BJP wants to raise Income Tax slab to Rs 5 lakh

 BJP leader Arun Jaitley, the man tipped to be India’s next finance Minister says he wants raise in the Income Tax ceiling from Rs 2 lakh to Rs 5 lakh, which he claimed will benefit thirty million people.

BJP leader Arun Jaitley, the man tipped to be India’s next Finance Minister

Advocating low tax structure, the BJP leader said, “Direct Tax should be reduced. The Income-Tax limit has to be raised from Rs 2 lakh to Rs 5 lakh.”

Jaitley claimed that the Vajpayee government kept the rate of interest at 7 to 8 per cent which Congress-led UPA raised to 13-14 per cent.

“Due to this, Trade and Industry are running under loss and closing down, and production has become costly,” he said, adding, that is why country like China and Thailand are moving ahead of India.

Jaitley said,”The savings in the pockets of ordinary person by reducing ceiling on Income Tax will lead to increased purchase which in turn will lead to increased VAT and Excise Duty thereby increasing the Revenue“.

Speaking on Amritsar’s development, Jaitley said Economy of the constituency is dependent on tourists and small businesses.

He emphasised that with the investment of Rs 300-400 crore, 2-3 elevated roads, better roads with construction of 10-12 new bridges together with provision for few concessions and grants to increase tourism by providing special tax concessions to hotels the economy of Amritsar can be strengthened.

Along with this special attraction of Golden Temple, Durgiyana Temple, Wagha Border, improvement in specialised foods of Amritsar will attract more tourists and all round efforts will be made to increase their numbers from 1 lakh per day to 2-3 lakh per day.

Jaitley said, “I will take care of each and every problem of Guru Ki Nagri and ensure that release of funds from Delhi is not a problem for the development of Amritsar”.

Inputs with PTI