Mukherjee puts money in one pocket, takes out from others
In his seventh national budget presented in the Lok Sabha Friday, Mukherjee raised the income tax exemption limit for individuals to Rs.2,00,000 from Rs.1,80,000 and revised the tax slabs to bring relief to some 35 million people in the country.
But by bringing virtually all services under the tax net and by hiking the rate from 10 percent to 12 percent -- as also by raising the standard excise rate to 12 percent from 10 percent -- he also ensured you pay more indirect taxes than before.
This is why the net impact of his proposals is such that while direct tax measures will result in a net revenue loss of Rs.4,500 crore ($900 million), the indirect tax changes will fetch a net revenue gain of Rs.45,940 crore ($9.1 billion) -- over 10 times more.
Watch the footage of the Indian Union Budget 2013-14 presented by Finance Minister P Chidambaram on February 28.
Date 28-02-13, Duration 1:45:24, Views 127
The water level of the Yamuna river has crossed the danger mark in Delhi, increasing the threat of flood. Locals are gearing to face the crisis as the rains are at least twice as heavy as usual in northwest and central parts of India.
Date 21 hrs ago, Duration 1:02, Views 1023