Government paves the way ahead for Interim Budget FY 20

New Delhi, February 12: “Modi government had taken a lot of initiatives in the past four and half years for the benefit of the poor, farmers and the middle class and the 2019-20 interim budget was a continuation of that. The Small farmers would be provided Rs 6,000 a year and those living in palaces would never understand the importance of Rs 2,000 every four months and hence they belittle the scheme”, said the acting Finance Minister Piyush Goyal addressing the lower house of the parliament, rubbing of the trolls claimed by the opposition as the house cleared the ways ahead for the interim budget on Tuesday.

 

The Loksabha today approved the Finance Bill paving the way for the implementation of the schemes and the changes proposed in the extant bill. The budget was passed by a voice vote amid a walkout by the Congress, NCP and CPM members.

Goyal said the scheme would cost Rs 75,000 crore in FY20 and Rs 20,000 crore in the fiscal year underway. In contrast, he said, the only benefit from the UPA government to the farmer in its 10 years was a Rs 52,000-crore loan waiver. “Perhaps people in big palaces with lot of inheritance, the namdaars won’t understand what this amount means for small and marginal farmers,” he said.

Stressing at the angel taxation systems for the start-ups in India, Goyal said that the government will ensure there is no action against companies that pull the money at a premium. Some startups have received notice under the so-called ‘angel tax’ where the share premium received in excess of the fair value was treated as income from other sources and taxed under a provision introduced under Section 56 to prevent money laundering.

“The government is taking hard steps to ensure that action is taken against bad companies,” he said, adding that no action of any kind was taken against honest companies that had brought genuine money at a premium. “We will protect honest people and give harshest punishment to the dishonest,” he said, amid continuous shouting by some opposition members during his reply.