Nirmala Sitharaman, the Union Finance Minister, chaired pre-Budget meetings with state Finance Ministers on Thursday. Some Chief Ministers and Deputy Chief Ministers, as well as senior officers from the states and the federal government, attended the meeting.
The rationalisation of income tax slabs was one of the suggestions put forward by the participating states. On personal income tax, some state Finance Ministers felt the personal income tax slabs saw sharp a jump from 5 per cent to 20 per cent and 30 per cent slabs. Multiple surcharges on some of the slabs jack up the personal income tax rate to over 40 per cent.
| Income Tax Slab | Income Tax Slabs rates (below 60 Years) |
|---|---|
| Up to Rs 2.5 lakhs | NIL |
| Rs. 2.5 lakh -Rs. 5Lakhs | 5% |
| Rs 5 .00 lakh – Rs 10 lakhs | 20% |
| > Rs 10.00 lakh | 30% |
The participants also referred that the Centre has already reduced corporate tax rates to increase compliance and attract more industry, they felt such an approach could be applied to income tax slabs as well.
The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget speech. Among the suggestions were increased research and development (R&D) spending, infrastructure status for digital services, investment in online safety measures and incentives to hydrogen storage and fuel cell development.
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