FM says Budget 2020 to boost income and purchasing power: Key highlights : 01-02-2020

Finance Minister Nirmala Sitharaman presented the Union Budget 2020, the first of the new decade, to Parliament on Saturday. Here are the key highlights from her Budget Speech:-

Budget Speech: Highlights

>> 3 Budget themes: Aspirational India, Economic Development, Caring Society
>> Govt to double farmer’s income by 2022
>> Govt to yield more space to private sector
>> Govt to strive to ensure ease of living for every citizen
>> Centre’s debt as a percentage of GDP has come down to 48.7% as of March, 2019
>> 271 million people raised out of poverty between 2006 and 2016
>> Average household now saves 4% of monthly spends due to GST
>> New simplified GST return system to come into force from April 2020

>> Effective tax incidence on almost every commodity has come down substantially
>> GST has resulted in logistical maturity
>> GST benefit of Rs 1 lakh crore extended to consumers
>> 6 million new taxpayers added in last four years due to GST
>> Turnaround time of trucks has reduced 20% due to GST
>> GST is gradually maturing into a tax that has consolidated the country economically
>> Several steps taken for the formalisation of the economy
>> Fundamentals of economy are strong
>> This Budget is to boost income and purchasing power of Indians.

Source : PTI

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