Budget for the next fiscal needs to provide Rs 1.10 lakh crore for implementing the OROP and 7th Pay Commission award, besides a higher allocation for the farm sector, Finance Minister Arun Jaitley said today.
Addressing the Consultative Committee attached to the Finance Ministry, he also said that India has potential to grow at a much faster pace even as he exuded confidence that fiscal deficit target for current financial year will be within target.
During the meeting, the members suggested that tax exemption limit for middle and salaried class be raised from existing Rs 2.5 lakh to Rs 4 lakh as well as more stress be given on widening of tax base, while there should be severe punishment for those evading taxes.
They also suggested that the threshold limit of Rs 2 lakh for mandatory Pan Card quoting for any transaction be raised to Rs 5 lakh.
"Some members suggested that there should be accountability of assessing officers for passing unreasonably high tax liability orders to harass the assessees which are later on turned down by the Appellate authorities," said the statement.
They also suggested that higher allocations be made to improve the agriculture related irrigation projects in different states which are in bad shape.
There was also suggestion to change the labour ratio in MGNREGA such that it can be more productive and used for infrastructure building along with providing jobs, it said.
Some members sought more focus for providing employment opportunities in rural areas, increasing agriculture productivity and agriculture credit at cheaper rate.
"It was also suggested that forthcoming budget be poor and common man oriented and should make higher provision for removing child malnutrition among others," the statement said.
There was also a suggestion that funds from CSR must be used in developing the area where the company is functioning and making profits.
There was also a suggestion made to give tax incentive to MSMEs for their betterment which, in turn, would help in creating more employment opportunities, it added.
Source:-The Economic Times
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