Will the recession be cured only by giving tax relief?

 21 Sep 2019 ( IBTN Bureau )

India's Union Finance Minister Nirmala Sitharaman made an important announcement on Friday, announcing tax exemption for corporate companies. Following the announcement of the Finance Minister, there has been a strong reaction from the Congress.

The Modi government has reduced it to 25.17 percent, reducing the corporate tax for domestic companies, new local manufacturing companies. The Finance Minister said that if a domestic company does not take advantage of any incentive, it will have the option to pay income tax at the rate of 22 percent. Companies that are choosing to pay income tax at the rate of 22 percent will not have to pay the minimum alternative tax.

Reacting to the Modi government's decision, Congress Party national spokesperson Randeep Singh Surjewala said in a press conference on Friday that Sawan's blind saying is proving true for the current government of the Bharatiya Janata Party.

Surjewala said that the economy is sinking, the country is reeling under recession and companies are shutting down. He said that GDP is falling, exports have failed and BJP ministers and government are saying that all is well. According to him everything is wrong but the rulers sitting on the chair in power do not understand it.

The Congress strongly targeted the Modi government and said that this government is one step ahead and four steps behind. The Congress spokesperson targeted Prime Minister Modi and the Finance Minister, saying that they are running the country's economy like novices.

He said that the recent decision taken by the BJP government has been taken only to save the staggering Sensex index. Under this decision, the corporate world has been given a rebate of Rs 1.45 lakh crore annually.

Apart from this, Congress spokesperson asked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman five questions.

1. Reducing the rates of corporate tax from 30 percent to 22 percent and reducing it from 25 percent to 15 percent will result in a loss of one lakh 45 thousand crores annually. The Prime Minister and the Finance Minister should tell the country from where will this financial deficit be replenished? Will this be done once again by taxing salaried people, middle class people, poor, farmers, small shopkeepers, small businessmen and by increasing the prices of petrol, diesel, electricity? Or the country's profitable PSUs will be squeezed out.

2. Will the Prime Minister and the Finance Minister tell that an annual exemption of one lakh 45 thousand crores has been given under the corporate tax, which will increase the fiscal deficit. What is your solution for that? Now that the financial deficit will reach seven percent, which will directly affect the country's progress and inflation, then what measures do you have for it?

3. Why is the Prime Minister and the Finance Minister repeatedly defying the budget passing parliament and bypassing it? This is the first government in 70 years that rejected or amended or withdrew the budget itself within 45 days of presenting the budget. Is this kind of widespread disregard of the country's parliament and parliamentary system justified?

4. If you had to give relief in income tax, then why was it not provided relief to ordinary people, working people and middle class of this country? Even today, when the economic recession is hitting, its biggest impact is on the jobbers, middle class and ordinary people. Then the government does not give any relief to this class, why so?

5. Will recession be cured only by giving tax relief? Is this your economic vision? And if the recession is overcome by giving tax relief, then those who pay personal income tax will pay tax at 30 per cent and companies earning thousands of crores of rupees will pay tax at the rate of 22 and 15 per cent. What is right and fair in this country?

 

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