Pranab Mukherjee's Budget 2012 speech- Part 2

Read part 1 of the Budget 2012 speech here

Part B
VIII. Tax Proposals
Madam Speaker,
I now come to Part B of my proposals.

135. The life of a Finance Minister is not easy. Various players, including policy makers, politicians, agriculturists and business houses, participate in the making of the economy. When everything goes well with the economy, we all share in the joy. However, when things go wrong, it is the Finance Minister who is called upon to administer the medicine. Economic policy, as in medical treatment, often requires us to do something, which, in the short run, may be painful, but is good for us in the long run. As Hamlet, the Prince of Denmark, had said in Shakespeare’s immortal words, “I must be cruel only to be kind.”

With this reminder, let me now turn to the tax proposals.

136. Last year, I had set the compass for movement towards the DTC in Direct Taxes and GST in Indirect Taxes. My tax proposals for fiscal year 2012-13 mark further progress in that direction.

Direct Taxes
I shall now deal with direct taxes.

137. Last year I provided relief to individual taxpayers by enhancing the exemption limit as a move towards DTC rates. Although DTC will not be effective from this year, I propose to introduce the DTC rates for personal income tax. I propose to enhance the exemption limit for the general category of individual taxpayers from Rs1,80,000 to Rs2,00,000. This measure will provide tax relief upto Rs2,000 to every taxpayer of this category. I also propose to raise the upper limit of the 20 per cent tax slab from Rs8 lakh to Rs10 lakh. The proposed personal income tax slabs are:

Income upto Rs2 lakh Nil
Income above Rs2 lakh and upto Rs5 lakh 10 per cent
Income above Rs5 lakh and upto Rs10 lakh 20 per cent
Income above Rs10 lakh 30 per cent
These changes will provide substantial relief to taxpayers.

138. I propose to allow individual taxpayers, a deduction of upto Rs10,000 for interest from savings bank accounts. This would help a large number of small taxpayers with salary incomes upto Rs5 lakh and interest from savings bank accounts up to Rs 10,000, as they would not be required to file income tax returns.

139. Within the existing limit for deduction allowed for health insurance,
I propose to allow a deduction of upto Rs5,000 for preventive health check-up.

140. Senior citizens who do not have any income from business are proposed to be exempted from the payment of advance tax. This will reduce their compliance burden.

141. In the case of corporates, I am not proposing any change in the tax rates. However, I propose certain measures to allow corporates to access lower cost funds and to promote higher level of investments in several sectors.

142. In order to provide low cost funds to some stressed infrastructure sectors, the rate of withholding tax on interest payments on external commercial borrowings is proposed to be reduced from 20 per cent to 5 per cent for three years. These sectors are:

• power;
• airlines;
• roads and bridges;
• ports and shipyards;
• affordable housing;
• fertilizer; and
• dams

143. The restriction on Venture Capital Funds to invest only in nine specified sectors is proposed to be removed. It is further proposed to remove the cascading effect of Dividend Distribution Tax (DDT) in a multi-tier corporate structure. I also propose to continue to allow repatriation of dividends from foreign subsidiaries of Indian companies to India at a lower tax rate of 15 per cent as against the tax rate of 30 per cent for one more year i.e. upto March 31, 2013.

144. Investment linked deduction of capital expenditure incurred in the following businesses is proposed to be provided at the enhanced rate of 150 per cent, as against the current rate of 100 per cent.

• Cold chain facility
• Warehouses for storage of food grains
• Hospitals
• Fertilisers
• Affordable housing

145. The following new sectors are proposed to be added for the purposes of investment linked deduction:
• bee keeping and production of honey and beeswax
• container freight station and inland container depots
• warehousing for storage of sugar


146. To promote investment in research and development, it is proposed to extend the weighted deduction of 200 per cent for R&D expenditure in an
in-house facility beyond March 31, 2012 for a further period of five years.

147. I also propose to provide weighted deduction of 150 per cent on expenditure incurred for agri-extension services in order to facilitate growth in the agriculture sector.

148. For the power sector, besides access to low cost funds as outlined above, I also propose extension of the sunset date by one year for power sector undertakings so that they can be set up on or before March 31, 2013 for claiming 100 per cent deduction of profits for 10 years. Additional depreciation of 20 per cent in the initial year is proposed to be extended to new assets acquired by power generation companies.

