LIVE: Sitharaman said – this budget is the hopes and aspirations of every citizen of the country, GST was most important for the economy

New Delhi: Nirmala Sitharaman is giving a budget speech in the Lok Sabha. He said that the basic of the economy is strong. Inflation is under control. Banks have also improved. She is the first woman Finance Minister to present the budget for the second consecutive time. Before that, Indira Gandhi once presented the budget in February 1970.

Update: ‘Government brought big changes in economy’

• Inaugurating the budget speech, Nirmala Sitharaman said, “In May 2019, Prime Minister Narendra Modi got the mandate to form the government again.” He got a chance to serve the public with full humility. This mandate was not just for political stability, but also for economic policies. This is the budget of every woman, every minority, every hope and aspiration of every citizen of the country. Between 2014 and 2019, our government brought major changes in economic policies. Now the basic of the economy is strong. Inflation is under control. Banks have also improved. “
• “GST has been most important for the economy of this country. Its chief creator is not among us today. We pay tribute to Arun Jaitley. He used to say that India will remain India when the Center and the states work together for shared prosperity. The consensus among the GST Council states that India can forget the differences for the national interest. ‘

Income Tax

Current Rate: Taxable income up to Rs 5 lakh is tax free as per the announcement of the interim budget last year. This rebate is available through rebate, but the tax slab is starting from Rs 2.5 lakh only.
Demand: Income tax exemption limit should be increased from the current Rs 2.5 lakh to Rs 5 lakh. That is, such income should be completely out of the income tax. They do not even have to fill returns. After this, there is also a demand to reduce the tax on income from 5 lakh to 10 lakh rupees from 20% to 10%. If this happens, the taxable income of up to 10 lakh will save Rs 46,800 annually.

National Logistics Policy can be announced

To make business transportation in the country easier, the government may announce a National Logistics Policy in the budget. The news agency quoted the sources on Monday. Accordingly, the Logistics Division of the Ministry of Commerce has worked on the policy. Its purpose is to reduce freight costs for traders. For this, a central portal can be proposed, so that companies can get solutions related to logistics.

Expect relief in long term capital gains tax

• Capital gains tax can be abolished on property sales. For stock investors, long term capital gains tax can be increased from 1 year to 2 years. If investors sell after holding the stock for one year, they have to pay 10% long term capital gains tax. Dividend distribution tax (DDT) liability rules may apply to shareholders rather than companies.
• If capital gains tax on property sale ends, it will be good for real estate sector. Now the rule is that if the money received from the sale of the property is not re-invested in the property in 3 years, then the capital gains tax is to be paid on the profit of 30%. On the other hand if someone sells the property in 24 months, then he has to pay short term capital gains tax. After 24 months, there is a 20% long term capital gains tax. A maximum of two houses can be purchased from Capital Gain from the sale of the house. However, the capital gains for claiming tax exemption should not exceed Rs 2 crore. This exemption can be availed only once in life.