At his speech in Parliament, interim FM Piyush Goyal announced that tax reforms taken out by the government have led to a significant increase in taxes. He announced that to reduce the tax burden to small taxpayers to individual taxpayers, up to Rs 5 lakh annual income will get a full tax rebate. Existing rates will continue. He also announced a slew of benefits for farmers, rural regions and the working-class.
Goyal announced that all I-T returns will be processed in 24 hours and refunded simultaneously. He also announced that India is poised to become $5 trillion-economy in next 5 yrs and Infrastructure will be built for a $10 trillion economy, which India will achieve by 2030.
On Thursday, President Ram Nath Kovind kicked off the Budget session with a customary address to a joint sitting of Lok Sabha and Rajya Sabha where he outlined the achievements of the NDA government and set out a roadmap for the future.
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