149. For SMEs, the turnover limit for compulsory tax audit of accounts as well as for presumptive taxation is proposed to be raised from Rs60 lakh to
Rs 1 crore.

150. In order to augment funds for SMEs, I propose to exempt capital gains tax on sale of a residential property, if the sale consideration is used for subscription in equity of a manufacturing SME company for purchase of new plant and machinery.

151. Considering the shortage of skilled manpower in the manufacturing sector and to generate employment, I propose to provide weighted deduction at the rate of 150 per cent of expenditure incurred on skill development in manufacturing sector in accordance with specified guidelines.

152. In order to reduce transaction costs in the capital markets, I propose reduction in Securities Transaction Tax (STT) by 20 per cent (from 0.125 per cent to 0.1 per cent) on cash delivery transactions.

153. In order to moderate the outgo on profit linked deductions, I propose to extend the levy of Alternate Minimum Tax (AMT) on all persons other than companies, claiming profit linked deductions.

154. I propose to introduce a General Anti Avoidance Rule (GAAR) in order to counter aggressive tax avoidance schemes, while ensuring that it is used only in appropriate cases, by enabling a review by a GAAR panel.

155. I propose a series of measures to deter the generation and use of unaccounted money. To this end, I propose
• Introduction of compulsory reporting requirement in case of assets held abroad.
• Allowing for reopening of assessment upto 16 years in relation to assets held abroad.
• Tax collection at source on purchase in cash of bullion or jewellery in excess of Rs 2 lakh.
• Tax deduction at source on transfer of immovable property (other than agricultural land) above a specified threshold.
• Tax collection at source on trading in coal, lignite and iron ore.
• Increasing the onus of proof on closely held companies for funds received from shareholders as well as taxing share premium in excess of fair market value.
• Taxation of unexplained money, credits, investments, expenditures etc., at the highest rate of 30 per cent irrespective of the slab of income.

156. My proposals on Direct Taxes are estimated to result in a net revenue loss of Rs 4500 crore for the year.

Indirect Taxes

157. I shall now turn to indirect taxes. In a slight departure from the previous years, I shall begin with Service Tax.

Service Tax
158. At the end of June this year, this tax will attain adulthood by completing 18 years. It is therefore time to shift gears and accelerate ahead. However, service tax needs to confront two important challenges to sustain the journey. These are:
• The share of services in taxes remains far below its potential. There is a need to widen the tax base and strengthen its enforcement;
• Service Tax law is complex and sometimes avoidably different from Central Excise. We need to bring the two as close as possible in the light of our eventual goal of transition to GST.
I have attempted to address both these issues this year.

159. Last year, I had initiated a public debate on the desirability of moving towards taxation of services based on a negative list. In the debate that continued for the better part of the year, we received overwhelming support for this new concept. It has been perceived both as sound economics and prudent fiscal management.

160. Thus, I propose to tax all services except those in the negative list. The list comprises 17 heads and has been carefully drawn up, keeping in view the federal nature of our polity, the best international practices and our socio-economic requirements.

161. The important inclusions in the negative list comprise all services provided by the government or local authorities, except a few specified services where they compete with private sector. The list also includes pre-school and school education, recognised education at higher levels and approved vocational education, renting of residential dwellings, entertainment and amusement services and a large part of public transportation including inland waterways, urban railways and metered cabs.

162. Agriculture and animal husbandry enjoy a very important place in our lives. Practically all services required for cultivation, breeding, production, processing or marketing up to the stage the produce is sold in the primary markets are covered by the list.

163. In addition to the negative list, there is a list of exemptions which include health care, services provided by charities, religious persons, sportspersons, performing artists in folk and classical arts, individual advocates providing services to non-business entities, independent journalists, and services by way of animal care or car parking.

164. To take financial services to the door steps in rural areas, I have also exempted the services of business facilitators and correspondents to banks and insurance companies.

165. Construction services relating to specified infrastructure, canals, irrigation works, post-harvest infrastructure, residential dwelling, and low-cost mass housing up to an area of 60 sq. mtr. under the Scheme of Affordable Housing in Partnership are also included in the exemptions. To make the life of those who already own an apartment a little easier, I propose to raise the exemption for the monthly charges payable by a member to a housing society from Rs 3,000 to Rs5,000.

