Hon. Finance Minister Appreciation Letter for Budget Draft 2019 participation

Highlight's From shared draft with Hon. Finance Minster and team

below top points for your review, which need special attention in budget to build strong nation with inclusive growth:

1.      Lower tax rates

2.      Dividend Distribution Tax (DDT) Issues: For the corporates, there are suggestions that the DDT be reduced from 20 per cent to 10 per cent.

3.      Personal tax Reform and honest tax payer benefit scheme.

4.      Senior Citizen Benefit: Give a special rate of interest to Senior Citizens with a minimum of 9% to 10% and fix that limit to 25 lakhs to help people elder people.

5.      Land reforms: Industry groups have asked for sweeping land reforms in India that allows for land aggregation and private sector investment in agriculture.

6.      Export incentives: While India’s export industry hasn’t performed empathetically, there are suggestions to provide enhanced incentives to boost the export sector.

7.      Interest rates: While the common man has asked for higher interest rates for savings accounts, representatives of financial sector have also made similar demands.

8.      Agriculture sector: Support for Agri business model with latest technology and this will help to boost income level. Agri forum like Shramrajya Parishad or Atma Team (Maharashtra) should be involved here for more participative ideas.

9.      Healthcare: While many common citizens have asked for tax exemptions on healthcare for the elderly, industry bodies like FICCI have made some radical suggestions, including raising tax exemption on preventive health check-ups from Rs 5,000 to Rs 50,000.

1.  Education: Some common-man demands include regulation of private school fees and other arbitrary fees imposed by higher educational institutions in the private sector. And make free education till 12th class despite income level as we know, education is investment in nation building program. Gurukul model kind of education scheme should be promoted with balance of moral science and school curriculum together.

1.  MSME support: I had got opportunity to work with Vidharbh Federation President and understand SME requirement closely. I emphasis here on SME reform in coming budget and promote more swayamsidha (Amravati District MIDC) kind of startup forum. To achieve this please find below points:

1. Instead of elaborate formalities increase the ceiling limit of GST to 200 lakhs and levy 5% (2.5 + 2.5) based on turnover as it was used to be at VAT for 75 lakhs previously.
2. Increase the Tax audit limit from 200 lakhs to 300 lakhs for all and have 3 slabs in the tax i.e. 8% up to 100 lakhs 6% up to 200 lakhs and 5% up to 300 lakhs which will bring more people under tax bracket under this head
3. For allied activities of Agriculture instead of 0% GST you remove from the submission of the GST
4. Pleases rationalizes the TDS inviting more suggestions 

. Rationalisation SME /MSME tax structure for corporates will provide a big breakthrough to small entrepreneurs, formalise the economy, improve retained earnings for small entrepreneurs, increase surplus for investments for millions of small entrepreneurs, and make them more credit-eligible, spur the economy and create jobs at the bottom of the pyramid.  Give substantial benefits to micro enterprises and self-employed professionals. This structure will benefit millions of small players, level the playing field with large enterprises who enjoy benefits of scale, and lower interest rates and create employment at the bottom of the pyramid, i.e. at MSME level.