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Jaitley against high IT rates
Ahead of his first full fledged budget, Finance Minister Arun Jaitley on Saturday said that the NDA government was against raising revenue by imposing higher taxes, instead it would want to leave more money in the hands of consumer to fuel demand and growth.
New Delhi: Ahead of his first full fledged budget, Finance Minister Arun Jaitley on Saturday said that the NDA government was against raising revenue by imposing higher taxes, instead it would want to leave more money in the hands of consumer to fuel demand and growth.
The minister also pledged to make the budgetary process more transparent so as to present the real picture of public finances before the people. "High taxation is not the only route to achieve the target of larger revenue ... We are not going to take this route," Jaitley said while speaking at a function of private news channel CNBC Awaaz.
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He was replying to a question whether it was possible to increase the income tax payer base from from 3.5 crore to 15 crore. "We believe that the consumer should have money in hand and by spending that money, production will increase and the country will be benefited," the minister said. The government raised income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh in the last budget, he said.
