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BJP Mindful Of Sabka Sath, Sabka Vikas Promise As Allocations For Women, SC, ST And Tax On Super Rich Increased
Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman (Virendra Singh Gosain/Hindustan Times via Getty Images)
Union budget 2019, first in the second inning of PM Modi led-NDA government, saw a hike in allocation to women, Scheduled Castes (SC) and Scheduled Tribes (ST) by 10, 25, 30 per cent respectively, reports The Hindu.
Along with this, the government hiked the tax on super rich. Those with annual income above Rs 2 crore and Rs 5 crore will have to pay surcharge of 3 and 7 per cent respectively.
After winning the Lok Sabha elections with a high vote-share, PM Modi had assured India of “Sabka Sath, Sabka Vikas, Sabka Vishwas”. By taxing the super-rich and allocating more funds for the disadvantaged sections, the PM is signalling government’s commitment to the promise.
Government sources said the surcharge would fetch around Rs 12,000 crore and would offset the loss of Rs 4,000 crore from the decrease in corporate tax.
The government proposed a tax holiday for developers of affordable housing and an additional deduction of up to Rs 1.5 lakh for interest on home loans borrowed up to 31 March 2020.
The government also announced construction of 1.95 crore houses under the Pradhan Mantri Awas Yojana (PMAY) and an allocation of Rs 80,250 crore for the upgrade of rural roads under the Pradhan Mantri Gram Sadak Yojana.
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