New Delhi, Jul 5 : The Union Budget 2019-20 is an extremely balanced budget of revenue and tax, Union Finance Minister Niramala Sitharamn said on Friday.
The Government would get additional revenue of around Rs 32,000 crore due to hike in surcharge imposed on the income of more than Rs 2 crore, increase in custom duty on gold and indirect tax on various products. On earning through increase in tax, the Government would get additional income of Rs 25,000 crore from hike in indirect taxes and around Rs 7,000 crore from increase in direct taxes.
'Overall, the Government will earn around Rs 11,000-12,000 crore from direct taxes. On excluding the loss of Rs 4,000 crore from surcharge on corporate tax, the actual amount would be around Rs 6000-7000 crore,' Revenue Secretary Ajay Bhushan Pandey said.
Besides, the government would also earn around Rs 90,000 crore through RBI dividends. “It is very balanced budget on part of revenue and tax,” Ms Sitharaman told reporters here.
There would be, Ms Sitharaman said, no impact on inflation of increase in prices of petrol and diesel by Rs 2 per litre each. The Minister said inflation has been under control for the past five years and they see no possibility of any special hike in global crude oil prices. This hike would not make any difference on inflation.
She averred that the budget proposals she has presented in Parliament has 'a ten-year vision in mind' but it is realistic in terms of achieving targets. 'All the targets are reasonably realistically placed....and every target that we have given, tax collection and revenue collection are absolutely within reasonable limits,' Ms Sitharaman told reporters at her first news conference shortly after she made history by becoming full-fledged finance minister to present the Budget.
On imposing 2 per cent Tax Deduction at Source on cash withdrawal of more than Rs 1 crore annually, she said they were in favour of digital transactions but against the cash withdrawal.
Referring to the proposal to infuse Rs 70,000 crore in public sector banks, she said the debate over the issue that the lenders are not passing on the benefits to the customers, is 'squarely addressed'.
The Finance Minister said the Budget proposals clearly reflect the ten-year vision of the government and it is a 'point of continuity' on what was suggested in the interim budget in February.
'What we expect to achieve in 10 years is very well narrated and also what is attainable among the targets within five years,' she added.