In the budget to be presented next month, steps will be taken towards a self-reliant India. After Corona, the difficulties of workers in many sectors have increased. The salary has fallen, so we are forced to cut costs. In such situation, there is a demand from the working class to increase the income tax exemption to five lakhs. Standard deduction limit is increased to one lakh rupees. Increase the mortgage interest exemption to Rs 2.50 lakh. New home buyers get interest rate subsidy according to IT. Increase in the premium waiver limit for health insurance. There is a requirement to abolish dividend tax on profits from the stock market.
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According to sources, sectors such as chemicals and the automotive sector are considering lowering tariffs on raw materials and increasing tariffs on finished goods. For this, a step-by-step plan can be kept for the staggered change of import duties. According to sources, the industry has recommended that three plates of import duties be introduced. Finished goods must be kept in a standard sheet. The spacers must be placed in the bottom plate. At the same time, the raw material should be kept in a zero or lowest plate. Sectors such as chemicals and aluminum require raw materials to be stored in the zero plate. Industries such as car accessories require that import duties on finished goods be considered higher.