The government intends to eliminate all long-term income tax exemptions: Nirmala Sitharaman

NEW DELHI: After drastically reducing income tax rates for people on the condition that they waive exemptions and deductions, the finance minister said Saturday that the government intends to eliminate all IT exemptions to long term.

Speaking at a press conference after presenting his second Budget at the Lok Sabha, he said that income tax cuts continue to reduce corporate tax rates in September last year.

The minister said additional capital will be provided to public sector banks when necessary.

His speech on the budget did not provide any specific number for additional capital.

Live plus The finance minister said the improvement in revenue generation hopes to reduce the fiscal deficit to 3.5% of GDP in the next fiscal year from 3.8% in the current one.

The divestment secretary, TK Pandey, said that the sale of large tickets will take place in the coming months and that he hoped to achieve the goal of Rs 2.10 lakh crore established for the next financial year.

He said that an expression of interest (EoI) will be issued shortly for the sale of the government's stake in (BPCL).

The Cabinet had approved the sale of government participation in BPCL in November last year.