Amid high expectations from the middle class and and industry, Finance Minister Arun Jaitley will present his maiden budget on Thursday that may contain tax sops for the salaried, dumping of the controversial retrospective tax and spelling out of steps to revive investment and manufacturing for growth.
There are high hopes that the budget for 2014-15 to be presented in Parliament may actually not tinker with the threshold limit or the other tax slabs but could provide reliefs by incentivising savings.
For boosting investment, Jaitley is expected to announce tax incentives for industry. As a prelude, the government has already extended the excise duty concessions for automobile and consumer durable sectors till December.
The Finance Minister is also expected to take a call on reducing duties on gold import, which were raised last year to check ballooning current account deficit.
He could also provide relief to farmers to help them tide over the impact of deficient monsoon which could lead to fall in agricultural output. The government may set up a price stabilisation fund, as promised in the BJP’s manifesto.
- After Congress Vice President Rahul Gandhi, Liquor Baron Vijay Mallya’s Twitter Account Hacked
- Find Out What PM Narendra Modi Told Cabinet Over Demonetisation Decision
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
- O. Panneerselvam: 10 Things You Need To Know
- PM Narendra Modi Slams Opposition For Not Letting Parliament Function
- Nawazuddin Siddiqui On Working In Raees: Was Nervous To Shoot With Shah Rukh Khan
- Bathinda Dancer Murder: Video Showing Accused Opening Fire At Marriage
- 5 Lesser Known Facts About Sasikala Natarajan
- Congress Leader Shashi Tharoor’s Delhi Home Burgled: Here’s What Happened
- Reserve Bank Of India Keeps Repo Rate Unchanged Post Demonetisation
The new minister may also outline the road map for roll out of the Good and Services Tax (GST) but it was not clear what will be his approach on the Direct Taxes Code (DTC) about which the Economic Survey makes a mention today.
In a bid to restore investor confidence, both domestic and foreign, Jaitley may announce scrapping of the provision of retrospective taxing of corporate mergers and acquisitions, a legacy of the UPA that was blamed on putting off foreign investors.
The survey has also called for tax reforms including raising the tax to GDP ratio that has fuelled whether he would choose to widen the base or withdraw exemptions.
Setting the tone for the Budget, the Survey underlined the essence of urgency to restore growth momentum and address the long-standing structural problems hurting economy.