New Delhi
Finance Minister Piyush Goyal on Tuesday said the tax related proposals in the Finance Bill are aimed at helping the poor and the middle class people living on a tight budget.

The minister, while moving the Finance Bill for consideration and passage in the Lok Sabha, also took a swipe at the Congress, saying unlike the previous UPA dispensation, the Modi government in its Interim Budget did not reduce levies of SUVs which are used by rich persons.

In the Finance Bill 2019, the minister proposed to raise tax rebate for people having annual income up to Rs 5 lakh from Rs 2,500 to Rs 12,500, which will effectively ensure that they don’t have to pay any tax.

The tax proposals are aimed at helping “poor and middle class people living on tight budget”, Goyal said while moving the Finance Bill which contains tax proposals of the government.

Elaborating on his tax proposals, Goyal said the decision to raise the rebate for people having annual income of Rs 5 lakh was to provide greater certainty about tax liability as salary payments to them is subject to Tax Deduction at Source.

The proposal, Goyal added, was welcomed with euphoria within and outside the House and will provide requisite impetus to savings and boost economic growth.He said the Modi government during the last four-and-a- half years tried to benefit every section of society and tax payers.

The next government, which will be formed after the upcoming general elections, will come out with full budget in July. It will also come up with a Finance Bill containing the tax proposals for 2019-20.

Higher collections, he said, have enabled the government to earmark more resources for the socially and economically deprived sections of the society.The minister said the proposal to raise standard deduction from Rs 40,000 to Rs 50,000 and hiking TDS limit on interest income from Rs 10,000 to Rs 40,000 will provide relief to senior citizens.