166. The Year 2012 marks the beginning of the centenary year of Indian cinema. Despite the change in titles from Dada Saheb Phalke’s “Raja Harishchandra” to “Ra. One” in recent times, the industry has played a pivotal role in unifying our country in the wake of her considerable diversity. To add to their spirit of celebration, I propose to exempt the industry from service tax on copyrights relating to recording of cinematographic films.

167. Movement towards the negative list will result in reducing nearly 290 definitions and descriptions in the Act to 54, and the exemptions from the existing 88 to 10, of course merging some of the existing exemptions into a revised notification. In terms of number of pages, the law will be shorter by nearly 40 per cent.

168. As a measure of harmonisation between Central Excise and Service Tax, a number of alignments have been made. These include a common simplified registration form and a common return for Central Excise and Service Tax, to be named EST-1. This common return will comprise only one page, which will be a significant reduction from the 15 pages of the two returns at present.

169. Revision Application Authority and Settlement Commission are being introduced in Service Tax to help resolve disputes with far greater ease.

170. Cascading of taxes has been significantly reduced by permitting utilisation of input tax credits in a number of services such as catering, restaurants, hotel accommodation, pandal and shamiana and transport sectors.

171. Place of Supply Rules, that will determine the location where a service shall be deemed to be provided, are being placed in public domain for stakeholders’ comments and shall be notified when the negative list is put into effect. These rules will also provide a possible backdrop to initiate an informed debate to assess all the issues that may arise in the taxation of inter-state services for the eventual launch of GST.

172. I propose to set up a Study Team to examine the possibility of a common tax code for service tax and central excise which could be adopted to harmonise the two legislations as much as possible at the right time.

173. While the problems faced by exporters of goods with respect to taxes on input services was addressed earlier this year, disbursement of taxes that go into the export of services has been an irritant for long. I now announce a new scheme that will simplify refunds without resorting to voluminous documentation or verification. As an added incentive, such refunds will also be admissible for taxes on taxable services that have been exempted.

174. Rules pertaining to the Point of Taxation are also being rationalised, providing greater clarity and removing the irritants. Cenvat credits in a number of areas are being restored. There are a number of other proposals both for the facilitation of business and to check malpractices. I do not wish to take the valuable time of this House for discussing all these proposals.

175. You will notice that most of these measures are guided by the need to move towards a system that is simple, equitable and progressive but are unlikely to make the exchequer richer in any significant way. Looking at our vast commitments and to maintain a healthy fiscal situation, I propose to raise the service tax rate from 10 per cent to 12 per cent, with consequential changes in rates for services that have individual tax rates.

176. My proposals from service tax are expected to yield an additional revenue of Rs 18,660 crore. Keeping in mind that the share of services in GDP is 59 per cent, you would agree that the proposed increase is not too harsh.

I shall now deal with proposals relating to the other indirect taxes.

177. In the wake of the global financial crisis in 2008-09, the standard rate of excise duty for non-petroleum goods was reduced from 14 per cent to 8 per cent in a phased manner. This rate was raised from 8 per cent to 10 per cent in Budget 2010-11. Given the imperative for fiscal correction, I propose to now raise the standard rate from 10 per cent to 12 per cent, the merit rate from 5 per cent to 6 per cent, and the lower merit rate from 1 per cent to 2 per cent. However, the lower merit rate for coal, fertilisers, mobile phones and precious metal jewellery is being retained at 1 per cent.

178. Large cars currently attract excise duty depending on their engine capacity and length. In keeping with the increase proposed in the standard rate, I propose to enhance the duty from 22 per cent to 24 per cent. In the case of cars that attract a mixed rate of duty of 22 per cent + Rs15000 per vehicle, I propose to increase the duty and switch over to an ad valorem rate of 27 per cent.

179. No change is proposed in the peak rate of customs duty of 10 per cent on non-agricultural goods. Barring a few individual items, the rates below the peak are also being retained.

180. I shall now take up relief proposals for specific sectors – especially those under stress. These have been formulated to stimulate investment and manufacturing growth.

