Jaitley banks on monsoon |
India`s finance minister Arun Jaitley ruled out bringing agriculture income under the tax net, saying large farm-based income was rare and people using agriculture as front to hide income from other sources would be dealt with tax authorities. Already the fastest growing major economy in the world, India can grow at an even faster pace this year if predictions of good monsoon hold up. Replying to a debate on the Finance Bill 2016 which was later passed in the Lok Sabha, Jaitley ruled out rollback of one per cent excise on non-silver jewellery saying the levy was not applicable on small traders and artisans and only jewellers with more than Rs 12 crore turnover will attract the duty. He dared the Congress to remove the 5 per cent VAT on bullion in Kerala where it rules.Jaitley, who moved some amendments to the Finance Bill introduced by him on February 28 along with demands for grants and appropriation bill, listed out measures taken by the BJP government in last two years to give relief to small tax payers and reduce tax litigation. On black money, he said government efforts have brought to the books Rs 71,000 crore of undisclosed assets.of the undeclared income to 50 to 200 per cent, the lower limit being for unreporting and the higher one for deliberate attempt to hide income.
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