Contribution for Union Budget 2023-2024
• Unconditional Exemption from GST to Members of Cooperative Housing Societies on their contribution towards common expenses from their Tax paid income. This is doble taxation.
• Restore Senior Citizen Concession for Train Travel
• Exemption limit for Income Tax for individuals should be Ten Lakh Rupees without any deduction.
• Maximum Income Tax rate for Individuals should be 20%.
• Launch a “Divyangjan Welfare Deposit Scheme”. The interest rate should be 10% payable quarterly and maximum deposit amount should be Ten Lakh Rupees. Tenure should be 5 years with facility of extension. Interest rate to be increased after 10 years depending on inflation.
• Senior Citizens Deposit Scheme 2004 should be renamed as ‘Senior Citizen Welfare Deposit Scheme 2023’ and interest rate should be restored to 9.3% on all existing deposits. Interest rate should not be reduced but increased to take care of inflation.
• Work out new GST rates for all goods & services without Input Tax Credit. This will stop frauds. Ease to do business will improve as only one return needs to be filed. Suggested GST rates:
I) 0% on exempted goods and services
II) 5% on all goods and services
III) 10% on Diesel and Petrol
IV) 20% on luxury goods and services
• Allow import of gold with reasonable custom duty.
• Exempt from GST Solar Panels manufactured in India
I request Local Circles to invite suggestions from members and submit to concerned authority. more