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<keyword id="6354743" type="LOCATION" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> and Flipkart are studying the Budget proposal on levy of one per cent TDS, and will reach out to the government for clarifications. "We are studying the details, and will reach out to the government for clarifications. We hope the tax regime is simple and uniform so that millions of small and medium businesses can go online, digitise their operations and continue to contribute to growing the economy," an Amazon India spokesperson said in response to an e-mailed query. Flipkart also said it was going through the proposal.
 "We are studying the details, particularly how it impacts the MSMEs and Sellers on our marketplace platform. We will discuss further with our seller partners, and engage with government and other stakeholders in due course," Flipkart said in its response.
 The government on Saturday proposed a new levy of 1 per cent TDS (tax deducted at source) on e-commerce transactions, a move that could increase burden on sellers on such platforms.
 "In order to widen and deepen the tax net by bringing participants of e-commerce (sellers) within tax net, it is proposed to insert a new section 194-O in the Act so as to provide for a new levy of TDS at the rate of one per cent," according to Budget 2020-21 documents.
 The amendments will take effect from April 1, 2020.
 The documents said the e-commerce operator -- an entity owning, operating or managing the digital platform -- will have to deduct 1 per cent TDS on the gross amount of sales or service or both. This provision will not apply in cases where the seller's gross amount of sales during the previous year through e-commerce operator is less than ₹5 lakh and the seller has furnished his PAN or Aadhaar number.
 An industry expert said the move will reduce cash flow for sellers as cash will be stuck with government in refund system. Given that many sellers are micro, small and medium enterprises, it would add pressure on them.
 BookMyShow Head (Finance) Mitesh Shah said compliance on e-commerce has been increased by mandating them to deduct a TDS of 1 per cent on all goods and services sold on e-commerce platforms.
 "This would be in addition to TCS (tax collected at source) under GST (goods and services tax) and this amendment might further increase the cost of compliance for e-commerce companies," he added.
 A senior industry executive, who did not wish to be named, said levying the one per cent TDS on 'sales proceeds net of commission, shipping fees, listing fees etc' would have been more beneficial than the current proposal of the levy being imposed on gross sale. SR MSS
BAL See Also: <a href="https://www.businessinsider.in/personal-finance/news/you-will-now-have-to-pay-14-5-tax-on-dividend-received-on-lic-policy/articleshow/73887794.cms?src=hp_ts">You will now have to pay 14.5% tax on dividend received on LIC policy</a>

Amazon, Flipkart and Bookmyshow need clarity on additional TDS imposed by Budget 2020

