Budget is pretty good from Economic point of view. Allocation of Budget for sector specific is pretty good and size of the budget is considerable large which will necessitate more collection of Taxes.

Followings are few highlighters

MSME

                Amendment to Bill 2011

                Finances for Working Capital

                Restructuring till 2021

                Support for Research and Development, Technology.

Aspiration Development :

                Health

                Education

                Agriculture

                                Logistics

                                PM Kisan

                                Solar pumps

                                Effective Use of land

                                Zero Budget – Natural resources

                                KKC ( Kisan Kredit card)

                                Irrigation

                                Allied Activities

Skiills and Education

Economic Development

                Allocation for Young people

                Allocation for women

                Entrepreneurship

                Export Hub

                Logistic Policy

New Economy

                Disruption

                Technologies –Artificial Intelligence, 3D , Robotic Process, Machine Learning , Cyber Security ,

                            Computing etc

                Data Centre

Other points

                Culture and Tourism Development

Governance – Ease of Doing Business

G-20

Finances

Achieve target of 5 Trillion

Consolidation of Institutions

Insurance for FD increased to Rs 5 Lakhs from Rs 1 lakh

Robust mechanism to monitor Banking System

Direct Taxes

                Attempt to reduce litigation. Vivad to Vishwas Scheme introduced  .

                Reducing compliance

                New scheme of filing of Income Returns                                                                                                                                               Simplification of filing of Returns

                                Changes in slab rates and many deductions removed 

                Start up –Period of Tax holidays increased

Tax Audit limit – Limit increased to Rs 5 Crores from Rs 1 crore for those whose receipts is not more than 5% by cash                 

Capital Gain – House Property

Faceless Appeals

Tax payers charter – to be part of law

Indirect Tax

GST

                Simplification from 1^st April 2020

                New Returns from 1^st April 2020

                Joint efforts of Centre and States

                Refund process –simplification

                E-Invoices

                Aadhar based verification

                Dynamic Q2 code

                Incentive to Customers – to Insist for purchase Invoice

                Big Data Analytics /Artificial Intelliange

                GSTR2A

                GST Rate

Customs

                Import –Stringent check

                Safeguarguard Duty will be Imposed to encourage Indian manufacturers

                Exemptions –Many exemptions may be withdrawn by September 2020

As a professional I truly feel this Budget is holistically very good from entire economic point of view rather than focusing only on Finance point of view.

Disclaimer:

This document is just for information purpose. We advise you to take professional advice before taking any action.

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