A day after the presentation of the Union Budget 2017-18, Finance Minister Arun Jaitley, today said that the objects of the budget were clear and its not difficult to implement new policies. Speaking at an interview with the Times Now, for the first time after the budget presentation, the Finance Minister stated that the tax collection estimates are modest. Citing the need to incentivise the tax payers so that they become compliant, Jaitley stated that through the budget he has announced tax relief for low income segments and also for higher slabs too.
With the presentation of this years budget, FM Jaitley made it easier for small tax-payers by announcing the reduction of the tax rate of individuals earning between Rs 2.5 lakh to Rs 5 lakh to 5% from the current 10% which will also translate into an additional benefit of Rs 12,500 for tax payers even beyond Rs 5 lakh. The Finance Minister said that the focus of the government in this year’s budget was on the middle class, farmers and MSME.
— TIMES NOW (@TimesNow) February 2, 2017
Speaking on the reduction of the maximum donation that a political party can receive in cash to Rs 2,000 from a source, Jaitley cited the central government’s need to continue the fight against black money and corruption. He claimed that even the critics of the Finance Minister has lauded the move to clean up political funding. Jaitley said that the left parties don’t want to own up the fact as to who they got donations from.
Jaitley further claimed that the demonetisation uproar by opposition parties had been delinked from politics by the public. He claimed that if demonetisation becomes an assembly poll issue the Bharatiya Janata Party (BJP) will get at least 75% votes.
Over Congress vice-president Rahul Gandhi’s criticism on the budget, stating that it lacked a clear vision and had nothing for farmers, youths and job creation, FM Jaitley said that the Congress vice president has not read the budget. Citing that the MSME are the sources of huge job creations, Jaitley stated that the budget even included tax cut advantage for companies with turn-over below 50 crores. He further said that the major mistake of the UPA government was that they lacked focus on productivity. Jaitley claimed that the UPA had a terrible record of fiscal growth.