New Delhi: After slashing income tax rates for individuals on the condition that they give up exemptions and deductions, Finance Minister Nirmala Sitharaman on Saturday said the government intends to remove all I-T exemptions in the long run.
Speaking at a press conference after presenting her second Budget in the Lok Sabha, Sitharaman said income tax cuts follow the reduction in corporate tax rates last September. She said additional capital will be provided to public sector banks as and when required.
The Budget speech did not provide any specific number for additional capital.
Sitharaman said improvement in revenue generation gives hopes of lowering the fiscal deficit to 3.5% of GDP in the next fiscal from 3.8% in the current.
Disinvestment Secretary TK Pandey said big-ticket stake sale will happen in the next few months and that he is confident of achieving the Rs 2.10 lakh crore target set for the next financial year.
Pandey said an expression of interest (EoI) for the sale of government stake in Bharat Petroleum Corp Ltd (BPCL) will be issued shortly. The Cabinet had approved the PSU's sale last November.
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