The Union budget announced today is a balanced budget focusing on providing an impetus to the economy and offers encouraging measures for the tax payers. As expected GST, demonetisation have ushered in tectonic changes for economy and the same was conspicuous in the budget.
There are multiple take-aways from the budget that is aimed at boosting consumption, skill development and highlights concerted efforts in the direction of creating improved living standards in the country.
The reduction in the tax rate in the income tax slab of Rs 2.5 lakh to Rs 5 lakh to 5 percent from 10 percent will give rise to disposable income of individuals and boost consumption. Similarly, the subventions offered for the MSME sector in the form of tax rebate, reduction in income tax for SMEs with annual turnover up to Rs 50 crore, as well as, the extension of the profit linked deduction period available to the start-ups to three years out of seven years will provide a stimulus to employment generation. Read More…