Will salaried workers, farmers benefit from Congress tax proposals?
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1. Stable tax environment for salaried class:
Congress pledges stable personal income tax rates to provide certainty and allow for effective financial planning for the salaried class.
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2. Ending inhibitive tax schemes for start-ups:
The party vows to eradicate "Angel tax" and other restrictive tax policies hindering investment in budding start-ups and small businesses.
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3. Tax relief for MSMEs:
Congress commits to reducing the tax burden on Micro, Small, and Medium Enterprises (MSMEs) owned by individuals and partnership firms.
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4. Curbing cess overload:
The party promises to curb excessive cess and surcharges imposed by the current government, ensuring that states receive their rightful share of tax revenues.
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5. Introducing GST 2.0:
Congress plans to replace the current GST laws with GST 2.0, featuring a single, moderate tax rate, barring exceptions, to alleviate the tax burden on the poor.
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6. Exemption of GST on agricultural inputs:
Under Congress's proposed GST regime, agricultural inputs will be exempt from GST, providing relief to farmers and supporting the agricultural sector.
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7. Empowering state govts for small businesses:
State governments will take charge of overseeing small GST payers falling below a designated threshold, ensuring localized attention and support for these enterprises.