Finance Minister Nirmala Sitharaman presented her second Union Budget


General Provisions:


  • This Budget is to boost the income of people and enhance their purchasing power, says the Finance Minister
  • For every member of the schedule caste and schedule tribe, for every women, for every individual from minority section of the society, this budget aims to give wings to your aspirations, the FM said
  • The Government has focused on fundamental and structural reforms, says Sitharaman
  • GST has integrated the entire nation, says FM
  • The FM states that 40 crore GST returns were filed in this financial year
  • The Government has added 16 lakh new taxpayers, reveals FM
  • GST has resulted in Rs 1 lakh crore gains to consumers, removed inspector raj and helped transport sector, says the FM
  • We have moved on from a growth rate of just over 4% to around 7% in 2014-19, says the FM
  • Guided by Sabka Saath, Sabka Vikas, Sabka Vishwas, The Government has scaled up the implementation of schemes that directly benefited the poor and disadvantaged, the FM claimed
  • This Budget is woven around three prominent things – aspirational India to boost the standard of living; economic development for all; and building a humane and compassionate society, the FM pointed out.
  • FM Sitharaman says that the Central Govt’s debt has come down to 48.7% in March, 2019 from 52.2% in March, 2014
  • Inflation was 9% in the last two decades, she says. We are now the fifth largest economy in the world, says Nirmala Sitharaman.
  • FM Sitharaman underscores government’s ambition to make farming sector competitive
  • FM says that the Government wants to encourage state governments to implement model agricultural laws passed by Central Government
  • The Government shall help 15 lakh farmers solarize their grid-connected pump sets says the FM
  • Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps, the FM said.
  • FM Sitharaman speaks about government’s efforts to promote the use of solar energy in the farming sector
  • FM says that the Government will set up Kisan rail so that farm goods can be quickly transported across the country
  • Comprehensive measures for 100 water-stressed districts being proposed, says the FM
  • Agricultural credit target has been set at Rs 15 lakh crores.
  • By 2022-23, the Government proposes raising fish production to 200 lakh tonnes
  • The Government will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers, says the FM
  • Food Corporation of India and Warehousing Corporation of India to build warehousing facility on their land, says FM
  • A very focused safe water ‘Jal Jeevan Mission’ and sanitation programme ‘Swachh Bharat Yojna’ have been launched to tackle health concerns claims the FM
  • The Government has provided an additional Rs 69,000 crore for the health sector, according to FM Sitharaman
  • The total allocation for Swachh Bharat Mission is Rs 12,300 crore in 2020-21 says the FM
  • The Government has approved Rs 3.6 lakh crore for Jal Jeevan Mission to provide safe drinking water to rural India says the FM
  • FM proposes to expand Jan Aushadhi Kendras in all districts of country to provide medicines at affordable rates
  • The FM says that by 2030, India is set to have the largest working age population in the world.
  • Sitharaman claims that steps will be taken to deliver higher quality education.
  • Task force to be set up to recommend marriageable age for women, says the FM
  • FM announces degree-level full-fledged online education programme to be offered by the top 100 institutions in the country
  • FM announces Rs 99,300 crore outlay for education sector in 2020-21 and Rs 3,000 crore for skill development
  • Sitharaman announces the introduction of ‘Ind-SAT’, an exam for Asian and African countries to help make India a higher education destination
  • FM proposes a scheme focused on encouraging the manufacturing of mobile phones and electrical equipment
  • The Government proposes to set up an investment clearance cell that will provided end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level
  • The Government wishes to turn every district into an export house says the FM
  • FM proposes Rs 27,300 crore for the development and promotion of industry and commerce in 2020-21
  • Delhi-Mumbai expressway and two other projects will be completed by 2023 says the FM
  • The Government proposes to monetize 12 lots of highway bundles of over 6,000km before 2024 according to the FM
  • FM proposes setting up of a large solar-powered capacity alongside rail tracks
  • The FM says that 100 more airports to be developed by 2024
  • Conventional energy meters to be replaced by prepaid ‘smart meters’ in the next three years. Pre-paid meters (smart meters) will give consumers freedom to choose suppliers, claims the FM
  • FM announces Rs 20,000 crore for the renewable energy sector
  • Government plans to expand gas grid says the FM
  • Government has harnessed new technology to enable Direct Benefit Transfers on a scale like never before, FM says
  • Stating that Data is the new oil, the FM says that the Government will soon roll out policy to enable private sector to build data centre parks throughout the country.
  • One lakh gram panchayats will be connected to the optical fibre programme claims the FM
  • FM proposes Rs 8,000 crore outlay over 5 years for National Mission of Quantum Technology and Application
  • Rs 1.7 lakh crore provided for transport infrastructure in 2020-21
  • Over 6 lakh anganwadi workers have been equipped with smartphones to upload the nutrition status of 10 crore households says the FM
  • The Government proposes to provide Rs 35,600 crore for nutrition-related programmes in 2020-21 says the FM
  • The FM says that the Government has identified suitable technology to eliminate manual cleaning of sewer systems and septic tanks
  • FM proposes budget provision of Rs 85,000 crore in 2020-21 for welfare of SC and other backward classes.
  • Rs 4,400 crore allocation for clean air
  • Govt proposes to encourage and incentivize states that are formulating plans for ensuring cleaner air, says the FM
  • National security is the top priority of the Government, states the FM
  • Promoting ease of living is the goal of the Government, states the FM
  • The Government wishes to enshrine in the statue a taxpayers’ charter, according to the FM
  • The FM reiterates that the Government would like to reassure taxpayers that it remains committed to taking measures to eliminate tax harassment
  • Government proposes to set up a national recruitment agency for conduct of computer-based online common eligibility test for recruitment to non-gazetted post
  • India has a firm framework related to contracts act, the Government aims to strengthen it, claims the FM
  • Rs 100 crore to be allocated for G20 preparations
  • Deposit Insurance cover to be increased from the existing Rs 1 lac to Rs 5 lacs per depositor
  • A robust mechanism is in place to monitor the health of all scheduled commercial banks. The deposited money of individuals is absolutely safe, assures the FM
  • Over 5 lakh MSMEs have benefited from debt restructuring, states the FM
  • FM unveils new scheme to provide subordinate debt to MSMEs
  • Non-residents will now be allowed to invest in certain government securities, declares FM Sitharaman
  • Government asks banks to extend restructuring MSME NPAs for one more year, which has a deadline of March, 2020
  • Government proposes to sell a part of its holding in LIC via IPO
  • GDP nominal growth has been estimated at 10% according to the FM
  • The Government has spearheaded radical fiscal measures to ensure high growth claims the FM
  • RE (Revised Estimates) expenditure for FY20 at Rs 26.99 lakh crore, receipts at Rs 19.32 lakh crore according to FM Sitharaman
  • Fiscal deficit estimated at 3.8%



