Finance Minister Nirmala Sitharaman, praises the efforts of Prime Minister Narendra Modi and pointed out that the Government has offered multiple benefits to the middle class by altering the Taxation rules. She mainly pointed out the fact that Govt has allowed income tax exemptions of up to ₹7.27 lakh per annum, as per the new tax regime.
Nirmala Sitharaman Praises Tax Income Tax Benefits
Nirmala Sitharaman also addressed several doubts and dispositions raised during several quarters, at the time when the Government proposed to exempt earnings up to ₹7 lahks with Union Budget 2023-24.
“So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn… (for instance) for ₹7.27 lakh, you don’t pay any tax now. It is only at ₹27,000 that the break-even comes. After that you start paying income tax,” said the Finance Minister.
“You have a standard deduction of ₹50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought simplicity in the paying rate and the compliance side,” Nirmala Sitharaman.
“Public Procurement Policy for Micro and Small Enterprises’ initiative has resulted in 33 per cent of the overall procurement made by 158 Central Public Sector Enterprises coming from MSMEs. This achievement represents the highest proportion to date,” said Sitharaman.
“We launched the TReDS platform (Trade Receivables Discounting System) so that the MSMEs and other corporations do not have to face any liquidity crunch due to non-payment by their buyer,” further asserted.
“ONDC (Open Network for Digital Commerce) has allowed the MSME sector to reap the benefits of a large consumer base and the world celebrates India’s public platforms which are comparable to the ‘Amazons of the world,’ the Finance minister said. She also mentioned the improved ranking of India in the Ease of Doing Business Index which came from 142 in 2014 to 63 in 2019,” mentioned livemint.
“We have reduced unnecessary compliance burden by repealing more than 1,500 archaic laws and nearly 39,000 compliances. Decriminalisation of the Companies Act has happened,” said FM.