Finance Minister Arun Jaitley may present the Union Budget 2018 anytime from now giving the nation an idea of government’s planning to take this country forward. Industry players, Businessmen, common people are will be eyeing what the Prime Minister Narendra Modi-led government has for them in its pandora’s box in its final full budget. With General Election 2019 on the cards, as well as assembly elections in several states, even the political pundits are finding it hard to predict whether the Union Budget 2018 will be economic one, populist one or a political one. But given the 2019 Lok Sabha elections, many economic experts and political analyst have been of the opinion that Budget 2018 will focus more on reforming the rural sector to give it a push as according to many reports, it is seriously lagging behind especially if compared to other industries. So at a time when there are just moments left for the Finance Minister Arun Jaitley to present Budget 2018, let’s take a look at some areas where the Budget will make an impact.
Union Budget 2018: A look at some areas where the Budget 2018 could make an impact
- One of the most important concern of the people, businessmen, industry players is how well the government is managing the income tax, so all eyes will be on whether there be any cuts in income tax slabs.
- Budget 2018 will further evaluate the value of long term capital gain on shares. The changes will depend on how the government comes out with changes in tax regime in terms of assets.
- Businessmen and industrialists will definitely be keeping their fingers crossed as it’s still very unpredictable thing of how the government will come with corporate tax. According to a report by a leading daily, in 2015, the Modi government mentioned about lowering the corporate tax rates. The Corporate sector is also hoping that there will no increase in any kind of surcharge.
- Once again, Budget 2018 is expected to be focussed more on bringing reforms in the farming sector keeping the general elections and other state assembly elections in view.
- According to economic survey, the motive of the Prime Minister Narendra Modi-led government will be to bring schemes, planning’s to further eradicate poverty, especially the problems faced by the farming sector and bringing a change in their lives.
- The Narendra Modi government has been known for reforming the ways the government used to handle subsidies, so this will be another major area to see today whether the government will bring further changes in the way it has been giving subsidies in various sectors.
- Many industry players are also eyeing a cut in the excise duty on petrol and diesel, so will there be any and if it happens, how fruitful will it prove for the citizens.