Finance Minister Nirmala Sitharaman on Monday said the govt will borrow about Rs 12 lakh crore in 2021-22.
Presenting the Union allow 2021-22, she said expenditure for subsequent financial year has been pegged at Rs 34.83 lakh crore, which incorporates Rs 5.54 lakh crore of capital spending.
Sitharaman also said states will get 41 per cent share of taxes as per the 15th Finance Commission recommendation and therefore the government has accepted the advice .
Exemption from tax audit limit has been doubled to Rs 10 crore turnover for companies doing most of their business through digital modes, she said.
The minister of finance said advance liabilities on dividend income shall arise only after payment of dividend.
She further said the govt proposes to ease norms to draw in more foreign investment in infrastructure sector.