Finance Minister Piyush Goyal, in an interview with CNBC-TV18, said that the government wanted to make tax planning convenient for the people. In a major relief to the salaried class, Goyal on Friday announced full tax rebate to individuals having annual income of Rs 5 lakh. This translates to a benefit of Rs 18,500 crore to more than 3 crore taxpayers.
The government also announced the much talked about farm relief package, PM Kisan Samman Nidhi scheme. Under the scheme, Goyal proposed a farm relief package of Rs 6,000 per year to farmers owning two hectares of land. The package was approved at the cost of Rs 75,000 crore. This income support will be “retrospective”. Farmers will get this income support from December 2018. So for FY19, the government will shell out Rs 20,000 crore as “income support” to farmers.
"The farm package is a scheme for the current year and is a mark of respect for farmers as it acknowledges their role," Goyal told CNBC-TV18.
He said that over 10 years, Rs 7.5 lakh crore will be given to them. "Our agriculture package is a sustainable scheme," he said, adding that the farmers are benefiting from various government schemes and the government has been consistent in delivering the development.
Goyal said that Prime Minister Narendra Modi and Arun Jaitley, who recently divested his charge as FM, put in all the hard work and added "we would have liked to do a lot more".