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

Industry experts share their optimism about Budget 2020

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced that the government will set aside ₹6,000 crore for <keyword id="2791195" type="PERSON" weightage="20" keywordseo="BharatNet">BharatNet</keyword>, a step towards ensuring that the internet reaches every home.</li><li>The government also intends to build data centre parks throughout the country to focus on new age technologies like Artificial Intelligence (AI) and Internet of Things (IoT).</li><li>Industry experts voiced their enthusiasm about the government’s steps towards giving digital ecosystem a boost.</li></ul>Digital is the way forward and that is clear from the government's attempt to boost the country's digital infrastructure. Finance Minister Nirmala Sitharaman on Saturday announced that the government will set aside ₹6,000 crore for BharatNet, a step towards ensuring that the internet reaches every home. While the digital ecosystem has already been seeing an impressive growth in the country these past few years, this step will further bolster the growth, giving digital-backed businesses a huge boost. Moreover, the government also intends to build data centre parks throughout the country to focus on new age technologies like Artificial Intelligence (AI) and Internet of Things (IoT). Digital stakeholders from the industry were quick to acknowledge the boost that the move will give the entire ecosystem and came out together to laud the government's move. Here are some voices from the industry sharing their enthusiasm. Gautam Sinha, CEO,Times Internet: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword> is a promising step towards establishing India’s future as an enduring digital economy. The increased focus on improving data connectivity under Bharat Net, steps to boost the smartphone manufacturing industry and the Rs 8,000Cr allocation for the National Mission on Quantum Computing &amp; Technology will help build better digital infrastructure to support this sector's rapid growth. Finally, deferring tax on ESOP's for startups is also a major move that will help promising startups attract and retain talent that would fuel our burgeoning digital ecosystem. MVS Murthy, Head – Marketing and Digital, Tata Asset Management: This Budget gives a strong tailwind to all things digital. Support to smartphone manufacturing while harnessing the engineering and design skills is another progressive step in the Make in India story. Over 6 lakh anganwadi workers being equipped with smartphones to upload the nutrition status of 10 crore households, is a great step to leverage technology and address health care of children. Use of AI towards an endeavor to eradicate TB is yet another step towards human life enhancement. Embracing technology through Analytics, IoT and AI augurs well for us as a 21st century powerhouse economy. Including 100,000 Gram Panchayats in this mission through BharatNet will integrate us as a nation digitally. Smart meters, use of solar panels alongside railway tracks benefit the households and also makes us seen as a conscious consumer of green-tech. There are enough opportunities for global companies, partners and startup’s in India to actively participate in India’s continued efforts in harnessing tech for public good and welfare. Shrenik Gandhi, Chief Executive Officer and Co-Founder, White Rivers Media: There will be views that support right and views that support left, but I strongly believe, data and digital occupied the centrepiece of the budget! The fact that we moved beyond jargon war and marching towards embracing digital technology is a very strong positive move. New age technologies, keeping data and digital at the heart of it shall lead to big reforms. Focus on IoT, Data Parks, AI shall make India a strong contender amongst the top digital economies, globally. The ambitious fibre to home proposal shall get the next 100M in the Digital universe soon. All in all, it’s a very positive budget for digital by the government which has always vouched for the power of digital. The same coupled with reduced tax slabs and abolition of DDT shall lead to higher disposable income; thus enabling more consumption. Redickaa Subrammanian, Co-founder and CEO, Resulticks: Digital disruption has transformed India’s business landscape and the announcement for building more data center parks will further aid in laying a strong foundation for a digitally connected country. Rs 8000 crore allotment for developing quantum technology is impressive, and this in tandem with the grassroots level skilling initiatives, make for a strong technology ecosystem. Engineering students will also gain real-world experience through the new internship programs, creating a digitally skilled talent pool equipped to work in a digital economy. As a fast growing AI and ML based technology start-up, we welcome setting up of the investment clearance cell. The proposed revisions in the income tax structure should lead to increased consumer demand and provide an overall impetus for economic growth in India. The announcement made in Budget 2020 showcases the government’s support for India's technological advancement and we are excited about the entrepreneurial spirit it promotes. Ambika Sharma, Managing Director &amp; Founder at Pulp Strategy: The latest budget announcement for the year 2020 -21 bears vast potential in shaping India’s road towards achieving its target of emerging as a 5 trillion dollar economy. With India currently posed as the fifth largest economy in the world, I am particularly enthralled by the government’s decision to optimize new-age disruptive technologies such as Machine Learning, robotics and Artificial Intelligence (AI) towards attaining a seamless and integrated service sector. Further advancing the digital revolution in the country is the government’s resolution of developing state-of-the-art data centers across the nation. Moreover, the FM’s proposal to allocate Rs 6,000 crore for connecting 100,000 Gram Panchayats by FY21 will also prove instrumental in accelerating India’s journey towards becoming a tech –enabled nation. Chetan Asher, Co-founder &amp; CEO, Tonic Worldwide: This budget makes me optimistic about the growth of digital ecosystem. Firstly the Rs 6,000 crore allocation towards BharatNet will give last mile connectivity the impetus that it needs and pave way for digital transformation at all levels. Allowing private players to build data centers and encouraging production of mobile and network devices will all compliment each other in growing the ecosystem. Jasmeet Thind, Co-founder, Coutloot: With technologies like AI, IoT and Data Analytics transforming the world, and cutting across streams, the <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> has introduced some ample changes that will certainly benefit the start-up community. The finance minister announcing that entrepreneurs from rural areas will be offered additional opportunities to learn and develop their skill sets is definitely a moment to rejoice. Stressing on digital connectivity throughout the country the Rs 6000 crore allocated for the same under the BharatNet program, we are happy that aspiring entrepreneurs and small businesses from suburban and rural areas will be able to scale their business outside of their towns. We will continue to offer our support to enable them to achieve their goal and own successful businesses.

As the government sets aside ₹6,000 crore for BharatNet in the Union Budget, the industry rejoices

New Delhi, Feb 1 () The Union Cabinet headed by Prime Minister Narendra Modi on Saturday approved the Budget for the financial year beginning April 1, that may see measures to lift the economy from the worst economic slowdown in 11 years.
 Before coming to Parliament for presenting her second budget, Finance Minister Nirmala Sitharaman and her team met President Ram Nath Kovind.
 She was accompanied by Minister of State for Finance Anurag Thakur and top officials of her ministry including Finance Secretary Rajiv Kumar.
 "As per tradition, Finance Minister @nsitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget," tweeted the President of India's handle along with two photographs from the meeting.
 Like last year, Sitharaman opted for a traditional red-coloured 'bahi-khata' to carry budget documents.
 Dressed in a crisp yellow silk saree, she posed for cameramen at the Parliament House gate with the budget documents wrapped in a red silk cloth, adorned with a golden Indian emblem.
 Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.
 The real gross domestic product (GDP) growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series.
 Index of Industrial Production (IIP) growth turned positive but remained low at 1.8 per cent in November 2019 after contracting by (-) 4 per cent in October 2019.
 Consumer Price Index (CPI) inflation increased to a 65-month high of 7.4 per cent in December 2019, its fifth sequential rise, mainly due to persistently rising vegetable prices.
 Also, growth in bank credit fell to a 25-month low of 8 per cent in November 2019. ANZ ANZ ANS
ANS

