Bringing down the tax rate will reduce vehicle prices, which will help
in spurring demand that has been sluggish for the last 11 months, said
an industry executive
"With higher SOTR (state's own tax revenue) growth, coupled with the phasing out of the impact of Ujwal Discom Assurance Yojana (Uday) and pay revision, the state expects to bring down the revenue deficit in the coming years," says Deputy Chief Minister O Panneerselvam
Some of these disputes date back to over 10 years, but a bulk of the
amount stuck is from recent years. Of the Rs 7.8 lakh crore, disputes
involving Rs 7 lakh crore are less than five years old.
With multitude of announcements in the farming and social sectors, the
government was perhaps more constrained to make allocation to the
infrastructure sector.
The interim budget announces various measures like interest subvention on loans to
small businesses and village industries; The proposal to transform one lakh villages into digital villages over the next 5 years is expected to generate jobs.
The salaried class has an additional reason to cheer as the limit of
standard deduction, which was re-introduced last year, has been enhanced
from Rs 40,000 to Rs 50,000.
The government has proposed to give full tax rebate
to individuals having taxable annual income up to Rs 5 lakh with a view to
benefitting around 3 crore middle class taxpayers at an estimated revenue
sacrifice of Rs 18,500 crore.
Finance Minister Piyush Goyal has already earmarked Rs 20,000 crore
for disbursal among 12 crore farmers under the scheme in the current financial
year.
Arun Jaitley slams Congress President Rahul Gandhi for ridiculing the scheme announced in
the Interim Budget for 2019-20 by equating it to Rs 17 a day dole.
If you make right investments utilising several tax saving clauses
under the Income Tax Act, you can save yourself from paying tax on up to Rs 10 lakh annual income.
UIDAI CEO Ajay Bhushan Pandey said that the allocated money is based on the authority's requirements and is enough to fund its operations in the next fiscal.
Though the industry has hailed the announcement, it is not sure if every
state will have a department that will give clearances to film makers
or whether it will be a single national body.
However, Shaw thinks that the patients have been let down because they
could have been given some sops as others got Goods and Services Tax exemption on NCD drugs and diagnostics.
FMCG companies will need to focus much more on their lower unit packs. Rural consumers as well as lower income groups in urban areas are
equally aspirational.
"With this budget, growth is likely to improve further and meeting 7.5 per cent real GDP target," says Karun Rishi, president of USA-India Chamber of Commerce.
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