With GST collections of November crossing 1Lakh crore mark; a probable result of the reduction in Corporate Taxes the FM Nirmala Sitharaman hinting towards personal income tax rates said, “the pro-active government will take action at an appropriate time so that tax benefits to individuals are reviewed periodically.”
Crux of the Matter
FM believes that a reduction in corporate tax will bring in fresh investments and generate jobs.
Nirmala Sitharaman rejected the suggestion that the government does not listen to experts. She highlighted the fact that she met two former finance ministers, Pranab Mukherjee and Manmohan Singh, before presenting her maiden July Budget.
In a recent public event Senior Industrialist, Rahul Bajaj also criticised the policies of the government.
The minister has been meeting economists, industrialists and other stakeholders to receive suggestion and feedback. She also tweeted a list of her recent meetings across the country.
Speaking in the parliament she said, “there has been no decrease in the direct tax collection and the gross mop-up rose 5% till November this fiscal.”
Minister clarified and recognised the “strategic importance” of the BSNL and the required capital invested in it to revive it.
Curiopedia
The Income-tax Act, 1961 is the changing Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. “The Taxation Laws (Second Amendment) Act, 2016” to Income-tax Act, 1961 and The Finance Act, 2016 was passed during the 2016 Winter Session of Indian Parliament.enabling people to declare their undisclosed incomes after Indian 500 and 1000 rupee note demonetisation. The government clarified that gold asset in the form of jewellery of People of India was not for taxation as per the introduced Bill. The Opposition, parties, expressed anger against the passed bill in Lok Sabha, that debate was not held. More Info
Curated Coverage
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