Union Budget 2018 evokes mixed reactions among Mumbaikars
Mumbaikars expressed mixed reactions to the proposals presented by Finance Minister Arun Jaitley in the Union Budget on Thursday
Mumbaikars expressed mixed reactions to the proposals presented by Finance Minister Arun Jaitley in the Union Budget on Thursday. While some said the budget was disappointing, others called it a "dream budget".
"The Modi government has provided a minor relief to the salaried people, but Jaitley taunted the individual entrepreneur saying they pay less tax," Pankaj Singal, a self-employed person from Kalbadevi in South Mumbai said. "Taxpayers have been slapped with additional one per cent cess on income tax. It is like giving by one hand and snatching it from both the hands," he added.
However, O P Sharma, a retired railway employee, called it a "dream budget" for everyone. "Apart from giving standard deduction of Rs 40,000 from salary income, now exemption of interest income on deposits with banks and post offices has been increased from Rs 10,000 to Rs 50,000 (for senior citizens). "This is a welcome budget, not only for senior citizens, but also for the poor, as the deduction under health insurance premiums to Rs 50,000 has been raised," he said. Homemaker Archita Mishra said the budget will further turn the household things costlier. "I cannot understand why the government has hiked the customs duty. Now, mobiles will get dearer. The standard deduction of Rs 40,000 from salary income to employees is an eyewash as there was already an exemption of Rs 35,000 in the form of transport and conveyance allowance. Now it has been made Rs 40,000," she said.
Sanjay Dubey, a professional working in a garment unit at Dadar said, "I had hoped that the government would raise the income tax limit or re-introduce 10 per cent slab. However, my hopes were dashed. The budget could have been bolder. The government did not think of the urban class." Nagesh Duubey, city-based chartered accountant however, termed the budget as "game changer" in the long run. "This budget is definitely going to benefit everyone in the long term and Rs 5 lakh cover to 10 crore poor and vulnerable families across the country will be game-changer. Now, people can use their money for their welfare which they used to spend on their treatment," he said.
Pramod Harlalka, a resident of Bhayandar, expressed his disappointment over the budget saying, "It seems that 'achhe din' are still far away, as there has been no incentive to the working class people. The government has tried to shift its focus on agrarian class. I don't know when we will do away with the cesses. Long term capital gains tax is back." Vishu, a Mumbaikar tweeted, "Not a single paisa loss or benefit for me. Of course, prices will keep increasing as usual. Farmer's suicide will never stop."
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Highlights of the Union Budget 2018