Reduce direct and indirect taxes in financial budget: Shiv Sena

As the budget is to be unveiled on February 1, Shiv Sena demanded compensation for the inconvenience that people experienced due to the demonetisation move by raising the exemption threshold of minimum annual income to Rs. 5 lakh to Rs. 2.5 lakh.

Shiv Sena submitted a letter to Maharashtra Chief Minister Devendra Fadnavis on Friday, addressing to Finance Minister Arun Jaitley over general budget, demanding reduction in both direct and indirect taxes in the ensuing financial budget.

In order to compensate for the inconvenience experienced by the common man after the sudden demonetisation move, the government should raise the exemption threshold of income by increasing the minimum annual income to Rs. 5 lakh, from the current Rs. 2.5 Lakh, the letter read.

The letter noted that the issue of unemployment will rise gradually by pressurizing the enterprises adding that all this would adversely affect the economy and overall growth.

The proposal also demanded similar measures to lower the indirect taxes to alleviate the burden of people and also advised for using advanced technology tools which would facilitate direct contact between tax payers and collectors.

The Supreme Court on Monday announced that the budget will be announced on February 1, as had been decided by the government.

The apex court rejected lawyer Manohar Lal Sharma's plea seeking postponement of Union Budget to March due to the upcoming assembly elections in the five states of Uttar Pradesh, Punjab, Manipur, Goa and Uttarakhand next month.

Sharma in his plea stated that the people would face a lot of problems due to the upcoming assembly elections in these five states.

The opposition had also sought the same, arguing that the budget announcement would allure the voters and influence voting thereby leading to unfair elections.