- After the Union Budget was approved in the Parliament the Rajya Sabha returned a Finance Bill, post discussion Mr.Jaitley clearly specified that the no scheme will provide incentives for people to declare black money
- During the discussion Finance minister said a general pardon scheme to unearth black money went against honest taxpayers
- Ms.Nirmala Sitharaman,Minister of State for Commerce and Industry opined when VDIS [Voluntary Disclosure of Income Scheme] is implemented it can differentiate against genuine tax payers
- Tax payers are dis-incentivised as it is against honest tax payers and may not be conducive path for recovering more taxes
- In a conclusion Mr.Jaitley told they would review the controversial General Anti-Avoidance Rules (GAAR) aimed at companies routing money through tax havens abroad, GAAR was delayed due to anxiety among the investors that the rules could be used by authorities to harass honest players
- Many members were upset as the budget gave little relief to tax payers; Ms.Sithataman said the government has done its best to provide solace to small and medium taxpayers to boost on savings and promote growth
- Congress leader spoke during the debate that the first eight years was good and leter the UPA government was affected by global economic recession
- Further the leader coined out that the budget was a copy of the UPA government and wanted to know how the Modi government will fulfill all its promises
- CPI leader said that the government missed out areas such as resource mobilisation, revenue generation and equitable distribution of resources in its Budget.
- Read at: http://www.thehindu.com/todays-paper/tp-national/budget-approved-no-amnesty-scheme-on-black-money/article6265894.ece