Expectations from Union Budget 2020 are at an all-time high :
Expectations from Budget.
Reduction in personal tax rate.
Increased tax benefits on housing schemes.
Low GST on consumer durables and FMCG products.
Abolish dividend distribution tax.
Capital gains tax, increase the minimum holding period.
Budget allocation for healthcare needs to go up.
Parity with NPS, separate tax deduction for insurance sector.
Food ministry seeks over $28 billion for food subsidies in next fiscal.
NBFCs seek setting up of permanent refinance window.
Increase in Section 80C deduction limit.
Auto sector seeks incentive-based scrappage scheme.
Reduce GST rates for BSVI vehicles effective April 1 from 28% to 18%.
Higher Section 80C income tax deduction will encourage more savings.
Seniors want deposit security, more tax benefit.
Govt to consider import duty cut on raw material for fertiliser industry.
Improving rural income key to shoring up demand in consumer goods sector.
To spur rural demand, more money needs to be given for PM-Kisan and MNREGA.
Double National Pension System Benefit expected.
LTA for foreign travel.
Finance minister Nirmala Sitharaman will present her second budget on 1 February, Saturday, at a time when the Indian economy is undergoing a deep downturn. Key demand drivers in the economy--consumption, exports and investments--have been sluggish. 3 key factors can prompts investment.
1) Boosting Business Sentiment
Private investment has been tepid. Not many companies are in a position to invest in big ticket projects. Besides, banks have also become cautious before approving loans for big projects. The Budget could be a reflection similar steps.
2) Tax Reforms
The massive corporate tax cut for domestic companies announced by the government in September, 2019, has been touted as being one of the biggest reforms. The tax cut would see the Centre taking a Rs1.45 lakh crore revenue hit. However, the full impact of tax cut is yet to emerge. Experts and industrialists have sought further reforms such as a roadmap towards convergence of tax rate across different sectors, abolishing dividend distribution tax, among others.
3) Infrastructure Investment
Latest data on Gross Domestic Product (GDP) shows that government expenditure has been the key driver towards growth. However, driving the private sector participation and announcing innovative finance models will be the key.
WhatzOff is a local, comprehensive and integrated business platform for all offers and discounts.
The goal is to go from “What's new Offers available in Vadodara?” to becoming the global google for all special offers and promotions for any and all businesses.