New Delhi: The Finance Minister has proposed an excise duty and cess of Re 1 per litre each on petrol and diesel for easing global crude oil prices.
She said the Centre’s focus is on ‘gaon, garib aur kisan’.
The Finance Minister Nirmala Sitharaman proposed to extend the 25 percent corporate tax rate to all companies with a turnover up to Rs. 400 crore.
Sitharaman proposed to permit filing of income tax returns using either Aadhaar card or PAN card.
The Finance Minister said the government will ease foreign direct investment (FDI) restrictions in single-brand retail. This will be opened up in aviation, insurance, media and animation sectors.
She said there will be heavy investment in infrastructure and job creation. The government will upgrade 1,25,000 kilometres of roads over the next five years at a cost of $11.6 billion, she said.
Emphasizing the need to strengthen infrastructure in order to enhance connectivity, she said India will also enter into aircraft financing and leasing activities.