Budget 2022 Podcast: Clear calls for reduced GST on insurance premiums, separate tax rebate on ELSS, mutual funds

 







Ahead of Budget 2022, Finance Ministry in December 2021 said, net direct tax collection last year has touched Rs 9.45 trillion, growing 60.8 percent from the year-ago period.

In this edition of the Budget 2022 Podcast, CNBCTV18.com’s Kanishka Sarkar gets in conversation with Preeti Khurana, Director of Advocacy and Regulation, Clear (formerly ClearTax), to find out what people want in order to ensure their consumption power is maximised in 2022-23 fiscal.

Khurana is of the view that given a good year in terms of net direct tax collection, combined with the phenomenal number of income tax return (ITR) filed, it is absolutely fair for the people to expect a reduction in tax.

According to the Clear CA, the government must consider increasing the Section 80C limit or offer a separate rebate for equity-linked investments like ELSS and mutual funds to allow people to their reduce taxable income.

Also, given a high rate of Goods and Services Tax (GST) on automobiles, Khurana suggests FM Sitharaman should either consider lowering tax rates or allow exemptions to electric vehicle buyers to encourage them to make a purchase.




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