The Budget 2018-19 will be tabled at 11 AM in the morning in the parliament. Many countries across the globe have not only implemented the GST effectively, took care of the fledgling SME sector but have also clocked impressive economic growth resulting in some stunning case studies.
"There is a crying need for opening new avenues of financial support from the government in this budget to effectively manage the overall resources in a manner to enhance productivity using innovative technologies. The housing finance companies like us have a key role to play in boosting the government's efforts towards affordable and low-priced housing in metros as well as in tier-II and III cities", said Monu Ratra, ED and CEO, India Infoline Housing Finance Limited.
The Budget for 2018-19 will be the first Budget after the implementation of the GST regime.
Ahead of the budget, Modi - who came to power in May 2014 and faces re-election by mid-2019 - said in an interview with the Times Now news channel on January 21 that it is "a myth" that the average person wants sops and freebies, rebuffing the idea that the budget must be populist. "This year, the finance minister faces a unique dilemma of balancing growth and inflation amid rising crude oil prices and bond yield", said domestic brokerage Angel Broking in a note.
The printing of the Budget documents starts roughly a week before the date of the Budget presentation.
In the Budget, Mr Jaitley has the tough task of appeasing a demanding middle class, revive the rural and agriculture sectors and push growth which is at a four-year low.
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What got cheaper? Union Budget is back. Therefore, I believe rural sector will continue be one of the key focus areas of the Budget.
Citing sources, a report in Business Standard quoted that the government may announce reduced rates of deductions from women's salaries for various schemes managed by the Employee Provident Fund Organisation.
Even though independent India's biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers. With the U.S. substantially cutting corporate tax, the minister will also need to keep India's tax rate globally competitive, say experts.
Expectations on India's 2018 budget remain high despite Prime Minister Narendra Modi's attempt to temperate them with an assertion that it would not be a populist one.
It was reported that the government might increase the tax exemption limit of Rs 1.5 lakh to Rs 2 lakh. In 2015, the finance minister had said that main corporate income tax rate will be progressively brought down to 25 percent by 2019. It can also be seen on the YouTube webcast of Rajya Sabha TV.