The D-day has arrived as the Union Finance minister Arun Jaitley will be presenting the fifth and that final Budget 2018-19 for the ruling government. As the Budget 2018-19 is said to be the last budget by the ruling Bharatiya Janata Party (BJP) before the upcoming Lok Sabha 2019 Elections, the government is said to be leaving no-stone-unturned in making sure that they deliver what people expect, mostly. In an all-party meet called-in before the beginning of the Budget sessions 2018-19, BJP’s Parliamentary Affairs Minister had stated that the party is taking all the suggestions by the opposition ‘sincerely’. However, senior Congress leader, Malikarjun Kharge termed it ‘eyewash’. With just a few hours left before the nation gets the new budget here is a look at what people might get.
Since it has been noted that there has been an increase in the Centre’s net direct tax collections and also the widened base of the taxpayer, a reduced slab on the income tax is likely to surface again. In the last budget presented by Arun Jaitley, the rate on the personal income slab between Rs 2.5 lakh and Rs 5 lakh was reduced from previously noted 10% to 5%, making almost the half of what it was earlier. Now, since Centre’s net direct tax collections have been higher earlier in the year, Finance Minister might reduce the slab more in order to help the common people.
Also, as previously announced by the Finance Minister, Corporate tax may be reduced from 30% to 25% as Arun Jaitley had promised in 2015 Budget. Re-introduction of the standard deduction for salaried class is also likely to happen in the Budget 2018-19. Apart from this, after facing much criticism over the roll-out of the Goods and Services Tax (GST), the Budget 2018-19 might look at reducing the GST on the insurance policies.
Even though President Ram Nath Kovind already slammed all the critics over the job employment sector by stating that his government powered the youth of India to work for them by giving them the power of ‘start-up’, some new schemes are expected for the entrepreneurs. Also, reports say that the BJP government might also announce the regulation of the rising crypto currencies.