On Wednesday, low- key  Budget invoked  486- point gain in the Sensex because of relief at inaction, and not because FM Arun Jaitley promised to “transform, energize and cleanse” India. Jaitley also lost the opportunity to overcome the demonetization windfall through 26 crores Jan Dhan accounts.

The market charm that much feared levies on capital gains did not occur, tax exemption for indirect capital gains of foreign portfolio investors was reaffirmed, service tax was not increased to 18%, and net market borrowings showed a fall from Rs 4.25 lakh to Rs 3.49 lakh crore.

Jaitley had pledged to cut the corporate tax rate from 30% to 25% to compete with rates in Asian competitor Last year he reduced the rate to 29% for selected companies. This year he has cut it to 25% only for only for companies with a turnover of under Rs 50 crore.

By lowering the income-tax rate on the bottom slab from 10% to 5% and imposing a 10% surcharge on higher slabs, Jaitley has transferred the tax burden from the lower middle class to the upper middle class.

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