Budget impact will be positive
The Budget is to largely please the masses exercise with focus on rural population and lower middle class, said Dr Radha Raghuramapatruni, GITAM...
Visakhpatnam: The Budget is to largely 'please the masses' exercise with focus on rural population and lower middle class, said Dr Radha Raghuramapatruni, GITAM School of International Business, GITAM (Deemed to be University).
In a statement here on Friday, Dr Radha described the interim budget ‘a clear exercise to improve the market sentiment of the middle class and lower middle class, where individuals were exempted from individual income tax up to Rs 5 lakh which will finally translate into Rs 6.5 lakh with additional tax exemptions such as 80C.
TDS threshold has also been increased to Rs 40,000 from the current Rs 10,000. Gratuity limit was increased from 10 lakh to 30 lakh. This will be a huge relief to those taxpayers who keep a large amount of money in their invest money in bank fixed deposits and various post office deposit schemes, she opined.
Dr Radha said the government’s vision 2030 of reducing petroleum imports by promoting electric vehicles and energy storage devices was laudable and indicates a transformation in the automotive industry in on the cards.
“Businesses with less than Rs. 5 crore annual turnover, comprising over 90 per cent of GST payers, will be allowed to return quarterly returns, which will be a great relief to MSMEs,” she said.