Demand for increase in income tax exemption limit
Demand for increase in income tax exemption limit

Demand for increase in income tax exemption limit


Haryana Beopar Mandal (HBM) president Bajrang Dass Garg on Sunday said the government should increase the income tax exemption limit from the existing Rs 2.5 lakh to Rs five lakh in the coming budget and the maximum income tax slab rate should not exceed 20 per cent as the income tax payees needed relief due to inflation and rising prices.

Talking to mediapersons here, Mr Garg said the government had brought many exempted items like cloth, sugar, fertilizers and agricultural implements under Goods Service Tax (GST) which would increase its revenue substantially so government was in a better position to provide relief to tax payers.
He said the GST rates should also be rationalized to give boost to economy and increase demand in the market.

The existing unreasonable slab system had drawn wide criticism form traders. Though the GST council has reviewed rate structure but much remains to be done to win the confidence of business community which had been reeling under great stress after demonetization and enforcement of GST from July, 2017 onwards.

The Government should also bring petroleum products under GST, he said and added that at present there were 57 per cent excise and taxes on petroleum products and diesel.