The Union Budget of this year is eagerly awaited to check if the government has been very kind enough to reduce the income tax limits of the salaried people, the sales tax of the business people and the GST on various products and services that are used on a daily basis by the people.
What has made the government plan for changes?
The reason due to which the government plans for changes in the budget are manifold. The reasons due to which the changes in the Union Budget of the FY 2018-19 is expectedis shown as below.
Fiscal deficit target
The Fiscal deficit target is nothing but the percentage of the Gross Domestic Product of the year. The difference between the expenditure of the government and the revenue that excludes the receipts from the borrowings is known as theFiscal deficit. This forms an important part of the economic survey.
Where can one find the information easily?
Www.indiabudget.gov.in is the website where one can find the information related to budget easily. The people who wish to see the changes that have been made authentically without the intervention of exterior forces like the media; one can make use of this website.
Expectations from the budget due to the changes made
- There are few expectations like
- Cuts in Income Tax rates
- Cuts in Corporate Tax rates
- Sector-specific announcements
- Allocation in various schemes
- Not so populist budget
- PART A of budget speech= the announcement of new schemes, the modifications in existing schemes
- PART B of budget speech= the announcement of direct taxes, GST purview fewer products like petroleum rates
- Major Change in Part B is that the GST has galloped over a dozen of indirect taxes like the value added tax, service taxes and excise duty.
2017 was a year of giant changes like that of GST, recapitalization of banks. This led to many market disruptions,and the production was subdued. The healthy growth is thus expected after a huge setback after the tools that were used to modify the economy like that of demonetization and the Goods and Services Tax. Since many businesses aren’t doing well, there is a huge problem of unemployment. It is expected that the government that is eyeing the 2019 polls would keep all this in mind and draft a budget that is going to be of great help in treating the problems in the larger sections of the society.