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Budget Facts Beyond Declarations of Intent

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Union Finance Minister Arun Jaitley with Minister of State, Arjun Ram Meghwal and Santosh Gangwar coming out of North Block office on way to Parliament house to present the General Budget for the year 2017-18 in New Delhi. Photo: UNI

[vc_row][vc_column][vc_column_text]By Parsa Venkateshwar Rao Jr

Finance Minister Arun Jaitley’s fourth Budget, apart from describing Goods and Service Tax (GST) and demonetisation as tectonic shifts, is rather a sober statement of fact.

The Budget is strangely, and perhaps not so strangely, is silent about the projected growth rate for 2017-18. In the post-Budget press conference, Jaitley said that domestic economic growth rates depend on the global environment, and that growth rates which were possible between the years of 2003 and 2009, when global growth rates were robust as well, are not possible today. He said maintaining a 7 per cent rate plus growth rate is a challenge.

The second sobering fact is that tax revenues, which stood at Rs 11.34 lakh crores in 2013-14, grew by 9.4 per cent in 2014-15, 17 per cent in 2015-16, and it is expected to remain at 17 per cent in 2016-17. The advance personal income tax has grown by 34.8 per cent in the first three quarters of the current year.

The Minimum Alternate Tax (MAT) will remain because the phasing out of tax exemptions will begin on April 1, 2017, and it will take seven to 10 years for the government to get the benefit of the removal of exemptions. But as a concession, the Finance Minister has extended the credit period of MAT from the existing 10 years to 15 years.

There is no change in the corporate tax rates. The tax rate on medium and small enterprises (MSMEs) with annual turnover up to Rs 50 crore has been reduced to 25 per cent. The revenue loss estimated as a result of this is estimated to be Rs 7,200 crore per annum.

The income-tax rate for those earning between Rs 2.5 lakh and Rs 5 lakh annually has been halved, from 10 per cent to 5 per cent. The tax rebate available to those earning less than Rs 3.5 lakh annually has been reduced to Rs 2.500. With the tax exemption for Rs 1.5 lakh in investment, the tax would be zero for people with income up to Rs 4.5 lakh annually. Those in other tax slabs will get a benefit of Rs 12,500 per person. The tax foregone as a result is calculated to be Rs 15,500 crore.

There is to be a surcharge of 10 per cent on incomes ranging between Rs 50 lakh and Rs 1 crore, and the surcharge of 15 per cent for those earning more Rs 1 crore is to continue. This is estimated to fetch the government Rs 2,700 crore additional revenue.

The total tax foregone or revenue loss is calculated to be Rs 22,200 crore, and after deducting the additional revenue of Rs 2,700 crore, the total revenue loss is left to stand at Rs 20,000 crore.

The finance minister said in his speech, “There is no significant gain or loss in my indirect tax proposals.”

Lead picture: Union Finance Minister Arun Jaitley with Minister of State, Arjun Ram Meghwal and Santosh Gangwar coming out of North Block office on way to Parliament house to present the General Budget for the year 2017-18 in New Delhi. Photo: UNI[/vc_column_text][/vc_column][/vc_row]

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Delhi Police detains Rahul Gandhi

Rahul Gandhi raised concern about the Indian democracy and said that India was a police state and Prime Minister Narendra Modi was a king.

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Delhi Police detains Rahul Gandhi

The Congress leader Rahul Gandhi was detained by Delhi Police on Tuesday during a march to Rastrapati Bhavan . The Leader of Opposition Malikarjun Kharge and other senior leaders were also detained during the protest.

The leaders were raising voices against the Enforcement Directorate after second time summoning of Sonia Gandhi in the National Herald case.

Look at the dictatorship. You can’t protest peacefully, can’t discussion inflation and unemployment. By misusing the Police and agencies, even by arresting us, you will never be able to silence us, sharing images of the protest Rahul Gandhi twitted.

 Rahul Gandhi, during the protest, said that all MPs and MLAs were present. They were talking about inflation and unemployment.  The Police (Delhi Police) were not allowing them to sit there. Discussions were not allowed inside (in the Parliament) and there they are being arrested.  

Read Also: Partha Chatterjee case: Bengal Tiger will bite you, Mamata Banerjee warns centre

Rahul Gandhi raised concern about the Indian democracy and said that India was a police state and Prime Minister Narendra Modi was a king.

Malikarjun Kharge said that they were protesting as per the instruction of the police. All of this was a conspiracy of PM Modi and Amit Shah. They have completely destroyed the opposition and muzzled their voices.

