Port Blair, Feb 03: In a press release the Non Gazetted Govt. officers’ Association, A & N Islands today said that the Union Budget 2020-21 presented by Smti.Nirmala Sitaraman, Union Finance Minister is full of sounds but little substance for Govt. employees and workers.
The NGGOA further added that the budget does not address any of issues raised by organisations of central govt. employees and workers. The Union Budget proposes nothing to address, the burning issues the nation faces like alarming rise of unemployment, continuing slowdown of economy, rising prices, etc.
“Even the euphoria created by the Finance minister and media on the proposed new personal income-tax regime is not realistic. The projected benefits would get more than neutralised by the discontinuance of the deductions and rebates. The Finance minister has removed around 70 out of 100 exemptions and deductions provided in the income-tax act. The benefits of relief and deductions for various saving schemes, House building advance, standard deduction, etc are not available in the proposed new tax structure. The new tax regime is only attractive to non- salaried tax payers or those who don’t avail any exemption as of now. The Non Gazetted Govt. Officers’ Association, A & N Islands also express concern on lower budgetary allocation to food subsidy channelized through Food Corporation of India for public distribution system, MNREGA, Ayushman Bharat, PMJAY,PM-KISAN ,etc.,” the release added.
NGGOA further said in the release that the Govt. has become more than liberal in giving concessions to big business and corporate houses by the way of sharp reduction in corporate tax and scrapping of dividend distribution tax.
“The Association strongly opposes the proposed stake divestment move in Life Insurance Corporation of India (LIC) as it is against national interest. The Budget envisage to raise 2.1 lacs crore through disinvestment of Public sector banks, financial institutions and central public enterprises in 2020-21,” the release added.