This statement comes after defence forces received an overall hike of around 7.4 per cent over last year as Rs 3.62 lakh crore were provided to them excluding pensions amid the China military standoff
The government had clarified that the ‘digital tax’ or equalisation levy would also apply to global net-based companies even if they do not own the goods or provide the services on their platforms.
The changes, announced by finance minister Nirmala Sitharaman during her budget speech on Monday, will come into effect from April 1, according to the notifications.
The expectations of more policy related clarity on companies working out of Special Economic Zones, tax rebates, employee related measures were found amiss.
Finance Minister Nirmala Sitharaman has proposed an increase in customs duty on items that included mobile phone parts and compressors.
The government has already invited the Expression of Interest for Air India, BPCL and Shipping Corporation of India, while it hopes to complete disinvestment of IDBI Bank, Neelanchal Ispat Nigam etc.
The government also decided to set up asset reconstruction company and an asset management company to manage bad debt for scheduled banks, which are expected to reach record levels this year.
The finance minister said that a majority of the directors in the board of these insurance companies will have to be resident Indians.
The budget proposals for 2021-2022 rest on six pillars, said Sitharaman, naming health and well-being ahead of five others.
The government must focus on implementing the disinvestment and privatisation programme to generate revenues.
Big investments in infrastructure, healthcare and manufacturing have been funded through the increase in the fiscal deficit.
The ambitious reform measures of Budget 2021 couldn’t have come at a more opportune moment.
Corporates and income earners in the higher brackets were bracing themselves for increased taxation.
Ruling party leaders lauded the budget for its focus on a number of measures, including capital expenditure, tax exemption for senior citizens and incentives for start-ups among others.
Sitharaman also applauded the services provided by the Railways to transport essential goods across the country during the coronavirus lockdown.
In her Budget speech for 2021-22, Sitharaman also announced that senior citizens above 75 years of age having only pension and interest income would not be required to file income tax returns.
India had earlier in January approved two vaccines -- Oxford's Covishield manufactured by SII and Bharat Biotech's Covaxin -- for restricted emergency use.
The series saw Indian team register their first win at the Gabba in Brisbane -- a venue where Australia last suffered a defeat in 1988.
Sitharaman said that the main interventions under the scheme will support over 17,000 rural and 11,000 urban wellness centres.
The Finance Minister was seen carrying a tablet kept inside a red coloured cover with the golden national emblem embossed on it.