Soon after finance minister Arun Jaitley finished his budget speech, came a tweet by Mamata Banerjee, the chief minister of West Bengal. For starters, the revised estimates for corporation tax and tax on income are almost unchanged from the budget estimate for 2016-17. Nominal GDP in 2016-17 is expected to be slightly higher at Rs150.75 trillion vs. the budget estimate of Rs150.65 trillion. Further, this is in line with the growth estimate presented in the Economic Survey for 2016-17. The promise of reduction in corporate tax rates along with withdrawal of exemptions made in last year’s budget speech has not been realised.

Source: Mint February 01, 2017 21:35 UTC