Arun Jaitley, Jayant Sinha at North Block ahead of Budget announcement

Finance Minister Arun Jaitley and Minister of State for Finance Jayant Sinha on Monday reached at the North Block today from where they headed to the Parliament to present the Annual Budget. To shore up revenues to meet the increased expenditure, the Finance Minister may need to increase indirect tax rates or introduce new taxes. