Aircraft leasing firms get tax relief

MUMBAI: The government on Monday proposed tax exemption for aircraft leasing companies.

Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2021-22 proposed tax exemption for aircraft leasing companies and also announced tax exemption for notified affordable housing for migrant workers.

Sitharaman also said the Rs 1.5 lakh deduction on payment of interest for affordable housing has been extended by one year.

Stating that there were record GST collections in the last few months, the finance minister said the government will take every possible measure to reduce anomalies, including the inverted duty structures in GST.

She also announced a proposal to review over 400 old exemptions in indirect taxes and the government will begin extensive consultation for the same from October 2021.