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Budget Session 2024: The budget session of Parliament is going to start from Monday (July 22) which is likely to run till August 12. There will be 16 meetings during the period of 22 days in the session. Prime Minister Narendra Modi will address the media at around 10 am in the Parliament House complex on Monday (July 22) before the proceedings of both the Houses of Parliament begin.
It is believed that Prime Minister Modi, saying that the budget session of Parliament is important, can appeal to all political parties to discuss the budget in the House and let the proceedings of the House run smoothly. Earlier, in the all-party meeting called on Sunday (July 21) regarding the budget session of Parliament, the government also sought cooperation from all political parties for the smooth functioning of Parliament.
Target to pass six bills
On the first day of the session i.e. July 22, the Economic Survey of India will be tabled in Parliament. Necessary legislative and other necessary work will also be done during the session. During the second session of the 18th Lok Sabha and the 265th session of the Rajya Sabha, the government will try to introduce and pass six bills in Parliament, including the Finance (No. 2) Bill- 2024, Disaster Management (Amendment) Bill-2024, Boiler Bill-2024, Indian Aircraft Bill – 2024, Coffee (Promotion and Development) Bill- 2024 and Rubber (Promotion and Development) Bill – 2024. Along with this, three financial subjects – general discussion on the Union Budget, 2024-25, discussion and voting on the demands for grants for the year 2024-25 and passing the related Appropriation Bill, as well as discussion and voting on the demands for grants of the Union Territory of Jammu and Kashmir for the financial year 2024-25 and introduction, consideration and passing of the related Appropriation Bill are also on the agenda of the government.
Rajnath Singh gave advice
While chairing the all-party meeting, Defense Minister Rajnath Singh also advised the opposition parties to be ready to discuss all issues with an open heart. He said that the uproar and disruption caused by the opposition parties in both the houses – Lok Sabha and Rajya Sabha on the speech of Prime Minister Narendra Modi in the last session was not appropriate for parliamentary tradition. Concluding the meeting, Defense Minister Rajnath Singh thanked all the leaders for drawing attention to the important issues raised in the meeting and said that these issues will be taken care of. He also said that we should maintain the sanctity of Parliament during the proceedings.
What did Rijiju say on the responsibility of the opposition?
Union Parliamentary Affairs Minister Kiren Rijiju said after the conclusion of the all-party meeting that it is the responsibility of the government as well as the opposition to run the Parliament smoothly. He said that 55 leaders of 41 political parties including BJP attended the all-party meeting. The leaders also gave many good suggestions regarding the budget session. All political parties put forward their issues in the meeting. The government is always ready to discuss any issue on the floor of the House as permitted under the rules of procedure and conduct of business by the respective presiding officers. He also requested the cooperation and support of leaders of all parties for the smooth functioning of both the Houses of Parliament.
Before the budget, the issue has arisen again, how the salaried class is exploited the most in India!
Finance Minister Nirmala Sitharaman is going to present a new budget a day later. This budget will be the first budget of the third term of the Modi government and the full budget for the financial year 2024-25. It is believed that in this budget, the Modi government can present a roadmap to make the country developed by 2047. Meanwhile, just before the budget, the issue of salaried class taxpayers has again come to the surface.
Tax is already deducted from the salary
Analysts have been arguing for a long time that the salaried class taxpayers are exploited the most in India. It is said in its favor that income tax is already deducted from the salary of an employee doing a simple job, while businessmen or farmers earning a lot of money escape the liability of tax. This is the reason why for years, demands have been raised to give relief to salaried class taxpayers in the tax system and this year these demands have intensified even before the budget.
Government’s income from direct tax
The salaried class is the taxpayer class that contributes the most to the government’s treasury. One of the most important sources of government income is the collection of direct tax. In direct tax, the government earns from individual income tax and corporate income tax. Data released earlier this month shows that so far this year, the net collection of direct tax i.e. net direct tax collection has increased by 24.07 percent to Rs 5.74 lakh crore. This figure is till July 11, 2024.
Contribution of personal income tax in direct tax collection
The equation of contribution to the income from direct tax has changed rapidly in recent years. Historically in India, corporate tax has been heavier than personal income tax in direct tax collection, but now this picture has changed. With the reduction in corporate tax rates in 2019 and the increase in the number of salaried class taxpayers, the contribution of individual income tax has now gone far ahead. According to the data, corporate tax has contributed Rs 2.1 lakh crore to the total direct tax collection so far this year. At the same time, the contribution of personal income tax has been Rs 3.46 lakh crore in the total collection.
Need to earn 21.42 lakh for a car worth 15 lakhs
A viral article of Times of India is also telling the story of exploitation of individual taxpayers, especially the salaried class. In the 4-year-old article published in 2020, an example has been given to explain how much a salaried taxpayer needs to earn to buy a car. According to the article, if a salaried taxpayer wants to buy a car worth Rs 15 lakh, then he needs to earn Rs 21.42 lakh for it, because Rs 6.42 lakh goes in income tax. Similarly, to compensate for the fuel cost of Rs 7.55 lakh required to drive a car for one lakh kilometers, one needs to earn Rs 10.78 lakh.
The government earns more profit than car companies
Overall, if a salaried person buys a car worth Rs 15 lakh and drives it for 1 lakh kilometers, then the taxpayer needs to earn a total of Rs 32.20 lakh for it. Interestingly, Rs 18.78 lakh of them goes to the government treasury through various taxes. Meaning, even if the company makes the car and the taxpayer drives it, the government earns the most. There is not much difference in fuel prices or tax rates as compared to the year 2020.
Modi 3.0’s first budget will come tomorrow
The new session of Parliament is starting from 22 July i.e. today, Monday. On the second day of the session i.e. on July 23, Finance Minister Nirmala Sitharaman is going to present the full budget for the financial year 2024-25. Before that, the Economic Review will be presented in Parliament today. As soon as the budget is presented on Tuesday, it will become clear whether the government will provide some relief to the highest earning salaried class taxpayers or the trend of exploiting them will continue in the future as well.
