IMF Executive Director KV Subramanian Shares His Thoughts On, Whether 8% GDP Growth Is Possible
The Modi government was the toast of the salaried section and middle-income households on Budget Day after announcing the biggest tax breaks in 40 years across income slabs. By putting more money in their pockets, the PM made the middle class a key cog in his push for ‘Viksit Bharat’. Has the BJP become the hero party for the middle class?
In one of the biggest tax relief ever in the history, Union Finance Minister Nirmala Sitharaman in the Modi Govt 3.0 on Saturday announced a major relief for the common man as it exempted income tax on personal income for upto Rs 12 lakhs per annum in the new tax regime. Making the popular announcement, Finance Minister Nirmala Sitharaman said, “I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs.”
"No Income Tax payable up to an income of Rs 12 Lakh. Slabs and rates being changed across the board to benefit all tax-payers," Nirmala Sitharaman said.
Continuing with the big relief, Sitharaman said, “…I propose to revise tax rate structures as follows: 0 to Rs 4 Lakhs – nil, Rs 4 Lakhs to Rs 8 Lakhs – 5%, Rs 8 Lakhs to Rs 12 Lakhs – 10%, Rs 12 Lakhs to Rs 16 Lakhs – 15%, Rs 16 Lakhs to Rs 20 Lakhs – 20%, Rs 20 Lakhs to Rs 24 Lakhs – 25% and above Rs 24 Lakhs – 30%. To taxpayers up to Rs 12 Lakhs of normal income other than special rate income such as capital gains, tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them…”
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