The Modi 2.0 government's maiden budget hiked petrol and diesel prices, raised import duty on dozens of items and increased tax on the super-rich as it sought to spur growth through higher spending and sops for startups, housing and corporates.
Presenting the budget for 2019-20, finance ninister Nirmala Sitharaman announced further opening up of aviation, insurance and media sectors to foreign investment while throwing a lifeline to the struggling shadow banks (NBFCs) to boost investment and lending in the economy.
She made no changes to the income tax slabs but hiked surcharge on the super-rich. Those with a taxable income of Rs 2 to 5 crore will now pay 39 percent tax while those with more than Rs 5 crore income would pay 42.47 percent. "Those in the highest income brackets need to contribute more to the nation's development," she said.
Also, 2 percent TDS on cash withdrawals exceeding Rs 1 crore and mandatory filing of returns by a certain category of individuals was brought in with a view to tighten compliance.
In an interview to CNBC-TV18's Surabhi Upadhyay, Swarup Mohanty, CEO of Mirae Asset India; Sunil Subramaniam, MD of Sundaram MF; Parizad Sirwalla, Partner at KPMG and Feroze Azeez, Deputy CEO at Anand Rathi Private Wealth Management are decoding union budget and discuss what does it bring for the common taxpayers and for the common investors.