Direct Tax Provisions:


  • A new personal income tax regime to be introduced withdrawing all exemptions and deductions
  • Nil tax rate for income up to Rs 5 lacs without any exemptions
  • 10% rate for income between Rs 5 lacs to Rs 7.5 lacs without any exemptions
  • 15% rate for income between Rs 7.5 lacs to Rs 10 lacs without any exemptions
  • 20% rate for income between Rs 10 lacs to Rs 12.5 lacs without any exemptions
  • 25% rate for income between Rs 12.5 lacs to Rs 15 lacs without any exemptions
  • 30% rate for income above Rs 15 lacs without any exemptions
  • The new tax regime will be optional to the taxpayer
  • A person earning Rs 15 lakh per annum and not availing any deductions will now pay Rs 1.95 lakh tax in place of Rs 2.73 lakh under the new regime
  • Rs 40,000 crore per annum will be revenue foregone from new income tax rates for individuals, says FM
  • Currently more than 100 exemptions and deductions are presently available in the present Income Tax Act out of which 70 has been removed in the new personal Income Tax regime
  • Dividend Distribution Tax rate presently 15% plus SC and Cess has been removed.
  • Dividend will now be taxable in the hands of the recipient at the applicable rates
  • Exemption provided for dividend received by a holding company from a subsidiary company
  • An eligible start-up will be allowed 100% exemption from tax for 3 consecutive assessment years out of the first 10 years. Earlier it was seven years.
  • The turnover limit for such start-ups increased from Rs 25 crores to Rs 100 crores
  • Cooperative Societies will now be given an option to avail 22% tax plus SC instead of existing 30% without any exemptions
  • Such cooperative societies will also not be required to pay MAT
  • MSMEs and small businesses turnover threshold increased from existing Rs 1 crore to Rs 5 crore for tax audit
  • The increased threshold will be available only to those businesses which carry on business in cash less than 5% of the total turnover
  • Tax holiday for developers of affordable housing projects extended by one more year to 31st March 2021
  • Government extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021
  • Concessional tax rate of 15% extended to power generation companies
  • Government proposes 100% tax concession to sovereign wealth funds on investment in infra projects
  • Donee information in the tax payers’ returns will now be pre-filled to enable hassle free claim of deduction
  • Registration of charitable institutions made completely online with new unique number to be allotted. Existing institutions will be given 3 years to get this registration
  • Amendment of Income Tax Act for completely faceless online appeal procedure in line with the faceless assessment procedure
  • FM proposes scheme to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums
  • ‘Vivad se Vishwas’ scheme for direct tax payers whose appeals are pending at various forum, says FM
  • Assessees with any appeal pending with any authorities can avail the benefit of payment of just the tax amount without any interest and penalty upto 31st March 2020.
  • This scheme will be open till 30th June 2020 and the tax payer will be required to pay some additional amount
  • PAN will be instantly allotted online on application made on the basis of Aadhaar. The procedure for this to be set up soon


Indirect Tax provisions:


  • GST Refund process will be made fully automated with no human interface
  • Deep data analysis is being set up to identify wrong or false input tax credit
  • Simplified tax return forms to be introduced soon
  • GST council is working on rationalising the GST rates further


The immediate effect:


  • The Sensex plunges nearly 600 points



CA Sanjay Thampy


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Every Milaap is a new beginning and all new beginnings must start with something Shubh.

