undergroundnewsroom.com March 23, 2018

Budget 2018: Here are 10 facts that you should know about

01 February 2018, 12:55 | Gordon Grant

The business community in Ludhiana expects finance minister Arun Jaitley to ease the taxation policy

The business community in Ludhiana expects finance minister Arun Jaitley to ease the taxation policy

Preparations in final stage for presentation of general Budget for year 2018-19 on Thursday; Common man expects from the Finance Minister to bring out something for him; More impetus on sectors like agriculture, infrastructure and employment expected.

"The government has worked hard to earn macro stability through fiscal consolidation and it should not fritter it away, especially when global risks remain and general elections are 14-15 months away", says Sachidanand Shukla, chief economist, Mahindra & Mahindra. This budget will be the last chance for the Modi government to woo the large Indian mass. "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. Also, this is the first union budget to be presented under the GST regime.

He said an increase in the deduction limit on contribution to National Pension Scheme (NPS) would lead to fulfillment of the Finance Minister's dream of a pensioned society "Under the Income tax Act, an assessee is eligible for an additional deduction on contribution to NPS scheme up to Rs50,000".

This, however, will not change anything for finance minister Arun Jaitley.

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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. The budget proposals are also expected to focus on addressing tax provisions that impact flagship programs of the government, such as "angel tax" that impacts Start-Up India, and MAT on debt restructuring that worries the working of the Insolvency and Bankruptcy Code.

PUSH TO EDUCATION: Education is important for overall development of the country. 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. With the USA substantially cutting corporate tax, the minister will also need to keep India's tax rate globally competitive, say experts.

The Finance Ministry on Wednesday, a day before Budget 2018, took to twitter to announce that the countdown for the union budget has begun. This shows borrowing requirement of the government from all sources.

While income tax benefits can be provided to buyers through this Budget, the GST Council nod would be required for lowering the GST rate.

"We may see policies aimed at eliminating supply side barriers to in agricultural markets while also trying to increase the efficiency with which markets function".

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