Guwahati, 1st February, 2019:
The last budget of the Modi-led BJP government starts at the Loksabha on Friday. Acting finance minister Piyush Goyal presents the Union budget in the ongoing session of Lok Sabha.
The outgoing Modi-led BJP government gives a relaxation to the individual tax payers as the full tax rebate for income up to Rs 5 lakhs was announced at the most awaiting interim budget session, 2019. This essentially means that individuals earning an annual income of Rs 5 lakh will not be required to pay income tax which applies to all private and government job holders and also to the businessmen.
According to Piyush Goyal, both tax collection and tax base have shown a significant increase due to government initiatives in recent years. He said, “We have moved to a moderate tax regime, with a high collection”.
The budget also highlighted some of the significant developments of the economy of the country.