Lauding Finance Minister Arun Jaitley over the presentation of the Union Budget 2017, Power Minister Piyush Goyal stated that this year’s budget has recognised the benefits of demonetisation and has passed it on to the people of Inida. The Union Minister further claimed that the budget will be beneficial for every section of the country.
As FM Jaitley today presented the Union Budget 2017-18, there had been mixed reactions from various sectors of the country. Prime Minister Narendra Modi lauded this year’s budget claiming that it will lead the country towards development and stated that this year’s budget is devoted towards strengthening the hands of the poor. While on the other hand, Congress vice-president Rahul Gandhi slammed FM Jaitley’s Budget and stated that it lacked a clear vision and had nothing for farmers, youths and job creation.
Presenting the Union Budget 2017, FM Arun Jaitley announced that he will reduce the tax rate of individuals earning between Rs 2.5 lakh to Rs 5 lakh to 5% from the current 10%. This would also translate into an additional benefit of Rs 12,500 for tax payers even beyond Rs 5 lakh. Tax and industry experts were already expecting that to assuage the demonetisation pains of the common man and alleviate their sufferings, some tax reliefs may be provided in the budget. Even Finance Minister Arun Jaitley had hinted in his speeches earlier that the tax burden on taxpayers may be lowered due to higher tax revenues being collected on account of cashless systems.
FM Jaitley further said that political parties continue to received funding from anonymous sources, and hence reduced the maximum donation that a political party can receive in cash is Rs 2,000 from any one source. He added that no transaction of more than Rs 3 lakh will be permitted in cash.