log on to thegoan.net WEDNESDAY JULY 24, 2024 @thegoanonline Facebook.com/thegoan 16 pages PRICE ` 10 PANAJI MARGAO GOA VOLUME X, NO. 37 BUDGET EMPLOYMENT & SKILLING >> 2024-25 The Goan E-Paper (Playstore/IOS) RNI: GOAENG/2015/65729 HIGHER EDUCATION >> 5 schemes to focus on 4.1 crore youth over 5 years Internship scheme for 1 crore youth in top companies Women-specific skilling programs, increased workforce participation Instagram.com/thegoanonline Rs 10 lakh crore loan scheme for higher education Loan support of up to Rs 10 lakh for higher edu in domestic institutions e-vouchers directly to 1 lakh students annually LAND REFORMS >> Reforms in land administration, urban planning, building bylaws Unique Land Parcel Identification Number for rural areas Land registry also to be established in rural areas COCKTAIL OF GROWTH & POLITICS RELIEF FOR SALARIED CLASS UNDER NEW TAX REGIME; STANDARD DEDUCTION HIKED TO ` 75,000 STATES URGED TO CUT STAMP DUTY ON PROPERTY REGISTRATIONS DIGITISATION OF URBAN LAND RECORDS ONE-MONTH SALARY TO ALL NEW EMPLOYEES ENTERING THE WORKFORCE I-T ACT TO BE REVIEWED ECO GROWTH PTI NEW DELHI Finance Minister Nirmala Sitharaman on Tuesday announced a marginal income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by parties that are needed to keep the Bharatiya Janata Party in power as she unveiled the Modi 3.0 government’s first budget after the general elections. With rural distress and unemployment being blamed for the BJP losing its majority in the Lok Sabha, forcing it to rely on partners to form government, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for rural development and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost economic growth. She cut import duty on mobile phones and key parts to benefit firms like Apple, slashed customs duty on gold and silver to curb smuggling, and made significant changes in capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which disappointed the markets. “India’s economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead,” she said. “In this budget, we particularly focus on employment, skilling, MSMEs, and the middle class.” The centrepiece of the over Rs 48 lakh crore budget was employment, internship and skilling schemes, aimed at creating job avenues for the largest youth population in the world. Besides Rs 2 lakh crore provided over a five-year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth. RELIEF TO STARTUPS Sitharaman announced removal of angel tax for all classes of investors to further promote the growth of budding entrepreneurs of the country. Angel tax refers to the income tax that the government imposes on funding raised by unlisted companies, or startups, if their valuation exceeds the company’s fair market value. “To bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors,” she said. TOURISM Government’s efforts in positioning India as a global tourist destination will also create jobs, stimulate investments and unlock economic opportunities for other sectors. In addition to the measures outlined in the interim budget, the following measures were proposed: Comprehensive development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor will be supported to transform them into world-class pilgrim and tourist destinations. BIHAR BOOST For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP’s partner Janata Dal-United has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. ON PAGES 9, 10, 11 A GAME-CHANGER FOR REAL ESTATE, HAIL DEVELOPERS BUDGET SHOULD NUDGE STOCK MARKET UP IN THE COMING DAYS INDIAN RAILWAYS NOT IN THE DRIVING SEAT LAB CHEMICAL EXEMPTION LIFTED TO STOP TAX EVADERS BUDGET REVEALS GOVERNMENT’S LONG-TERM THINKING NEW EMPLOYEES Govt will give onemonth’s salary to all new employees entering the workforce. The amount will be provided as PF contribution. The scheme is No funds for Exposition in budget THE GOAN I NETWORK ASSEMBLY COVERAGE (See pgs 2 & 3) PANAJI Goa’s hope for Rs 300 crore to host the decennial exposition of St Francis Xavier was dashed when the Union Budget presented by Finance Minister Nirmala Sitharaman in Parliament made no mention of the allocation. Chief Minister Pramod Sawant, however, defended stating such allocations are not mentioned in the Budget. “Although such allocations find no place in the Budget, we had still requested the Centre for Rs 300 funds for the Exposition, which will see the attendance of a large number SAWANT UPBEAT, HAILS BUDGET Union Budget prioritizes employment, infrastructure and tourism promotion, all of which will help Goa It lays down priorities, across all sectors Our double engine government is working for four components, which are Kisan Kalyan, Garib Kalyan, Nari Shakti, and Yuva Shakti Goa will benefit from infrastructure development and other programs listed in the budget of people from different parts of the world. We are certain that the Centre will release these funds under other programs,” Sawant said. During a pre-budget meeting in Delhi last month, Sawant sought at least Rs 8,000 crore for Goa for various developmental projects including Rs 300 crore for the upcoming exposition of St Francis Xavier at Old Goa. Despite no exclusive allo- cation for Goa, Sawant hailed the budget stating the Union Budget prioritizes employment, infrastructure and tourism promotion, all of which will also help Goa. “I welcome the ‘Budget For Viksit Bharat’, that lays down the priorities, across all sectors. Our double engine government is working for four