Budget 2018: GST Effect And Focus On Income Tax

Union Budget 2018: 88^th Budget After Independence

Our Finance Minister will present our Union Budget before the Parliament in eight days. This is the first Union Budget after the country’s biggest tax reform GST and eighty-eighth Budget after the independence. Last year the budget was presented in a traditional way of presenting the budget in Part A which dealt with financial policies and their significance and part B which deals with various taxations, customs duty, central excise, service tax and VAT with other direct tax subheads like income tax and corporate tax. 

Union Budget 2018: Post GST Budget

In this year’s budget, Part B has become shorter as GST engulfing many indirect taxes, guessing that Mr. Jaitley’s speech will be shorter. There are about 20 sundry cesses which are absorbed by GST. According to CAG (Comptroller and Auditor General), six major cesses gets more than 4 lakh crores of revenue, and 45% of which is still unutilized by the government. Hence the common men need not to worry about new cess being imposed on them.