Budget 2020: Finance Minister Nirmala Sitharaman presented Budget 2020 in Lok Sabha on February 1, amid loud desk-thumping approval from the Union Ministers. During her speech, Sitharaman announced major reforms for the agriculture and education sector including a simplification of the GST system.
Here are the BIG Highlights from Budget 2020:

. Aadhaar-based verification of taxpayers is being introduced
. Nominal health cess on import of medical equipment to be introduced
. Customs duty raised on footwear and furniture
. Health cess on import of medical equipment imposed in Budget
. Zero-budget farming may not be a good move for fertilizer companies
. Additional Rs 1.5 lakh tax benefit on affordable housing loans
. Govt to launch system for instant allotment of PAN on basis of Aadhaar
. Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 yr
. Tax on Co-op societies to be reduced to 22% plus surcharge, as against current 30%
. Govt proposes deferment of tax payment by employees on ESOPs from startups by 5 years
. New power generation companies to be taxed at 15%
. Rs 40,000 cr per annum will be revenue foregone from new income tax rates for individuals
. Dividend Distribution Tax shifted to individuals instead of companies
. Budget proposes deferment of tax payment by employees on ESOPs from startups by five years
. Housing made more affordable, tax holiday to affordable housing developers
. 100% tax concession to sovereign wealth funds on investment in infra projects
. Concessional corporation tax rate for electricity generation companies in place
. Income tax rates will be significantly reduced for those who forego reliefs, exemptions
. Income above 15 lakh rupees will continue to be taxed at 30%
. 15% tax for those earning between Rs 7.5 to 10 lacs
. 10% tax for those earning between Rs 5 to 7 lacs
. Manufacturing sector Corporate Tax for new companies at 15%; for existing companies at 22%
. Nominal GDP growth for FY21 revised to 10%
. Universal pension coverage to have auto-enrolment
. Government to sell part holding in LIC
. Scheme to provide subordinated debt for entrepreneurs of MSMEs to be introduced
. Rs 30,757 cr for Jammu and Kashmir; Rs 5,958 for Ladakh for fiscal 2020-21
. Govt to set up national recruitment agency for recruitment of non-gazetted posts
. Parameters and incentives for states who take measures for cleaner air
. Rs 4,400 crore to fight Delhi air pollution
. Allocation of Rs 8,000 cr for National Mission on Quantum Computing and Technology
. More Tejas-like trains between key stations, Kisan rail for farmers
. National Education Policy coming soon
. Degree level full-fledged online education system to be set up
. National Police University and National Forensic Science University proposed by Sitharaman
. From April 2020, government to introduce simplified return for GST
. Double farmers’ income by 2022
. Sitharaman proposes 'Kisan Rail' in her 16-point plan to improve farm sector
. Medical college to be attached to a district hospital in PPP mode
. Rs 12,300 crore allocated for Swachh Bharat Mission this year
. India uplifted 271 million people out of poverty
. 60 lakh taxpayers added in the last 2 years
. Budget to boost income, enhance purchasing power