MyVoice: Views of our readers 2nd February 2022

How will the Budget impact us?

Amidst the pandemic chaos across the country, the moment Union government schedules the budget session on the first day of February of every year after 18 long months of the financial ministry's team work, economists, financial analysts, civil service aspirants and all those who have a keen interest will glue themselves to their seats to watch the live telecast.

As the finance minister of the country Nirmala Sitharaman progressed with the budget speech, many commendable measures are proposed in the Rajya Sabha like, firstly, the battery swapping making the way for more Electric Vehicles in the country taking into account the limitations of establishing charging stations presently.

Secondly, commencing a common portal for registration of various deeds and documents throughout the country under One Nation and One Registration module. Thirdly, Private telecom operators are enabled to provide 5G network to their users in the current FY. Fourthly, SEZ laws are amended where the state governments can becomes partners. Fifth aspect covers the capital investment support enhancement to the states followed by the extension of tax incentives for startups till 2023. This is along with the proposing for filing an updated return by the assesses when they have committed any omission of tax for the last two years from the end of the relevant AY which helps the Income Tax department to recover the taxes so omitted or suppressed.

Another innovative aspect of blending of fuel that was proposed will see the light and additional duty will be attracted to the unblended fuel from October 2022. Later the Finance minister laid some ways to avoid repetitive litigations arising out of identical issues. Lastly, the transactions involving virtual digital assets have no set off and they being taxed at 30% leaves no way of escape of income from the tax cuffs. As there was a tab on the number of budget hours, the first half of the budget comes up with updates that assists the country to perform well and reduce fiscal deficit during the current FY.

Madhulika N, Hyderabad

If you study the latest Union Budget closely, the BJP government's allegiance to corporates is clearly manifested. Surcharge on corporate tax slashed from 12% to 7%. The IT slabs remain the same and the rise in income limit for IT relief, which would have benefitted middle class hugely, was not considered. The demands to scrap GST on insurance premiums and for an exclusive IT relief on insurance premiums paid, were also ignored. The backward regions in the residual AP received no financial report in the budget. Creation of 60 lakh new jobs in next 5 years sounds hollow to anyone, given the last 7 years track record of NDA government. No steps to curb the prices of essentials and fuels were declared.

A Raghunatha Reddy, Kadapa

In the Union Budget since 2015 Central Government have failed in meeting the demands of Telangana state. it's clear even in the 2022 Budget central government is concentrating only on upcoming elections states like Goa, UP, Punjab, Uttarakhand, and Manipur. Telangana has not got a national status for single irrigation project, Not a single medical college announced by GOI. Railway university only for Gujarat and so many projects only for BJP-ruled states.

Dinesh Chakrawarty, Aam Aadmi Party, Telangana

The budget presented by the Finance Minister in the Parliament utterly fails to address the basic issue of the Indian economy. Economy essentially suffers due to lack of demand and decaying market. Any amount of pumping resources in the hands of those in the production sector cannot help in improving the situation as seen in the last seven years. The announcements of benefits and reforms in fields like Start ups, cooperative, defence production, power sector, e-education, one lakh crore interest free loan and communication will all go in the hands of the Private Corporate managements and the affluent and there is least scope for generation of employment or improving the economy.

The health sector that needs big push under public sector in the back ground of exposure by the prevailing pandemic on the utter uselessness of private sector in the field of healthcare, is not at all touched upon.In all the poor and the middle class, who were expecting themselves to be bailed out from their existence issues, stand highly disappointed.

A G Rajmohan, Anantapur

The central government views Budget as foot-steps facilitating not only pooling resources, eradication of poverty and lessening inequality but would focus on entire development. It is quite natural that Opposition will criticize each Budget by seeing through political lens. However

during present times when pandemic has devastated massive number of human lives and livelihoods unprecedentedly and thereby shattering economy together with mounting unemployment problem and gigantic task burdens the Centre to rehabilitate economy. Accordingly Finance Minister has expertly handled this great task as evident from fact that no new taxes are levied while Income Tax remains unchanged.

B Veerakumaran Thampi, Thiruvananthapuram