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    Budget 2021: Tried to maintain all tax rates so they don't impact consumers, says CBIC chairman M Ajit Kumar

    economy | IST

    Budget 2021: Tried to maintain all tax rates so they don't impact consumers, says CBIC chairman M Ajit Kumar

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    No super rich tax; no changes to personal income tax slabs or rates, no wealth tax, no COVID cess and no tinkering with long-term capital gains tax rates. Finance minister puts the focus on revenue mobilisation through asset monetisation instead of higher taxes.

    No super-rich tax; no changes to personal income tax slabs or rates, no wealth tax, no COVID cess, and no tinkering with long-term capital gains tax rates. Finance minister puts the focus on revenue mobilisation through asset monetisation instead of higher taxes.
    PC Mody, CBDT Chairman and M Ajit Kumar, CBIC Chairman, the architects of budget spoke to CNBC-TV18.
    On not raising the health and education cess, PC Mody said, “In this pandemic times, we utilised this adversity and turned it into an opportunity by toning up the tax administration and by using technology in a big way so as to give better tax payer services. So I suppose our compliance level became more voluntary and more self-sustaining so that gave us the confidence that we could do without raising the taxes.”
    On reduction in excise duty for petroleum, M Ajit Kumar, CBIC Chairman, said, “We have tried to maintain all the tax rates so that it doesn’t impact the consumer at the same time we needed funds for the agriculture development so we have just carved out a small portion of the duties that are already being collected. It was very essential at this stage to have a special fund for agriculture and that is what we have done.”
    “There has been no change as far as tax is concerned because if we have to spend a lot in a year like this, you also have to maintain your finances. We have to find resources if we have to spend,” Kumar added.
    For entire discussion, watch the video
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