Union Budget Expectations: Budget preparations are going on in full swing. All sectors are putting their demands before the government. Confederation of Indian Industry (CII) has also demanded concession on petrol, diesel and income tax from the central government. If these demands are accepted then all the people of the country will directly benefit.
Demand to reduce excise duty on petrol and diesel
CII has sought a cut in excise duty on petrol and diesel, which currently constitutes 21 per cent of the price of petrol and 18 per cent of the price of diesel. On the other hand, international crude oil prices have fallen by 40 percent, but its benefits have not reached consumers. By focusing on this, the prices of petrol and diesel can be reduced.
want reform in income tax
Industry body CII said that income tax cut should be considered to provide relief to the lower and middle class. Especially those whose annual income is up to Rs 20 lakh should get exemption in income tax.
Advice to increase contribution in schemes like MNREGA
MNREGA and the Prime Minister have also advised to increase the amount of Kisan Samman Nidhi Yojana. Under PM Kisan Yojana, a total amount of Rs 6,000 is given directly to the bank account of the farmers in three equal installments every year to the eligible farmers. PM Kisan Yojana was launched on 24 February 2019.