Cabinet approves Union Budget for 2020-21

New Delhi, Feb 3 () Terming the Budget 2020 proposal to tax NRIs in India as "draconian", maritime unions on Monday said they will call on Union Finance Minister Nirmala Sitharaman to express their concerns.
 Countries like Philippines and Ukraine compete with India for global share of seafarers, but they do not levy high income taxes on their seafaring citizens, leading maritime unions said.
 The Maritime Union of India (MUI) and National Union of Seafarers of India (NUSI) have initiated a strong protest campaign against the proposed change in the Income Tax Act after Budget 2020 proposed to tax Non Resident Indians (NRI) in India, who are not paying tax anywhere in the world, a joint statement from MUI and NUSI said.
 Also, with the period of stay in India being reduced from 181 to 120 days, people have to spend more time abroad - more than 245 days compared to 183 days earlier, will get the NRI status as proposed in Budget 2020, it added.
 "It is a double whammy as Indian seafarers will have to pay income tax on the income generated from sailing aboard cargo ships across the globe for atleast 245 days in a year.
 "We have started collecting the protest letters signed by all members of NUSI and intend to submit them to both, Ministry of Finance and Ministry of Shipping within few days. Our nationwide protest against this Draconian and frustrating tax proposal is going to escalate in various forms across the country in the days to come," said NUSI General Secretary, Abdulgani Serang.
 The statement said a joint delegation of MUI and NUSI is likely to meet Finance Minister, Nirmala Sitharaman and Shipping Minister, Mansukh Mandavia to hand over the protest letters signed by Indian seafarers.
 MUI General Secretary, Amar Singh Thakur said, "such a tax proposal is going to retard the growth of Indian ship-manning sector as henceforth attracting young Indians to join merchant navy will be extremely difficult. Until now, merchant navy personnel enjoyed benefits similar to non-resident Indians and did not pay taxes in India." NAM DRR

Maritime Unions oppose NRI tax proposal in Budget 2020

Patna, Feb 1 () Terming the Union Budget "directionless", the opposition RJD-led mahagathbandhan in Bihar alleged on Saturday that it did not have any words on special package for the state or for the common man. 
Leader of Opposition in the Bihar Legislative Assembly and RJD leader Tejashwi Yadav termed the Centre's budget "directionless" and alleged that it did not mention a word on providing employment opportunities to youths and thus will bring recession.
"The #Budget2020 proves that government is clueless on revenue and employment generation, wealth creation &amp; it's distribution!," Yadav asserted.
"In this budget there are no words on special package, no new initiatives or projects for Bihar. We anticipated a lot for our state since there is a double engine government at helms. This #Budget2020 is a reflection of discriminatory intent of the Modi government towards Bihar," Yadav said in a release.
The Union Budget, presented in Lok Sabha by Finance Minister Nirmala Sitharaman, will reduce spending power of the common man and will increase disparity, he said, adding that subsidies are getting reduced. 
Farmers and the common man are equally unhappy with the budget, the RJD's heir apparent alleged.
"The central government is selling other public sector undertakings on the lines of BSNL, Air India to its favourite capitalists at throwaway prices just to make money for election expenditure," Yadav alleged.
Former Bihar chief minister Rabri Devi also termed the Union Budget "directionless", anti-poor and anti-youth and alleged that it will not be beneficial for anyone except the capitalists.
Former Bihar chief minister and Hindustani Awam Morcha (Secular) president Jitan Ram Manjhi described the Union Budget 2020-21 as a "routine" but "disappointing, visionless and directionless" and said it has not talked about anything concrete to deal with the problems of unemployment, price rise and poverty.
"There is nothing in the budget for poor people...It has not said anything for providing common education for all...It has neither talked anything concrete to deal with the problems of unemployment, price rise nor took any measure to eradicate poverty," Manjhi said.
Former union minister Upendra Kushwaha also criticised the Union Budget 2020-21, saying it is meant for rich people, middlemen and corporate houses.
"#Budget2020 is meant for rich people, middlemen and corporate houses. Problems of unemployment, poverty and hunger will aggravate further with the sale of government undertakings and privatisation. The issues of providing quality education, healthcare facilities at ground level and improving the farmers' lot have not found mention in the budget," he tweeted.
The budget has disappointed the people of Bihar as it does not contain anything for the state which its people were expecting from the NDA's double engine government, Kushwaha alleged. 
The BJP, which is the alliance partner of the JD(U) along with the LJP in Bihar's NDA, defended the budget saying the opposition parties are unnecessarily making hue and cry over it and they should take tuition from Deputy Chief Minister Sushil Kumar Modi to understand it.
"They (opposition parties) need to understand the whole budget on a positive note rather than propagating a cynical approach," Bihar BJP spokesperson Nikhil Anand said.
 "I would request opposition leaders in Bihar to find out time and take tuition from Deputy CM Sushil Modi ji, who is holding the charge of finance minister, to understand the economics of the state which has registered 13.2 GDP to remove the Bimaru tag," he added. AR KJ
KJ

