Revenue loss from direct tax proposals to be ₹20,000 crore
In the Budget speech, Union Finance Minister Arun Jaitley on Wednesday said that net revenue loss to the government from direct tax proposals would be about ₹20,000 crore. The government reduced tax rates for small firms by 5% to 25%. Also, existing income tax rate for individuals with income between ₹2.5-₹5 lakh has been reduced to 5% from 10%.