Finance Minister Nirmala Sitharaman said the Narendra Modi government has provide many tax benefits to middle class people, including income tax exemption for those earnings up to Rs 7.27 lakh per annum.
Asserting that no section of the society has left out by the government, Nirmala Sitharaman mention about skepticism in certain quarters when it was decide to provide income tax exemption for those earnings up to Rs 7 lakh in the Union Budget for 2023-24.
The skepticism was about what will happen to those earnings little more than Rs 7 lakh, Nirmala Sitharaman said.
Nirmala Sitharaman said :
“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 Rs 7.27 lakh, you don’t pay any tax now. It is only at Rs 27,000 that the break even comes. After that you start paying tax. You have a standard deduction of Rs 50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought in the simplicity in the paying rate and the compliance side,”.
✅Under the new regime, there is no income tax to be paid for annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.
— Nirmala Sitharaman Office (@nsitharamanoffc) July 14, 2023
✅A standard deduction of Rs 50,000 has also been introduced under the new income tax regime.
✅There has… pic.twitter.com/xsfQYwGmDv
Speaking about the achievements of the government, Nirmala Sitharaman said the total budget for the Micro, Small and Medium Enterprises (MSME) has increase to Rs 22,138 crore for 2023-24 compare to Rs 3,185 crore in 2013-14.
This is a jump in budgetary allocation by almost seven times in nine years, symbolising the government’s unwavering commitment to empower MSME sector, Nirmala Sitharaman said.
Under the ‘Public Procurement Policy for Micro and Small Enterprises’ scheme, Nirmala Sitharaman said 33% of the total procurement made by 158 Central Public Sector Enterprises has from MSMEs and that is the highest ever till date.
Nirmala Sitharaman said :
“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,”.
She said the ONDC (Open Network for Digital Commerce) has enable MSME businesses to reach out to a larger potential customer base and added that the world appreciates that India has set up a public platform comparable to the ‘Amazons of the world’.
Pointing out that India’s efforts to improve the ease of doing business are being acknowledged on the global stage, Nirmala Sitharaman said the country’s ranking in the World Bank’s Ease of Doing Business Index surged from 142 in 2014 to 63 in 2019.
Nirmala Sitharaman said :
“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,”.
She also inaugurate the Common Facility Centre (CFC) at the Indian Institute of Gems and Jewellery (IIGJ) in Udupi.
In 2017, when serving as the Commerce and Industries Minister, Nirmala Sitharaman had laid the foundation stone of IIGJ in Udupi.
The facility has set up with her MPLADS (Members of Parliament Local Area Development Scheme) funds as well as support from the Gem & Jewellery Export Promotion Council & National Institute of Design, Ahmedabad.
The institute will provide training to the youth in the region in various aspects of hand-crafted jewellery making.
Nirmala Sitharaman visit Adamar Mutt and Sri Krishna Temple in Udupi.
