KC Venugopal, Congress General Secretary responded negatively on the Union Budget presented by finance Minister, Nirmala Sitharaman on Wednesday and stated that the government is not addressing the serious economic conditions in the country including common man’s plight.
The Congress General Secretary said, “The government is not addressing the serious concerns of the country’s economic condition and the common man’s plight. This is my first reaction.” Stating that people are in a distressed mood in the country, he said, “The actual problem is whether the Budget is addressing the current economic issues including price rise, and unemployment. There is no income for the people. How can they benefit by increasing the tax limit?”
On Wednesday, Finance Minister stated that the new tax regime will now be the default tax regime and announced an increase in the income tax rebate limit from Rs.5 lakh to Rs.7 lakh. She also proposed to change the tax structure in this regime by increasing the tax exemption limit to 3 lakh and reducing the number of tax slabs to 5.
“Tax for income of Rs.0-Rs. 3 lakh is nil, for income above Rs.3 lakh and up to Rs.5 lakh will be taxed at 5 per cent, for income of above Rs.6 lakh and up to Rs.9 lakh will be taxed at 10 per cent and for income above Rs.12 lakh and up to Rs.15 lakh to be taxed at 20 per cent and above 15 lakhs at Rs.30 per cent.” Finance minister stated addressing personal loan.
Venugopal also attacked the government regarding poor track record of previous unfulfilled promises.