components, which are Kisan Kalyan, Garib Kalyan, Nari Shakti, and Yuva Shakti. These components are focused in this budget,” he said. The CM quickly added that Goa will benefit from infrastructure development and other programs listed in the budget. Govt to set up special court Sun sets on Sunburn at Quitol; IDC says ‘no’ for land grabbing cases THE GOAN I NETWORK MAPUSA In a decisive move to address the rampant issue of land grabbing in the state, Chief Minister Pramod Sawant announced that a special court will be established to oversee and adjudicate illegal land grabbing cases. The announcement was made during a session of the Goa Legislative Assembly. Sawant confirmed that the government has accepted the report and recommendations of the inquiry commission led by former Judge V K Jadhav, which was appointed to investigate land grabbing cases. “The government will constitute a tribunal or a special court to oversee and decide on LAND GRAB: STATUS Sawant informed the Assembly that a total of 48 FIRs have been registered across Goa 22 FIRs registered by SIT specifically constituted to probe these cases Police have filed four chargesheets in court related to these investigations Fraudulently usurped properties will be reverted to original owners after consulting legal team, says CM Seven to eight individuals have been arrested so far in connection with land grabbing cases CM says taking steps to ensure that such land fraud does not happen in future New amendments to be brought in by the government the various land grabbing cases that have come to light during the investigation conducted by the SIT,” Sawant said. The Chief Minister informed the Assembly that a total of 48 first information reports (FIRs) have been registered >Continued on P8 THE GOAN I NETWORK PANAJI Amid increasing backlash from locals and Opposition legislators over Sunburn’s proposal to relocate to Quitol, the Goa Industrial Development Corporation (IDC) has rejected the proposal. The decision was taken at IDC Board meeting held on Monday. “Sunburn’s proposal to hold the EDM festival at Quitol was brought before the IDC Board, and we rejected it as it is not in our rules,” IDC Chairman Aleixo Lourenco told reporters outside the Assembly complex late Tuesday night. The Goan was the first to report on July 14 that one of the two IDC properties at Quitol was proposed to host the event this year. Responding to criticism from Opposition leaders in the Assembly, Lourenco defended himself, stating that they were targeting him without verifying the facts. “Sunburn is held every year. This is not the first time. I have not proposed Sunburn. It is a private event. The Opposition has no other work than to target me. It’s become their habit to do so without knowing or ascertaining the facts,” he said. The matter was raised in the Assembly, with Leader of Opposition Yuri Alemao demanding an FIR against the organizers for selling early bird tickets sans govt approval. The other Opposition MLAs also questioned government’s intention to promote the event alleging it is laced with anti social activities. meant for all persons entering the workforce in all sectors and will benefit 210 lakh youth across the country, she said. MIDDLE CLASS For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -saving up to Rs 17,500 in tax annually, she said. Commenting on the budget, Prime Minister Narendra Modi said it “will act as a catalyst in making India the third-largest economy in the world (from fifth largest today) and will lay a solid foundation for a developed India.” Modi lauded the budget’s sharp focus on the youth, backward sections, women and middle class as also on manufacturing and infrastructure sectors, and asserted that the proposed employment-linked incentive schemes will create crores of new jobs. OLD INCOME TAX REGIME TAX SLABS Up to Rs 2.5 lakh Rs 2.5 lakh to 5 lakh Rs 5 lakh to Rs 10 lakh Above 10 lakh NIL 5% 20% 30% NEW INCOME TAX REGIME TAX SLABS Up to Rs 3 lakh Rs 3 lakh to Rs 7 lakh Rs 7 lakh to Rs 10 lakh Rs 10 lakh to Rs 12 lakh Rs 12 lakh to Rs 15 lakh Above Rs 15 lakh NIL 5% 10% 15% 20% 30% PERSONAL TAX >> Salaried employee in the new tax regime stands to save up to Rs 17,500 in income tax Deduction on family pension for pensioners raised from Rs 15,000 to Rs 25,000 CAPITAL GAINS TAX >> 20 pc tax on short-term gains on certain financial assets 12.5 pc tax on long term gains on all financial and non-financial assets Long-term capital gains up to Rs 1.25 lakh from listed equities exempted Angel tax to be out UNION BUDGET KEY TAKEAWAYS >> Three cancer drugs fully exempted from custom duty Customs duty on mobile phone, mobile Printed Circuit Board Assembly and mobile charger reduced 1000 ITIs to be upgraded in Hub and Spoke TAX ON REAL ESTATE >> arrangements Rooftop solar scheme launched Customs duties on gold & sliver reduced to 6%; platinum to 6.4% Mudra loan limit hiked to Rs 20 lakh from Rs 10 lakh Indexation benefit on sale of property removed Sale of property will now attract a new LTCG tax rate of 12.5% without indexation benefit
The new Goa, with a broader profile of people from different parts of India and the world, needs not just a strong local paper but a complete paper. The Goan on Saturday will connect to and be a viable and comprehensive read for locals, other Indians in Goa, NRI and foreigners. It will also be a bridge for Goans in other parts of India all over the world to their home land. The Goan is published by Goa's most reputed industrial houses.
