10 things people expect from budget 2018 -Governance Now

10 things people expect from budget 2018

Budget 2018 is the first budget to be presented after introduction of GST and the last full budget of the Narendra Modi government before the general election in 2019

GN Bureau | January 30, 2018

#tax #GST #Arun Jaitley #Finance Ministry #union budget #budget #Narendra Modi

PM Modi delivering his statement to media ahead of the Budget Session of Parliament, in Parliament House, on January 29

When finance minister Arun Jaitley rises to present the union budget 2018 in parliament on Thursday, most Indians will be hoping that he leaves them with more money in their pockets.

Here are 10 expectations from this budget. This budget is significant as it is the first budget to be presented after the introduction of GST and the last full budget of the Narendra Modi government before the general election in 2019.

Reduce taxes on individual tax payers
Industry hopes for a growth oriented and forward looking budget
Rural infrastructure projects need to be expedited
Employment generation needs to be stepped up
Corporate tax have to be lowered
Not bring back long term capital gains tax
Rationalisation of indirect taxes
Replace minimum alternative tax with income based alternate minimum tax
Strengthening public sector banks reeling under NPAs
More clarity on multi lateral instrument

The past year has been a difficult period for the economy, especially GST kicked in. Small businesses were hugely impacted by the introduction of GST and large corporates too faced challenges.

The Economic Survey says that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19.

It also said that the reform measures undertaken in 2017-18 can be strengthened further in 2018-19.

People are hoping that the budget will address the issues that slowed down the economy post-demonetisation and GST.

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