans during 2021 against which specified grants to be made available to the States in 2020-21.
Union Budget 2020-21 New Income Tax Slabs:
- Union Finance Minister Smt. Nirmala Sitharaman proposed 10% tax on income between 5 lakh and 7.5 lakh form 20%.
- Income between 7.5 lakh to 10 lakh a lower tax of 15% from 20%.
- Income between 10 lakh to 12.5 lakh, the income tax rate has been reduced to 20% from 30%.
- Income between 12.5 lakh to 15 lakh, the income tax rate has been reduced to 25% from 30%.
- Income above 15 lakh would continue to pay the tax at the current rate of 30%.
Union Budget 2020-21: Indirect Tax
- Cash reward system envisaged to incentivise customers to seek invoice.
- Simplified return 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.
- Dynamic QR-code capturing GST parameters proposed for consumer invoices.
- Electronic invoice to capture critical information in a centralized system to be implemented in a phased manner.
- Aadhaar based verification of taxpayers being introduced to weed out dummy or non-existent units.
- GST rate structure being deliberated to address inverted duty structure.
- Customs duty raised on footwear to 35% from 25% and on furniture goods to 25% from 20%.
- Basic customs duty on imports of news print and light-weight coated paper reduced from 10% to 5%.
- Customs duty rates revised on electric vehicles and parts of mobiles.
- 5% health cess to be imposed on the imports of medical devices, except those exempt from BCD.
- Lower customs duty on certain inputs and raw materials like fuse, chemicals, and plastics.
- Higher customs duty on certain goods like auto-parts, chemicals, etc. which are also being made domestically.[PIB]