Union Budget 2018 –What Reforms You Can Expect in This Budget

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UNION Budget 2018
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An NGO on Wednesday urged the government to place more information in front of public related to this budget because they feel the budgetary process in India was not so transparent enough.

After Goods and Services Tax(GST) this will be the first union budget of the nation and it will presented by finance minister Mr Arun Jaitley in just few hours after at 11Am. Finance minister Mr. Arun Jaitley has been arrived in parliament and just before arriving he has met the president Mr. Ramnath Kovind. This will be the last full union budget by Modi Government before the LokSabha elections of 2019 as there will be interim budget next year that will not be upto whole financial year so people are having great hopes from this last union budget in 2018. People are having some expectations certainly from this budget as will government raise the income tax slab or will there be any steps to bring petrol and diesel prices down or will there be any step to put continuously increasing inflation rate down.

union-budget-2018-19Some days ago Prime Minister Mr. Narendra Modi also said that Union Budget of 2018 will not be a popular kind budget as people are expecting from us. This will be like the previous budgets presented by Modi government as our main focus is to strengthen the Indian economy and facilities that are being delivered to public. However, He added that this budget will be for all and will satisfy the expectation of a common Indian man.

Arun Jaitley will present his fifth budget in the Lok Sabha at 11 p.m. So far 87 general and interim budgets have been introduced. After independence, the first general budget was first presented to the Finance Minister RK Sankhukam Chetty on November 26, 1947. It was only Rs. 171.85 crores. At the time of first budget, the currency of India and Pakistan was the same.

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Morarji Desai has the record of presenting the maximum budget of 10 times. P. Chidambaram presented nine, Pranab Mukherjee eight, Yashwant Sinha, Yashwant Rao Chavan and CD Deshmukh, seven-seven and T.T. Krishnamachari and Manmohan Singh presented six-six general budgets.

What will not happen in this budget after GST?

After the GST is implemented, the GST Council chaired by the Finance Minister is working to change the indirect tax. It is the Minister of Finance of all the States and Union Territories.

Why is this budget important for the Modi government?

– After the ban on bondage and GST, there was a decline in the economy. The government can increase the fiscal deficit target of 2018-19, because spending on public schemes may increase before the general elections.

This common budget is also important as there are elections in 8 states of Rajasthan, Madhya Pradesh, Chhattisgarh, Karnataka, Nagaland, Mizoram, Tripura and Meghalaya this year. The government can declare these states keeping in mind the plans.

Know, what are the 10 expectations from this budget

1) Will the income tax slab get relief?

It is being said that the exemption limit on income tax can be increased from existing 2.5 lakh to 3 lakh rupees. For this, the existing slab of income tax can be changed.

This is the Current Income Tax Slab

Income Applicable Tax
Upto 2.5Lacs 0%
From 2.5 To 5 Lacs 5%
From 5 Lac To 10 Lacs 20%
More Than 10 Lacs Per Year 30%

2) Will 80C increase the limit of investment?

Last year, the government had increased the deduction limit from Rs 1 lakh to Rs 1.5 lakh under Section 80C of Income Tax. It is expected that in this budget it can be 2 lakhs. Under this, investment tax rebate is given in schemes like PPF, LIC policy and Sukanya prosperity.

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3) Will rates of petrol and diesel decrease?

Expectations that Jaitley can announce the reduction of excise duty on petroleum products in the general budget. It will be possible to make petrol and diesel cheaper. Rs 19 for petrol, Rs 15 for diesel Excise duty is.

Time to remind you that gasoline is the most expensive in 4 years. The price of diesel is at the highest level so far. For example, on January 30, petrol 72.02 and diesel 64 rupees per liter sold in Delhi.

4) Will the trains increase in security?

– For the modification of the signal system in railway, the cost of 78 thousand crore rupees can be approved. For security of passenger, the camera can be given the green signal for all the trains and stations in the country. For the installation of cameras in 11 thousand trains and 8500 stations, it can be announced to give Rs 3 thousand crore to the railway.

– According to the plan, 8 cctv cameras will be installed in every coach, in which all the places will be covered with Entry Gate and Corridor. At present, there are cameras in 395 stations and 50 trains.

5) Will the rail fare decrease or increase?

This time will the rail fare decrease or increase? It will also be visible to everyone. Four budgets have come since the Modi government came in 2014, but there was no increase in the railway fares at any one time.

6) Will digital India be promoted?

– In this budget, emphasis should be on promoting digital transactions to promote cashless economy. Apart from this, the issue of emphasis on cyber security is also being discussed.

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7) Schemes for increasing the income of farmers

According to the government, the increase in the activities of agriculture, forestry and fishing activities in the current financial year is 2.1%. While this was 4.9% last year. Budget analysts say that the government can declare steps to improve production and income in these sectors in their budgets.

Just To Remind You, Modi government promises to double the income of farmers till 2022.

8) Will the Defense Budget increase?

It is anticipated that this time the government can increase the defense budget. This is due to the challenges India faces with Pakistan and China. Last year, the government had increased it by 6.2%. In 2017-18, Rs 2,74,114 lakh crores were allocated for defense. At the same time, the 2016-17 budget was 2.58 lakh crores.

– In terms of spending on defense, India is at number four in the world. India’s defense budget is six times more than Pakistan and three times lower than China.

9) Will corporate tax decrease?

– America is constantly cutting corporate tax. On the other hand, in his first budget speech, Arun Jaitley had said that in the years to come, the reduction of corporate tax from 30% to 25%. Given the global competition, it is expected that the government can cut corporate tax this year. Last year, Jaitley also announced declaring an income tax of 25% for small companies with an annual turnover of 50 crore.

10) Special announcement for women?

– This time the economic survey was on the theme of Pink Color. This was done for Woman Empowerment and Gender Equality. It is expected that this time, in the budget, there may be special announcements related to women.

Article Source: Bhaskar.com

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