Agriculture & Related Sectors

181. Carrying forward the initiatives taken for agriculture and agro-processing in the previous Budgets, I propose:
• to reduce basic customs duty from 7.5 per cent to 2.5 per cent on:
? sugarcane planter, root or tuber crop harvesting machine and rotary tiller and weeder;
? parts for the manufacture of these;
• to reduce basic customs duty from 7.5 per cent to 5 per cent on specified coffee plantation and processing machinery;
• to extend project import benefit to green house and protected cultivation for horticulture and floriculture at concessional basic customs duty of 5 per cent;
• to reduce basic customs duty on some water soluble fertilisers and liquid fertilisers, other than urea, from 7.5 per cent to 5 per cent and from 5 per cent to 2.5 per cent;
• to extend concessional import duty available for installation of Mechanised Handling Systems and Pallet Racking Systems in mandis or warehouses for horticultural produce.

182. Imports of equipment for initial setting up or substantial expansion of fertiliser projects are being fully exempted from basic customs duty of 5 per cent for a period of three years up to March 31, 2015.

Infrastructure

183. In the realm of infrastructure my proposals address some weaknesses in the troika of power, coal and railways.


184. Domestic producers of thermal power have been under stress because of high prices of coal. I propose to ease the situation by providing full exemption from basic customs duty and a concessional CVD of 1 per cent to Steam coal for a period of two years till March 31, 2014. Full exemption from basic duty is also being provided to the following fuels for power generation:
• Natural Gas and Liquified Natural Gas; and
• Uranium concentrate, Sintered Uranium Dioxide in natural and pellet form.

Mining

185. Better surveying and prospecting for minerals are essential for improving the productivity and efficiency of our mining sector. I propose to reduce basic customs duty on machinery and instruments for surveying and prospecting from 10 per cent or 7.5 per cent to 2.5 per cent. In addition, full exemption from basic customs duty is being provided to coal mining projects.

Railways

186. Over the next five years, Indian Railways are undertaking two major projects for passenger safety and better service delivery. These are - the installation of Train Protection and Warning System and upgradation of track structure for high speed trains. I propose to reduce basic customs duty on equipment required for their implementation from 10 per cent to 7.5 per cent.

Roads

187. Full exemption from import duty on specified equipment imported for road construction by contractors of Ministry of Road Transport and Highways, NHAI and State Governments is being extended to contracts awarded by Metropolitan Development Authorities.

188. Tunnel boring machines and parts for their assembly are covered by this exemption. I propose to allow their import free of duty without end-use condition.

Civil Aviation

189. India has potential for establishing itself as a hub for third-party Maintenance, Repair and Overhaul (MRO) of civilian aircraft. To actualize this potential, I propose to fully exempt from basic customs duty parts of aircraft and testing equipment imported for this purpose. As a measure of support to the airline industry, it is also proposed to fully exempt both new and retreaded aircraft tyres from basic customs duty and excise duty.

Manufacturing

190. My proposals for the manufacturing sector that needs support at this juncture, seek to provide relief through cost reduction of raw materials, inputs, components and capital goods.

191. To encourage enrichment of low-grade iron ore, of which we have huge reserves, I propose to reduce basic customs duty on plant and machinery imported for setting up or substantial expansion of iron ore pellet plants or iron ore beneficiation plants from 7.5 per cent to 2.5 per cent. My other proposals relating to the steel sector are as under:

• to reduce basic customs duty on:
? coating material for manufacture of electrical steel from 7.5 per cent to 5 per cent
? nickel ore and concentrate and nickel oxide/ hydroxide from 2.5 per cent or 7.5 per cent to Nil
• to enhance export duty on chromium ore from Rs3000 per tonne to 30 per cent ad valorem
• to enhance basic customs duty on non-alloy, flat-rolled steel from 5 per cent to 7.5 per cent.

192. Our textile industry, especially the weaving sector, urgently needs to modernise. I propose to fully exempt automatic shuttle-less looms from basic customs duty of 5 per cent. Similarly, full exemption from basic duty is being accorded to automatic silk reeling and processing machinery as well as its parts. It is also proposed to restrict these exemptions and the existing concessional rate of basic customs duty of 5 per cent only to new textile machinery. Second-hand machinery would now attract basic duty of 7.5 per cent. Other proposals on textiles are:
• to reduce basic customs duty on wool waste and wool tops from 15 per cent to 5 per cent
• to reduce basic customs duty on Titanium dioxide from 10 per cent to 7.5 per cent
• to extend full exemption from basic customs duty to aramid yarn and fabric used for the manufacture of bullet proof helmets

193. Excise duty of 10 per cent is applicable to branded ready-made garments with abatement of 55 per cent from the Retail Sale Price. Along with increase in duty to 12 per cent, I propose to enhance the abatement to 70 per cent. As a result, the incidence of duty as a percentage of the Retail Sale Price would come down from 4.5 per cent to 3.6 per cent.

