Budget 2018: Here are 10 facts that you should know about
- Author: Eleanor Harrison Feb 01, 2018,
Feb 01, 2018, 0:21
"To facilitate cross-border trade and investment without the barrier of double taxation, the Governments of India and the USA should reaffirm the shared commitment to improving tax dispute resolution".
RICS called for the real estate sector to be brought under the Goods and Services Tax (GST) regime and tax incentives for first-time home buyers.
Even the Economic Survey says govt needs to focus on employment. No surprise, then, that India Inc welcomed the FM's announcement during Budget 2015 to embark on a corporate tax rationalisation drive over coming years. There is speculation that Jaitley may raise the deduction limit on investments in specific mutual funds, national savings certificates and public provident fund (PPF) among others made under the popular "Section 80 (C)" scheme of the Income Tax Act from Rs 1,50,000 to Rs 200,000.
BOOSTING INFRASTRUCTURE: Infrastructure has also got boost by Modi govt. Due to this, desired number of jobs has not been created which is a major concern for the government.
"The government is likely to give special attention on alleviating the stress that has built up in the rural economy while also pushing infrastructural projects". We expect the honourable finance minister to announce a specific mechanism to regulate the cost of key raw materials like cement and steel to help the industry produce affordable housing units for the masses.
In his 1991 Budget speech, Manmohan Singh had famously quoted Iqbal and said, "Yunaan-o-Misr-o-Roma, sab mitt gaye jahaan say, Ab tak magar hai baqi, naam-o-nishaan hamara (Greece, Egypt, Rome are all dust, but our India lives forever)". Prepared by Chief Economic Adviser Arvind Subramanian, it pegged India's GDP growth for the upcoming fiscal at 7 to 7.5 percent.
PUSH TO EDUCATION: Education is important for overall development of the country. Individuals who earn less than Rs 2.5 lakh are exempted from paying taxes, but it is suggested that they should also file the returns. Sunil Kumar Sinha, principal economist at Fitch Group's India Ratings & Research, said the oil price increase will "straight away feed into the inflation, and retail prices of petrol and diesel would become a political issue as consumers will start complaining and there'll be pressure on government to do something".
A lot of expectations are also seen in Railways.
Before Arun Jaitley, only Manmohan Singh, Yashwant Sinha, P Chidambaram and Morarji Desai have managed to present five consecutive Budgets as finance ministers.
"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".