Union finance minister Nirmala Sitharaman (File Photo)
As the government gets ready to present the Union Budget for 2019-20 on Friday, Business Television India (BTVI), in a special initiative, has heard the voices of the masses in terms of their expectations from the Budget and their suggestions for the newly appointed finance minister, Nirmala Sitharaman, the only business channel to do so.
We have been receiving interesting suggestions from viewers across the country, some of them if implemented can solve very critical issues facing the economy.
Here’s a comprehensive list of all the suggestions that we have received so far:
1) Cut taxes for the electric and CNG vehicle industry or make it tax free, to promote eco-friendly vehicles as well as less reduce consumption of crude oil.
2) Support auto manufacturers to develop technology for electric vehicles.
Jasbir Singh Johar, New Delhi
1) Remove long-term capital gains (LTCG) tax on shares/mutual funds for everyone or at least for retail investors and remove/reduce goods and services tax (GST) related to shares to encourage retail participation.
2) Introduce tax-saving fixed deposit (FD) with three-year maturity.
PK Bhattacharya, Kolkata
Abolish GST from LIC premiums of senior citizens.
Harshit Tripathi, Noida
Keep GST at 15 per cent for all items, except sin goods
1) Do something about the reconstruction of the old buildings in South Bombay and remove land lordship.
2) Make reconstruction compulsory.
Indru Rijhumal Bhavnani, Mumbai
1) Allot of funds for study and execution of a desalination plant for each coastal state on priority basis.
2) Seek advice from companies who set up such plants in Israel, Saudi Arabia and other countries.
3) Appoint companies like L&T for time bound study and execution of Made In India project.
Madhavan Rangasamy, Bengaluru
Remove the limitation on the number of years the business losses can be carried forward, especially losses in share trading or investments, as any attempt to recover the losses in stock market within a specific time frame is not possible most of the times.
Sunil Kumar, Delhi
Announce an account on pattern of demat account for the transactions of all kinds of land/real estate, rural to urban to provide transparency and minimise unnecessary civil disputes in rural areas and tax evasion in urban areas.
Provide liquidity to banks and non-banking financial companies (NBFCs), as the economy is already shaken by defaults of IL&FS, and any further defaults by NBFCs will be detrimental for the economy.
Pratapsinh Dharamshi Udeshi, Mumbai
Reduce GST to 5 per cent on health insurance premium paid by senior citizens, from 18 per cent at present.
Amitabh Banerjee, Guwahati
1) Strengthen the banking sector to boost market by improving credit flow.
2) Increase purchasing power of every Indians by increasing salary and income without curtailing further tax.
3) More focus on MSME with adequate guarantee fund to boost highest employment generating sector.
Surajit (Twitter @Surajit78134617)
Create jobs by lowering tax which will spiral spending.
Global Indian (Twitter: @vibhaas10)
Privatise public sector banks and as many bleeding public sector entities as possible.
Subramanian N, Chennai
1) Consider Securities Transaction Tax (STT) for cost of acquisition for short-term capital gain (STCG) and long-term capital gain (LTCG).
2) For calculating turnover of share trading, take the difference between sale and purchase for ST and LT, wherever STT is paid, like intra-day.
3) Modify turnover of Rs 2 crore for tax audit in computerised environment.
1) Raise the limit of long-term capital gain (LTCG) tax exemption to Rs 3,00,000.
2) Consider senior citizens pension.
3) Increase liquidity in the system.
Sriranga Sai Ganugapati
Incentivise the Micro, Small & Medium Enterprises (MSME) sector where 90 per cent employment generated by way of capital infusion and tax benefits.
Introduce a points system for people who pay income-tax regularly, the points which can be redeemed by the taxpayer against special invites of Government of India functions.
Reduce prices of essential commodities like food and foodgrains, and fruits and vegetables by at least 25 per cent.
Kalyan Kundu, Thane
Stop pouring good money after bad money. Privatise the entire lot of PSU banks to send a strong signal. Please start with privatisation of the State Bank of India (SBI).
Pranjal Sharma (Twitter: @Pranjaljht)
Relook at the current income-tax slabs and its exemption parameters.
Chandrashekhar Kale, Nagpur
1) Abolish income-tax for salaried class, or keep it at 15 per cent maximum, to boost spending power.
2) Stop free subsidies to the Below Poverty Line (BPL) class and facilitate them to work for 8 hours daily in agriculture fields.
Introduce wealth tax above Rs 100 million excluding one residential property.
Suraj Mohan, Mangalore
Regulate pharma prices which has risen considerably since 2013.
Prashant Mane, Bengaluru
Increase the investment eligibility of the 80C income-tax bracket, which would help honest taxpayers.
Gopal Rao, Chennai
Increase infrastructure for keeping the farm goods in warehouse and build more cold storages.
S Ramamoorthy, Chennai
1) Reduce the GST slabs to 5, 10 and 15 per cent.
2) Remove premium on health/life insurance policies, medicines, hotel items (other than luxury hotels) and hospital charges from the GST ambit.
Dr KU Mada
Intensify ongoing reforms and revisit development banking.
1) Reduce GST on all vehicles over Rs 10 lakh.
2) Reduce GST to 5 per cent on all two-wheelers below Rs 2 lakh.
Sanjeevi Prasad, Chennai
1) Encourage free ports and create tax havens in parts of India so that the world's richest may park their funds here.
2) Let people with legal income sources bring unlimited gold, cash, etc, in India due to low tax rates here.
Santosh Mhamunkar, Pune
Remove long-term capital gain (LTCG) tax from stock market transactions.
Pervin D Dumasia, Mumbai
1) Keep the direct income-tax rate at 10 per cent (for income above Rs 6 lakh per annum).
2) Keep the GST at a uniform rate of 10 per cent (exemption granted to certain essential goods).
3) Keep the corporate tax at 10 per cent.