194. Our MSME sector is fertile ground for the production of low-cost medical devices. In order to provide impetus to this sector, I propose to reduce basic customs duty to 2.5 per cent with concessional CVD of 6 per cent on specified parts, components and raw materials for the manufacture of some disposables and instruments. Full exemption from basic customs duty and CVD is also being extended to specified raw materials for the manufacture of coronary stents and heart valves. These concessions would be subject to actual user condition.

195. My other proposals to support the manufacturing sector include:

• Full exemption from basic customs duty on
? waste paper,
? LCD and LED TV panels, and parts of memory card for mobile phones
• Reduction of basic customs duty on specified raw materials for the manufacture of adult diapers from 10 per cent or 7.5 per cent to 5 per cent with CVD of 6 per cent and nil special CVD.

196. My attention has been drawn to the plight of a few sectors that are highly labour-intensive and produce items of mass consumption. As a measure of support, I propose to enhance basic customs duty on bicycles from 10 per cent to 30 per cent and on bicycle parts from 10 per cent to 20 per cent.

197. Full exemption from excise duty is currently available to hand-made matches while others attract the standard rate. It is proposed to reduce excise duty on matches manufactured by semi-mechanised units from 10 per cent to 6 per cent.

Health and Nutrition


198. It is proposed to extend concessional basic customs duty of 5 per cent with full exemption from excise duty/CVD to six specified life-saving drugs/ vaccines. These are used for the treatment or prevention of ailments such as HIV-AIDS, renal cancer, etc.

199. Protein deficiency among women and children is one of the most common sources of malnutrition in India. I propose to reduce basic customs duty on Soya protein concentrate and isolated soya protein from 30 per cent or 15 per cent respectively to 10 per cent. Simultaneously, excise duty on all processed soya food products is being reduced to the merit rate of 6 per cent.

200. Consumption of iodised salt prevents iodine deficiency and related diseases. I propose to provide a concessional basic customs duty of 2.5 per cent along with reduced excise duty of 6 per cent on iodine.

201. Probiotics are a cost-effective means of combating bacterial infections. It is proposed to reduce the basic customs duty on this item from 10 per cent to 5 per cent.

Environment

202. In order to fully realise our potential in the realm of solar energy, solar thermal projects need encouragement. I propose to fully exempt plant and equipment etc. for the initial setting up of such projects from special CVD.

203. Concessions have already been provided for encouraging the consumption of energy-saving devices. I propose to fully exempt a coating chemical used for compact fluorescent lamps, from basic customs duty. Excise duty on LED lamps is also being reduced to 6 per cent.

204. Specified parts required for the manufacture of hybrid vehicles enjoy full exemption from basic customs duty and special CVD with concessional excise duty/ CVD of 6 per cent. This concession is being extended to specified additional items and lithium ion batteries imported for the manufacture of battery packs for supply to electric or hybrid vehicle manufacturers.

205. One of the primary drivers of the current account deficit has been the growth of almost 50 per cent in imports of gold and other precious metals in the first three quarters of this year. I have been advised to strengthen the steps already taken to check this trend for better results. I propose to increase basic customs duty on standard gold bars; gold coins of purity exceeding 99.5 per cent and platinum from 2 per cent to 4 per cent and on non-standard gold from 5 per cent to 10 per cent. In sync with these, basic duty on gold ore, concentrate and dore bars for refining is being enhanced from 1 per cent to 2 per cent. On the excise side, duty on refined gold is being increased in the same proportion from 1.5 per cent to 3 per cent.

206. In order to prevent round-tripping, it is proposed to impose basic customs duty of 2 per cent on cut and polished, coloured gem stones at par with diamonds.

Additional Resource Mobilisation

207. I shall now take up my proposals on “demerit” goods. I propose to increase basic excise duty on cigarettes of more than 65mm length by adding an ad valorem component of 10 per cent to the existing specific rates. The ad valorem duty would be chargeable on 50 per cent of the Retail Sale Price declared on the pack.

