Some of the key features of the Union Budget are:
Moving ahead with aspirationsThe Budget provides special emphasis on agriculture, irrigation and rural development through 16 action proposals. Further, a New Education Policy is proposed to be introduced. To augment local water sources, Jal Jeevan Mission has also been announced.
Laying a roadmap for economic developmentThe Budget also laid down the proposal for setting up five Smart Cities in collaboration with the states under a PPP mode. A National Logistics Policy will be launched, providing impetus to the infrastructure sector. Further, it is proposed to set up a project preparation facility to enable recent pipeline projects.
Incentivising clean airThe government has announced incentivising states for formulating and implementing plans for ensuring cleaner air in big cities. A budgetary allocation of INR 4,400 crores for FY 2020-21 has been made.
Key tax proposalsThe Budget proposes to abolish Dividend Distribution Tax (DDT) from 1 April 2020. The dividends will consequently be taxable in the hands of the shareholders. Further, the Budget proposes introduction of a new personal tax regime. This new regime is optional for the taxpayer and provides for lower tax slab rates.
Grant Thornton in India presents you a comprehensive analysis of the Budget announcements.
We hope you find it informative and useful.