National

Budget Facts Beyond Declarations of Intent

Published

10 years ago

February 1, 2017

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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Electoral rolls: Jammu and Kashmir government denies any change in special provisions for Kashmiri migrants

The administration said that no change was made in the special provisions for Kashmiri migrants for their enrollment in the electoral rolls of their original constituencies.

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August 20, 2022

The Jammu and Kashmir government on Saturday refuted media reports which claimed that more than 25 lakh additions will be there in the electoral rolls and clarified that Kashmiri migrants would continue to be given the option of voting at their native place of enrollment or through a postal ballot or through the special set up polling stations at Jammu, Udhampur, Delhi, and other places.

The administration said that no change was made in the special provisions for Kashmiri migrants for their enrollment in the electoral rolls of their original constituencies.

It also clarified that there was no change in rules regarding buying properties and jobs in the state and it has no link to the representation of voters or otherwise.

The Directorate of Information and Public Relations (DIPR) released an order that there was to enable young persons who become eligible to register themselves as voters. Besides, it also allowed a person who changed his ordinary place of residence to enroll at the new location by getting himself deleted at the old location.

It said that the number of electors as published in the special summary revision of J&K in 2011 was 66,00,921 and it has now increased to 76,02,397. This was mainly due to the new voters, who attained the age of 18 years.

Jammu and Kashmir Chief Electoral Officer Hirdesh Kumar told reporters that more than 20 lakh new voters would be enrolled in the region ahead of polls. This will increase the voter count by more than a third, adding to the existing 76 lakh voters in the region.

The senior leaders of Jammu and Kashmir criticized the election commission’s decision of giving voting rights to non-locals in the state and called an all-party meeting on this issue.

Former Chief Minister Mehbooba Mufti said that it will be the last nail in the coffin of Indian democracy. It was a dangerous attempt to influence elections in the state.

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Rajasthan man arrested for raising Pakistan flag

Police said that Sanju Khan was arrested on the complaints of the villagers. An investigation was launched to find out the real intension of the accused.

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4 years ago

August 18, 2022

While India was celebrating 75^th anniversary of Independence on August 15 this year, a man was arrested from Rajsthan’s Osian town of the Jodhpur district for allegedly raising Pakisrtan’s national flag. The Jodhpur Police said on Thursday that the man Sanju Kahn also raised slogans of ‘Pakistan Jindabad’.

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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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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.

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.

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