first_imgNew Delhi: The government will take a decision on raising the income tax exemption limit at an appropriate time, Minister of State for Finance Anurag Singh Thakur said on Thursday. Last week, the government lowered the corporate tax to 22 per cent from 30 per cent and there has been a clamour for raising income tax exemption limit to push demand and consumption with a view to fuel economy. “When the time arises to take a call on it (income tax relief), the government will do so. The government in the past has also increased (the limit) from Rs 2.5 lakh to Rs 5 lakh. In future, whenever the time arises, we will look into the matter,” he said here. Also Read – Commercial vehicle sales to remain subdued in current fiscal: IcraWith regard to curbs on Punjab & Maharashtra Co-operative Bank (PMC Bank) by the RBI, the minister said the central bank has its own role in the country and it does its job well. “After considering all aspects they (RBI) will take a decision so that it benefits both customers and the bank,” it said. The central bank on Tuesday put a slew of restrictions on the Mumbai-based lender, creating panic among thousands of depositors. Major restrictions include capping withdrawal at Rs 1,000 per customer during the six-month period, and banning the bank from extending new loans. The lender has around Rs 11,000 crore of public deposits. Also Read – Ashok Leyland stock tanks over 5 pc as co plans to suspend production for up to 15 daysWith regard to Antigua Prime Minister Gaston Browne reiterating that Mehul Choksi may be extradited to India after he exhausts all legal options available with him, Thakur said it is because of the efforts of the Narendra Modi government. The government through many legislations including Insolvency and Bankruptcy Code has ensured that nobody flees the country with the public money, he said. Meanwhile, he said that the government decision to cut corporate tax will boost growth and investment in the country. He also said there is a need to fight against counterfeit, smuggling and piracy as it has hurts economy, and also hampers job creation. Prevention of smuggling can increase employment by up to 16.36 lakh jobs in five key industries – textiles, tobacco products, garments, capital goods and consumer Electronics, according to a study released by the minister. Indian economy loses Rs 1,17,253 crore due to smuggling in these five sectors, it said. On corporate tax reduction, Thakur said new investment will help create lot of job opportunities in the country. “India now provides most competitive rate in the world and will attract fresh investment in manufacturing which will catapult our country in the $5 trillion economy,” he said. In the biggest reduction in 28 years, the government on Friday slashed corporate tax by almost 10 percentage points as it looked to pull the economy out of a six-year low growth and a 45-year high unemployment rate by reviving private investments with a Rs 1.45-lakh crore tax break.last_img read more