This Budget reflects the government's commitment to create a resurgent India by simplifying tax interface, electronic assessment and verification of I-T returns within 24 hours.
The Union Budget comes with several commendable and positive changes with the thrust to build a digitally-savvy next-generation India, encourage long-term savings and income growth, infrastructure and rural development. All this against the backdrop of maximum governance and positive GDP estimated growth.
Of tax and rebates
The government has given the nation a wonderful surprise with its new tax rebates. In my opinion, the rebates for individual taxpayers will help in creating more wealth in the long run and work towards reducing economic disparity.
To quote the Finance Minister, around 3 crore middle class Indians will benefit from the full tax rebates for individual taxpayers. This includes households and individuals, who earn an income of up to Rs. 5 lakh, annually.
Bringing in broader stability, the government has also increased other standard tax deduction for salaried persons. This figure has now been raised to Rs 50,000 from the earlier Rs 40,000. Additionally, the hike in gratuity limit from Rs. 10 lakh to Rs. 20 lakh in the next financial year indicates that the government is committed to boost self-sufficiency.
Further, with the new tax rebates, India will also see an increase in consumption to GDP ratio
Building a modern and digital India
It is encouraging to see that the underlying theme of this Budget was to build a next-generation physical and social infrastructure. By encouraging the scope of digital India, I feel the Finance Minister and the government is geared towards its commitment to create a nation of maximum governance, while maintaining a quick turn around.
This Budget also reflects the government’s commitment to create a resurgent India by simplifying tax interface, electronic assessment and verification of I-T returns within 24 hours. I strongly believe that this simplification of direct tax system will benefit taxpayers by making the process more convenient and transparent.
In the long run, with emphasis on creating a modern and technology-driven India, the government has laid out a promising path towards progress, high growth and a transparent society.
Overall, this Budget provides a well-orchestrated impetus to the Indian economy and scores highly towards building an equal and optimistic India.
(By Bhavin Turakhia, co-founder & CEO, Zeta)