Union Budget for 2018-19 to be presented tomorrow

by Susie Olson February 1, 2018, 0:53
Union Budget for 2018-19 to be presented tomorrow

The Finance Ministry also asked citizens to tweet their queries related to the general budget with hashtag #AskYourFM.

"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". Since 1980, the budget printing was started in North Block, which remains same till the date. "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.

Players in the Fast Moving Consumer Goods sector expect the government to make labour markets more attractive and resume stalled infrastructure projects to create more jobs across sectors.

FOCUS ON INDUSTRY: Industry is again a key focus. With the U.S. substantially cutting corporate tax, the minister will also need to keep India's tax rate globally competitive, say experts.

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The Economic Survey presented by the Union Finance Minister Arun Jaitley on Monday in Parliament had projected India's GDP growth ranging between 7 to 7.5 per cent in the upcoming fiscal year, highlighting the fact that the GDP growth has averaged 7.3 per cent for the period from 2014-15 to 2017-18, marking it highest among the major economies of the world. Given the importance of MSME for the overall growth of the economy, this sector needs to stabilise first. Choosing this turnover, in the absence of any such evidence, shows the apathetic nature of the Government towards small businesses. In 2015, the finance minister had said that main corporate income tax rate will be progressively brought down to 25 percent by 2019.

SALARIED CLASS: EXPECTATION: Tax exemption limit can be increased.

REVIVING BANKING SECTOR: Banks struggling with the financial crisis and NPAs have great expectations from the budget. Collectively, in the last financial year the government raised Rs 52,500 crore in this financial year through myriad divestment avenues, including listing of insurance PSUs and the CPSE and Bharat 22 ETFs. Hence, the government should transform the whole individual tax slabs to provide some substantial relief to the people. Through the Budget presentation, the Finance Minister can provide a larger mandate and direction to the GST Council so that frequent knee-jerk decisions, that now emanate after the GST council meetings once in a while, are done away with and a much more thought-induced working is put in order. We also expect the government to grant industry status to real estate sector to facilitate ease of doing business and access to construction loan at a cheaper cost. "We also need to see how the villagers, poor farmers and labourers are benefited from the Budget".

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