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Budget 2018: Things to expect from Finance Minister Arun Jaitley

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Nimrat Kaur
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Budget 2018: Things to expect from Finance Minister Arun Jaitley
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Budget 2018: Union Finance Minister Arun Jaitley is expected to present the Union Budget on Feb 1 for the 2018-19 year that begins April 1. The Budget would be last full Budget of the Narendra Modi-led National Democratic Alliance government before the 2019 general elections. Infrastructure and the rural sector will be the major focus of the budget, Finance Minister Jaitley had said. Budget 2018: Things to expect from Finance Minister Arun Jaitley According to media reports, the government is likely to provide India with its first National Employment Policy (NEP) to address the crucial issue of job creation. Finance Minister Jaitley is likely to cut the corporate tax rate in Budget 2018 to make Indian industry globally competitive, and give incentives to infrastructure and small businesses. The finance minister should consider reducing the individual tax rates or increasing slab limits. While others are paying tax after the deduction of expenses, the salaried class is obligated to pay tax at the gross level. The government is likely to increase funding for the farm and rural sectors in the Budget. Presently, it seems that a pro-rural Budget is imminent — particularly in view of the Modi government’s earlier promises to ‘double farmers’ income by 2022’ and ‘provide MSP at input cost plus 50 per cent’. The Budget might overhaul the income tax administration and assessment system to lower taxpayer harassment and improve efficiency of officers. “The oil cess should be reduced to 8-10 per cent in Budget 2018 from the current 20 per cent to boost the petroleum sector," the industry has sought in their memorandum to Finance Minister Arun Jaitley. The Centre is planning to dedicate a large part of Budget towards capital expenditure on infrastructure and will push for foreign investments in the sector in Budget 2018 said Economic Affairs Secretary Subhash Garg. For senior citizens increasing the income tax exemption limit and also the rebate on premium of health policies needs an upward revision. -PTC News-
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