Kharge further said that they were not scared and their fight will continue.

The central government has deployed heavy paramilitary forces as well as Delhi police after the protest march.

The Delhi traffic police also issued a guideline regarding traffic jam in the protest area.

Sonia Gandhi reached the ED on Tuesday morning. She was also accompanied by Rahul Gandhi and Priyanka Gandhi.

Bihar Chief Minister Nitish Kumar tests Covid-19 positive

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Cricket news

After Irfan Pathan, Amit Mishra says India has potential to be the greatest country only if they follow THIS

Cricketer Amit Mishra has a reply for Irfan Pathan tweet talking about the potential of India.

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Amit Mishra

This morning former Indian allrounder and now cricket commentator Irfan Pathan tweet made headlines. Lamenting over India’s future Irfan wrote, “My country, my beautiful country has the potential to be the greatest on earth BUT..” And now it seems like cricketer Amit Mishra has something to say on the same.

However, Pathan did not complete the tweet but it was clear that he was commenting on the current socio-political events. For those who don’t know a series of incidents of communal violence have occurred recently in the country. First was when an Islamic mob attacked Hindu religious processions on festive occasion.

Second incident took place in Karnataka’s Hubbali, when a large Muslim mob attacked a temple and a police station over a teenager’s social media post claiming to have allegedly ‘Insulted Islam’.

Read Also: IPL 2022: Mumbai Indians hit new low by becoming the first team to achieve THIS record

But few hours after Irfan Pathan’s tweet was trending, a similar tweet from Delhi Capitals player Amit Mishra was out. Although Mishra did not quote Irfan’s tweet or replied to him, but it was clear that Amit’s tweet was either a response or the complete version of Irfan Pathan’s earlier tweet.

Delhi Capitals spinner Amit Mishra’s tweet read, “My country, my beautiful country has the potential to be the greatest country on earth, only if some people realize that our constitution is the first book to be followed.”

Where some people found Amit’s tweet a reply to Irfan Pathan, others suggested it is a sly dig at people who think the text written in a religious book is above India’s constitution.

Amit Mishra who was last seen in IPL 2021 has been playing regional cricket for quite a time now because he got no buyers at the IPL Mega Auction 2022. On the other hand, Irfan Pathan has been successful doing Hindi cricket commentary for Star Sports. He had made his international debut in 2003 and played professional cricket for almost 16 years. Irfan Pathan announced retirement from all forms of cricket in February 2019.

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India News

Covid 19 children vaccine: Vaccination for 15-18 age group starts today, know how to register on CoWin

Covid 19 vaccination for children is all set to begin in the new year, as the registrations for children aged 15 to 18 years old is started on CoWin from January 1, 2022. Registration for children’s vaccines will be available in both walk-in mode and online mode.

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COVID-19 vaccination program for beneficiaries between the ages of 15 and 18 are set to launch across the country on Monday. Registration for children’s vaccines will be available in both walk-in mode and online mode.

The vaccination for the age group 15-18 years will begin today on January 3, 2022, as declared by Prime Minister Narendra Modi on December 25, 2021, while the administration of the precautionary third dosage for the susceptible groups will begin on January 10, 2022.

Amid the Covid 19 new variant Omicron threat, the CoWin registrations for the children aged between 15-18 years old is already started. However, the onsite/walk-in registration will start on January 3, 2022. And those who fall between the 15-18 age group may register themselves online at CoWin.

Here’s how to book Covid 19 vaccination slots for 15-18 year age group.

1. Visit the official website of CoWin, cowin.gov.in

2. Sign in using your mobile number, Arogya Setu account, or Umang account

3. After signing in, complete your registration by providing required details, such as Aadhaar card, school ID card, etc

4. After registration, book your appointment by selecting your preferred date and time

5. Choose your nearest vaccination centre

6. Complete your appointment

Every individual will be required to provide valid identity proof such as an Aadhaar card, PAN card, Voter card, etc and after getting vaccinated, you will receive a certificate of your vaccination.

Read Also: Covid 19 updates: India reports over 22,775 new covid cases in last 24 hours, Omicron cases stand at 1431 | Check state-wise full list

Union Health Minister Dr Mansukh Mandaviya on Saturday announced that the registration for children aged between 15-18, is started on the CoWin portal. He requested parents to register their children for the Covid 19 vaccination if their age falls between 15 years to 18 years group.

Earlier in the morning, the health ministry reported over 22,000 new covid cases and more than 400 deaths in the last 24 hours. The total active cases in the country crossed the 1 lakh data.

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