BJP leader Arun Jaitley on Friday advocated hike in income tax exemption limit, enhancement of excise limit for small industrial units up to Rs 5 crore and immediate implementation of the Goods and Service Tax (GST) to help expand economic activity in the country.
He said that The current income tax exemption for income of Rs 2 lakh should be gradually but significantly raised. It will be the major relief to small traders and mid-level employees and the common man.
He also said that small industrial units with turnover of Rs 1.5 crore are exempted from payment of excise duties and “in view of the depleting value of rupee and inflation, this limit should be enhanced to Rs 5 crore.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018