Union Budget 2018: Corporate tax cut a step in right direction

Feb 05, 2018, 00:41
Union Budget 2018: Corporate tax cut a step in right direction

The highly anticipated standard deduction of Rs 40,000 for salaried employees is a welcome move to address the disparity between businessmen and salaried tax payers.

With this being the last full Budget of the NDA government before the 2019 Lok Sabha elections, the high-profile NHPS and the announcement to fix minimum support price (MSP) for crops are being considered two major sops for the poor and farmers. "It will increase the productivity of the common man and bring about a change in the socio-economic scheme", said Mr Nadda.

"The promise of Rs 5 lakh per family for secondary and tertiary healthcare is a big "jumla". Infrastructure initiative Bharatmala continues to get a fillip in the new budget in terms of initiating 35,000 kilometers of new roads linking interiors and backward areas and Rs. 1.5 lakh crore earmarked for upgradation of the railway network.

He said if the insurance companies foot the bill, the estimated premium at Rs 5,000 to Rs 15,000 per family will require an outgo from Rs 50,000 crore to Rs 1.5 lakh crore per year. "The Finance Minister should be complimented for showing courage to include most of the sectors in a scheme that involves hiring employees with the fixed contractual tenure", he said.

The Congress leader said he did not hear any measures to boost exports. In the recent past, Prime Minister has aired an objective of doubling farmers' income by 2022.

The Finance Minister recalled that in the Union Budget 2017, he had announced the reduction of corporate tax rate to 25% for companies whose turnover was less than Rs 50 crores in financial year 2015-16. Industry, especially MSMEs, create jobs.

"But most exemptions in India have a sunset clause", he said.

While deficit goals will be missed, Jaitley said these measures are aimed to put India firmly on the track to achieve an economic growth rate of 8% in the near future, the CNBC report says.

The Blockchain and Cryptocurrency Committee of IAMAI points out that what Jaitley said in no way condemns cryptocurrencies to illegality, just that - as he said earlier in the year - "bitcoins or such cryptocurrencies are not legal tender".

"For the middle class earner and saver, one cancels the other". Presumably for this goal, there is an allocation of almost Rs 24,000 crore more than what was promised in the previous year's Budget. "It is a defeatist budget". It can be on trust model, it can be on insurance model. "It is simply an accounting gimmick", he said.

Meanwhile, total allocations for the ministry of agriculture are to be increased by only 11.5 per cent compared to last year's Budget, barely higher than the projected nominal rate of GDP growth of around 11 per cent.

"I can not recall any budget in the past that set such high goals, targets and commitments for the growth of all sectors of the economy and also for securing people's welfare". An arrangement will be worked out with state governments, where surplus power generated by farmers could be purchased by power distribution companies of their licensees at a reasonable price.

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