Mostly every person in India wants to know the shubh muhurat at the time of starting any business work. Important business deals are generally performed as per the trading Muhurat so that it may be completed without any problems.

Shubh muhurat is very important for those dealing with the stock exchange as even here everything commences with a Muhurat trading.

Haven’t we wished, we had a Shubh Milaap with a trading platform which would make our equity trading experience so simple, easy and seamless?

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Snehasraya team being honoured by Lions Club International

Muthoot Snehasraya, an on-going CSR initiative by The Muthoot Group, has been in place since 2014 to work as a care delivery model that helps prevent and treat kidney-related diseases. With Muthoot Snehasraya, the company has been working towards preventing Chronic Kidney Disorders (CKD) by helping with early detection and care, creating awareness amongst the populace, and by providing financial assistance for treatment and dialysis to numerous patients as well.

The Issues Faced Due to CKD

In recent times, India has seen a significant increase in the prevalence of Chronic Kidney Diseases among the population. In fact, CKD has now been recognised as a major health issue, which according to statistics, is estimated to affect 1 out of every 10 persons of the Indian population.

In India, about 175,000 people suffer from kidney failure each year; once kidney impairment has set in, it straight away progresses to End Stage Renal Disease (ESRD) which can only be dealt with via renal replacement therapies like dialysis or kidney transplant. As CKD takes about 10 to 15 years to set in, it is imperative that preventive measures are taken at the earliest.

All these numbers also point to the fact that a majority of the Indian population that suffers from kidney diseases is unable to receive proper treatment either because of financial constraints or because of a lack of proper facilities where they live.

Through the Snehasraya project, The Muthoot Group focuses on healthcare support in the form of expenditure for treatment of cancer, dialysis, and surgeries.

The on-ground team for Project Snehasraya along with the Muthoot mobile unit

The Highlights of Muthoot Snehasraya

Under Muthoot Snehasraya, the company has been conducting blood check-ups and helping create awareness in several districts in South India, enabling early diagnosis as well as treatment for kidney diseases. The geographical reach of this project expands to 14 districts in Kerala and 2 districts (Coimbatore and Tirupur) of Tamil Nadu. 

Phase By Phase

A key part of this project is holding several camps in rural and remote areas that have less access to medical assistance for the same purposes; this may be referred to as Phase 1 of Muthoot Snehasraya which involves the detection of kidney issues and increasing awareness for the treatment and care of such issues.

Thereafter, the second phase of this project targets chronic kidney patients from low-income backgrounds. This will be achieved through Muthoot Finance branches and partner branches to help identify the right people and refer them.

Processes followed under Snehasraya

1) On an average more than 100 blood and urine samples are collected and tested per day in the mobile van. The results are ready on or before 4 pm.

2) The Muthoot Group has tied up with 50 hospitals that can provide free dialysis to the patients. The company pays full dialysis charges to the hospitals. Therefore, these hospitals will not charge any fees from the patients.

The Impact made by Snehasraya project so far

1) Within the period from April 2017 to March 2018: –

2) 293 camps have been conducted in Tamil Nadu and 312 in Kerala.

3) Speaking about the number of patients served, the figures stand at over 28,000 patients in Tamil Nadu and over 36,000 in Kerala.

4) 7746 dialysis have been conducted and a total of 555 dialysis patients have been created.

5) The total expenses made under the Snehasraya project stand at 21.88 lacs in Tamil Nadu, 25.47 lacs in Kerala, and 30.65 lakhs for treatment of dialysis patients.

6) Local organizations and NGOs have approached the Muthoot Group for conducting these camps.

7) Several underprivileged patients have also received financial support from the Muthoot Group to help them deal with renal replacement therapies.

Moving forward

Through its Snehasraya project, Muthoot Group has managed to reach a major part of the financially weaker sections of society and people who are engaged in low-income tasks, providing several patients with assistance in dealing with chronic kidney diseases. At the same time, awareness about kidney diseases has increased.

The Snehasraya project will now be extended to Telangana and Karnataka by 2019. The company looks forward to expanding the reach of the program through the various branches of Muthoot Finance.


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