Arun Jaitley interacts with industry leaders post Budget; says we have a non-tax compliant population

Jaitley addressed Industry leaders at a post budget OPEN HOUSE Programme in New Delhi.

New Delhi: Finance Minister Arun Jaitley on Thursday said that he put data yesterday in Budget to show how non tax compliant the country is.

At a post budget OPEN HOUSE Programme with Industry leaders in New Delhi Jaitley said, “At one hand we have a population that is non tax compliant, on the other hand is the possibility of harrasment from taxman.”

“We have to take into consideration these both,” he added.

Rs 2000 upper cash limit for political funding is on recommendation of the Election Commission, a credible institution, Jaitley added saying that if someone misuses the Rs 2000 upper limit for political funding, then it invites onerous consequences.

Jaitley added that we have mostly an unstructured and untargeted subsidy regime in India. Many subsidies like  fertiliser are used more by rich. He suggested that it is better to select 30-35 percent most vulnerable persons and give a cheque in their hand to lift them out of poverty.

The FM also applauded the concept of Universal Basic Income. "This year Chief Economic Adviser has given the idea of Universal Basic Income. It's a great idea if implemented," Jaitley said.

“To implement Universal Basic Income, Political Parties must appreciate that it's better alternative for poverty elimination,” he said.