New Delhi: Arun Jaitley maintains his tag as the ‘cess minister’. The finance minister who believes whenever he needs revenue he can add a new cess or tinker with existing cess rates.
Though many experts have reported there is nothing new in this budget for salaried class, that’s not right. The increase in education cess by 1% will make sure, all income tax payers which consist of a large section of salaried class will see a downward revision in their take-home salary staring from April 2018 without factoring their salary revision.
When our reporter asked Mr. Jaitley why you are using education cess to fund healthcare scheme, Mr. Jaitley said, “Earlier when I introduced Krishi Kalyan Cess you people objected saying why you are adding new new cess. Now if I play around with existing one cess I have with me right now, there also you have problem”.
Arun Jaitley then went ahead and told the press how he sees lot of potential in education cess.
“I dream of a day when education cess alone will fund our complete defence budget, the biggest amount I have to allocate in my budget. We can’t reach there immediately, for this we have to take baby steps like I have taken today in the budget”, said Jaitley.
Arun Jaitley said after having Security Transaction Tax and Long-Term Capital Gain both at the same time, India became one of ‘rarest’ economies in the world. Similarly, one-day India will be the first country in the world to manage our defence through education cess. If we can do that successfully many countries would be eager to emulate us.
Many salaried people are hoping at least their companies will give them a hike to cushion the cess hikes that FM will bring from time to time.