Union Budget contains nothing for Bihar, common man: Tejashwi

New Delhi, March 2 () Maritime bodies MASSA and NUSI on Monday sought intervention of Finance Minister Nirmala Sitharaman to amend a Budget proposal, which will now bring Indian seafarers under the Income tax net.Maritime unions are protesting against the proposed change in the Income Tax Act after Budget 2020 proposed to tax Non Resident Indians (NRI) in India, who are not paying tax anywhere in the world.Also, with the period of stay in India being reduced from 181 to 120 days, people have to spend more time abroad - more than 245 days compared to 183 days earlier, will get the NRI status as proposed in Budget 2020."Today on March 2, 2020; when Indian Parliament's session gets resumed to approve the Union Budget 2020, leading maritime bodies of India like Maritime Association of Shipowners Shipmanagers and Agent (MASSA) and National Union of Seafarers of India (NUSI) have intensified their ongoing protest against a Budget proposal to bring Indian seafarers under the income tax net," the maritime bodies said in a joint statement.Both these bodies have demanded to amend the Union Budget proposal to levy income tax on Non Resident Indians (NRIs) who are not paying tax anywhere in the world.Shiv Halbe, MASSA Chairman said by virtue of their profession, Indian seafarers attain an NRI status by working aboard cargo vessels that sail across the globe on international waters for a substantial period in a financial year.These Indians, who thus attain an NRI status, cannot hence pay income tax anywhere in the world as they do not reside and work on foreign soil, Halbe said."I therefore urge Finance Minister Ms Nirmala Sitharaman to amend the Union Budget 2020 proposal suitably in the interest Indian seafaring population. Otherwise, Indian seafarers will be subjected to income tax as high as 30 per cent, and global share of Indian seafarers might drop substantially over a period of time."Countries like Philippines and Ukraine compete with India for global share of seafarers, but they do not levy high income taxes on their seafaring citizens," he added. NUSI General Secretary Abdulgani Serang said, "Unlike land-based jobs, seafarers are a floating population as they don't have any country of residence. Logically, they cannot pay tax and they are not supposed to pay because they are floating population. It's a retrograde and negative step".Both MASSA and NUSI have sought a legal opinion from taxation and law firms of immense repute to protect the legitimate rights of Indian seafarers. NAM BAL

MASSA, NUSI demand to amend proposal to bring Indian seafarers under tax net

New Delhi, Feb 14 () Finance Minister Nirmala Sitharaman on Friday said that if required, the government would take more steps beyond the announcements made in the Union Budget 2020-21. At an interactive session on 'Budget and Beyond' with professionals from asset management, wealth advisory, tax consultancy and other related industries, the minister also said the Budget 2020-21 was a budget where the impact on equity, bond and currency markets was positive. "If more has to be done beyond the Budget 2020, we are willing to do that," Sitharaman said at the session, where the participants made several suggestions to boost economic activities in the country. The government announced a host of steps in the Union Budget, presented on February 1 in Parliament, to expand the economic activities at a time when the country is faced with demand slowdown due to several reasons. The country's GDP growth is estimated to slow to an 11-year low of 5 per cent in the current financial year. During the interactive session, participants made suggestions for increasing consumption, giving more money into the hands of consumers, measures required to boost liquidity and hosts of suggestions for the capital markets. Several suggestions were also made on the 'Vivad se Vishwas' scheme to deal with the disputes related to the direct taxes. It was announced in the Budget 2020-21. She said the finance ministry will provide details of the scheme soon. However, Parliament approval will be required before the scheme is implemented. Sitharaman assured the participants that her ministry would look into the suggestions. The finance minister had similar interactive sessions in Mumbai, Chennai and Kolkata last week. The meeting was also attended by Niti Aayog Vice-Chairman Rajiv Kumar and CEO Amitabh Kant, besides secretaries of the finance ministry. BKS NKD HRS

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