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Budget 2020-21 Highlights related to industry
Indian Finance
Minister Niramala Sitharaman today presented
Union Budget 2020-21 in the Lok Sabha and introduced a new optional
personal income tax system and announced multi-billion dollar farm, infra and
healthcare package to revive growth in the country. Finance
Minister, Nirmala Sitharaman said the budget is to boost the income and
purchasing power of people. Finance Minister moots 16-point action plan to
boost agriculture and farmers welfare.
The minister
proposed raising customs duty on a variety of products ranging from tableware
and kitchenware, electrical appliances to footwear, furniture, stationery and
toys to give a level playing field to domestic companies and boost 'Make in
India'.
A scheme will be
introduced to provide subordinate debt to MSME entrepreneurs. The government
has also asked the Reserve Bank to extend the Debt Restructuring window for
micro, small and medium enterprises by a year to 31st March 2021, in measures
aimed at imparting a thrust to the MSME sector. Government plans to amend the
Companies Act to decriminalise civil offences.
New income tax slabs proposed
-10% income tax between `.5-7.5 lakh
-15% income tax for income between `.7.5-10 lakh vs 20% earlier
-20% income tax for income between `.10-12.5 lakh vs 30% earlier
-Over `.15 Lakh, continue to be 30%
-15% income tax for income between `.7.5-10 lakh vs 20% earlier
-20% income tax for income between `.10-12.5 lakh vs 30% earlier
-Over `.15 Lakh, continue to be 30%
The new tax regime shall be optional for taxpayers.
A simplified GST return shall be
implemented from the 1st April, 2020.
It will make return filing simple with features like SMS based filing for nil
return, return pre-filling, improved input tax credit flow and overall simplification.
Dynamic QR-code is proposed for consumer invoices. GST parameters will be
captured when payment for purchases is made through the QR-code.
Imports under Free Trade Agreements are
on the rise. Undue claims of FTA benefits have posed threat to domestic
industry. In the coming months, Rules of Origin requirements shall be reviewed,
particularly for certain sensitive items, so as to ensure that FTAs are aligned
to the conscious direction of our policy.
To boost the
economic growth, higher spending on infrastructure, rural development and agri
sector were announced. Finance Minister hiked the fiscal deficit target for current fiscal
to 3.8% of GDP, from 3.3%. For 2020-21, fiscal target seen at 3.5% of GDP. Nominal GDP growth for 2020-21 estimated at 10%.
The
benchmark RSS4 grade rubber closed at `.135 a kg at
Kottayam, while RSS3 grade closed at `.109.18 a kg
at Bangkok and Malaysian SMR20 closed at `.97.35 a kg.
On ICEX February 2020 futures closed at `.132.14 a
kg, March at `.133.95, April at `.137.50, May
at `.140.24, June at `.141.64 and July
closed at `.143.05 a kg. Tokyo Commodity Exchange February 2020
futures series closed at ¥161.9 a kg, March at ¥173.8, April at ¥179.3, May at
¥179.4, June at ¥180 and the contract for delivery in July 2020 closed at
¥181.2 a kg.
Friday, January 31, 2020
Tuesday, January 14, 2020
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