208. I also propose to carry out a nominal increase in basic excise duty on hand-rolled bidis from Rs8 to Rs10 per thousand and on machine-rolled bidis from Rs19 to Rs21 per thousand. The existing exemption available to hand-rolled bidis for clearances up to 20 lakh bidis per annum is being retained.

209. Pan masala, gutkha, chewing tobacco, unmanufactured tobacco and zarda scented tobacco in pouches are leviable to excise duty under the compounded levy scheme. The rates of duty specified per packing machine for these items are being stepped up taking into account improvements in the efficiency of machines used by this industry.

210. Crude petroleum oil produced in India attracts a cess of Rs2,500 per metric tonne under the Oil Industries Development Act. This rate was last revised in Budget 2006-07. As a measure of indexation, I propose to increase the rate of cess to Rs4,500 per metric tonne.

211. Completely Built Units of large cars/ MUVs/ SUVs having engine capacity above a prescribed threshold and whose value exceeds US dollar 40,000 per vehicle are permitted for import without type approval. Basic customs duty on such vehicles is being enhanced from 60 per cent to 75 per cent ad valorem.

Rationalisation Measures


212. Packaged cement, whether manufactured by mini-cement plants or others, attracts differential excise duty depending on the Retail Sale Price per bag. It is proposed to prescribe a unified rate of 12 per cent + Rs120 PMT for non-mini cement plants and 6 per cent + Rs120 PMT for mini-cement plants. It is proposed to charge this duty on the Retail Sale Price less abatement of 30 per cent.

213. The House would recall that I had re-introduced a levy of excise duty of 1 per cent on branded precious metal jewellery in the last Budget. As a measure of rationalisation, I propose to include jewellery, not bearing a brand name, under its ambit. However, to simplify its operation and minimise its impact on small artisans and goldsmiths, I propose:

• to charge this duty on tariff value equal to 30 per cent of the transaction value;
• to extend small-scale exemption up to annual turnover not exceeding Rs1.5 crore for units having a turnover below Rs 4 crore in the previous year;
• to compute turnover on the basis of tariff value; and
• to place the onus of registration and payment on the person who gets jewellery manufactured on job-work.

214. I propose to fully exempt branded silver jewellery from excise duty.

215. Building of commercial vehicle bodies is currently exempt from excise duty. In lieu of this duty, a specific rate of Rs10,000 is being charged on chassis in addition to the applicable ad valorem duty. This duty structure is regressive. It is proposed to convert the specific component of duty to an ad valorem rate of 3 per cent.

216. In the last Budget, excise duty exemption on ships and vessels including dredgers was withdrawn. Accordingly, CVD of 5 per cent became leviable on their imports. As the intention was not to levy this duty on the import of foreign-going vessels, I propose to exempt such vessels from CVD retrospectively. However, to ensure that ships, vessels and dredgers manufactured in India do not face disability vis-à-vis foreign-going ships converting into coastal vessels, necessary safeguard is being provided.

Baggage Allowance


217. Baggage allowance for Indians travelling abroad was last revised in 2004. I propose to increase the duty-free allowance for eligible passengers of Indian origin from Rs25,000 to Rs35,000 and for children of up to 10 years from Rs12,000 to Rs15,000.

218. My proposals relating to Customs and Central excise are estimated to result in a net revenue gain of Rs 27,280 crore for a full year.

219. My proposals on Direct Taxes are estimated to result in a net revenue loss of Rs4500 crore for the year. Proposals relating to Indirect Taxes are estimated to result in a net revenue gain of Rs45,940 crore, leaving a net gain of Rs41,440 crore in the Budget.

220. For the Indian economy, this was a challenging year. A number of global and domestic factors militated against the growth that had revived in the last two years. But India has thrived under challenges and India will do so now. In the middle of every crisis, there is also an opportunity. It is an opportunity to re-think, re-assess and make way for new ideas and policies. It is in this spirit that I approached the Budget of this year. The aim is to create an enabling atmosphere for corporates, farmers, entrepreneurs and workers to take initiatives for robust growth. The aim is also to ensure that the benefits of growth reach all sections of population. India stands on the brink of a major resurgence. Whether or not today’s announcements make tomorrow morning’s headlines matters little, as long as they help in shaping the headlines that describe India a decade from now.

Madam Speaker, with these words, I commend the Budget to the House.