Arun Jaitley clarifies questions after the budget presentation
- 5 years ago
The new exemption limit was fixed at Rs. 2.5 lakh — from the existing Rs. 2 lakh. For senior citizens, the exemption limit was raised from Rs. 2.5 lakh to Rs. 3 lakh. Besides, the government raised the tax exemption on home loans from Rs. 1.5 lakh to Rs. 2 lakh.
Retaining the tax collection targets, the government kept direct tax rates unchanged and said it will review the direct tax code proposal.
Jaitley said, in the current fiscal, the non-tax revenue was seen at Rs. 2.12 trillion rupees, while the capital receipts were seen at Rs. 739.5 billion.
In another major move, the foreign direct investment (FDI) limit was raised to 49% in insurance and defence. Jaitley also promised a stable tax regime and the formation of a high-level committee to deal with retrospective taxation, but refused to change rules in such cases.
Investors were spooked after the UPA introduced retrospective taxation in 2012, a move that allowed the previous government to raise tens of billions of dollars in tax remands from foreign companies.
Government overspending will be brought down dramatically in the next three years, with the fiscal deficit reduced to 3% in 2016/17, Jaitley said.
He projected the fiscal deficit at 3.6% of the gross domestic product (GDP) in 2015/16, accepting the fiscal deficit target of 4.1% in the current fiscal.
The finance minister also said the government aimed at sustained growth of 7-8% in the next 3-4 years, as the Economic Survey projected 5.4-5.9% GDP growth in fiscal 2014-15.
Jaitley told Parliament that the new government, in office for less than, had inherited a "challenging" situation of low growth and high inflation from the previous Congress regime. "Slow decision making has resulted in a loss of opportunity."
India's gross domestic product (GDP), the total value of all goods and services produced within the country's boundaries, has clocked sub-5% growth in two consecutive years.
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Retaining the tax collection targets, the government kept direct tax rates unchanged and said it will review the direct tax code proposal.
Jaitley said, in the current fiscal, the non-tax revenue was seen at Rs. 2.12 trillion rupees, while the capital receipts were seen at Rs. 739.5 billion.
In another major move, the foreign direct investment (FDI) limit was raised to 49% in insurance and defence. Jaitley also promised a stable tax regime and the formation of a high-level committee to deal with retrospective taxation, but refused to change rules in such cases.
Investors were spooked after the UPA introduced retrospective taxation in 2012, a move that allowed the previous government to raise tens of billions of dollars in tax remands from foreign companies.
Government overspending will be brought down dramatically in the next three years, with the fiscal deficit reduced to 3% in 2016/17, Jaitley said.
He projected the fiscal deficit at 3.6% of the gross domestic product (GDP) in 2015/16, accepting the fiscal deficit target of 4.1% in the current fiscal.
The finance minister also said the government aimed at sustained growth of 7-8% in the next 3-4 years, as the Economic Survey projected 5.4-5.9% GDP growth in fiscal 2014-15.
Jaitley told Parliament that the new government, in office for less than, had inherited a "challenging" situation of low growth and high inflation from the previous Congress regime. "Slow decision making has resulted in a loss of opportunity."
India's gross domestic product (GDP), the total value of all goods and services produced within the country's boundaries, has clocked sub-5% growth in two consecutive years.
For More information on this news visit: http://www.itvnewsindia.com/
For More information on this news, visit: http://www.itvnewsindia.com/hindi
Connect with us on Social platform at: http://www.facebook.com/IndiaNewsTV
Subscribe to our You Tube channel: https://www.youtube.com/user/itvnewsindia