Interesting Discussion on the Finance Bill.
The Budget evoked some interesting discussion in the Lok Sabha as the following observations would show. Please note, these are not extracts from Official records of Parliament, but compiled by our Budget Team and the actual words may be slightly different.
RUPCHAND PAL :
I asked a question long back. I repeatedly tried, maybe four times, to know as to how many people in our country mention in their annual returns that they have an annual income of more than Rs.10 lakh .
FM : That number is small, I agree, but do you agree that after this Government came that number has sharply increased and we are collecting more taxes and more people are disclosing an income of more than Rs.10 lakh ? That number is still small but I have made efforts in the last four years and the number has dramatically increased. I will give you the correct number when I will reply to the discussion.
RUPCHAND PAL :
I know that repetition by people like us has at least yielded some result. I can say that at least it has yielded some result. But if you look at the expenses being made, in single night in some hotel lakhs and lakhs of Rupees are being spent for marriages. The Government says that it has no wherewithal, commercial intelligence, of course.
FM : Since it is available now, let me give you the number. Sir, when this Government took over the number of individuals declaring an income of more than Rs.10 lakh was 97,412 and I had said that it was less than one lakh . Numbers for the year 2007-08 are not available but 2006-07 assessment year, that is 2005-06 financial year the number is now 1 ,77,051 . By 2007-08, assessment year 2008-09, I have no doubt this number will be even larger. Therefore, I agree it has nothing to do with the efforts we have made but it is because of Shri Rupchand Pal and his team.
RUPCHAND PAL :
I do not say like that. Let it be taken as the success of the hon. Finance Minister and his team but at least discredit may be given…
KHARABELA SWAIN : You are lucky. The income was less.
FM: Income was less because growth was also less in your Government. That was the reason. The growth was averaging 5.3 per cent for five years. For six years growth was 5.8 per cent and income was less. In our Government the average growth is 8.8 per cent, more income and, therefore, more tax.
KHARABELA SWAIN :
You yourself have admitted that it is because you have inherited a very good economy. You may see what your successor will do.