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.
Government has shown good intentions, the key is to now deliver this in letter and spirit.
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.
At the end of December 2017, the deficit was 113.6 per cent of the Budget Estimate (BE).
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.
Arun Jaitley missed presenting the sixth and final budget of the Narendra Modi government's present term as he had to fly to the US due to ill health.
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.
With election nearing, BJP needed a quick fix-a maximum impact but low effort move that would appease the three target groups somewhat. And it did.
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.
Though many people are calling an election Budget, the Finance Minister believes it takes care of every sector of the economy.
MSME sector covers 90 per cent of the businesses by volume and is a pivotal sector for India.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today