Let's take a look at what to expect from 2018 Budget
Revision of Tax Slab: People are eagerly waiting for the government to raise the income tax limit from Rs 2.5 lakh per annum to Rs 3 lakh. Arun Jaitley has hinted at some relief for taxpayers. Recently talking in an event, Jaitley said, "In income tax, the base has become larger. It is bound to enlarge. And, therefore, charging higher rates from few selected groups - which has traditionally been done - is an area which has been changing," reports a leading news portal.
Focus on sectors like agricultural and infrastructure: Budget 2018 could see the announcement of more road, railways, seaport and airport projects. Apart from the infrastructure, Jaitely also holds special importance in the area of Agriculture. There might be hope for the rural class to taste the victory as the 2018 budget is expected to be growth accelerated, employment generated. It will also improve the agricultural income.
Some of the major highlights are:
1- Establish a fund to guarantee credit to encourage investment in the agriculture sector
2- Allocate more funds for crop insurance schemes
3- Reduce fertiliser subsidies
Positive push to the gems and jewelry sector: There is an expectation to give a positive push to the gem and jewelry sector. Several media reports suggest that there is a hope to reduce the import duty on Gold by 4 percentage.
Others sectors to get benefit this financial budget: Apart from the agricultural and rural, economic sectors like healthcare, education and housing will also get some much-needed boost for their respective field.
GST rate revision: The upcoming budget will be crucial post the implementation of GST (Goods Service Tax), so people especially from the electrical sector seeking some positive response from the finance minister by increasing the cash purchase limit and GST rate revision on gold. The electrical industry feels that the GST rate of 28 percent will be revised to 18 percent considering products like TV, Refrigerator are no longer lies in the Indian luxurious households.
TECH/IT
Provide greater incentives for digital transactions to Supporting digital payments infrastructure, the upcoming budget list also has some benefit for the IT industry. Apart from this, lower GST rates for telecom services to 12 pct from 18 pct will also be expected.
So what do you think will "Budget 2018 would take India's growth story forward" as promised by Narendra Mode? Well, only time will tell. Keep reading for more updates.....
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in