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Didn't burden people by raising taxes during pandemic: Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman
Speaking at a press conference after presenting the Union Budget on Tuesday, Union Finance Minister Nirmala Sitharaman said a conscious decision was taken not to increase taxes because of the hardship that people have been facing due to the pandemic.
New Delhi: Speaking at a press conference after presenting the Union Budget on Tuesday, Union Finance Minister Nirmala Sitharaman said a conscious decision was taken not to increase taxes because of the hardship that people have been facing due to the pandemic. "I did not increase the taxes. I want to repeat this - I did not do it last year as well as this year. I did not make any attempt to earn a single paisa through taxes," said Sitharaman. "Last year, the Prime Minister had ordered us not to increase taxes during the pandemic time, even if there is a huge fiscal deficit. He said the public should not face the additional burden of taxes during this time.
The instructions were the same this time around too," she added. This comes as the Union Budget 2022-23 did not tinker with the personal income tax rates, belying several expectations. Sitharaman also did not raise the standard deduction, which was widely anticipated in view of elevated inflation levels and the impact of the pandemic on the middle class.
The corporate tax rate too was kept at the same level. However, the concessional rate of 15% has been extended by one year for newly incorporated manufacturing units. The state government employees' tax deduction limit has been increased from 10% to 14%.
"To provide equal treatment to both Central and State government employees, tax deduction limit on employer's contribution to National Pension System (NPS) account of State government employees to be increased from 10% to 14%, bringing them at par with central government employees," Sitharaman said.
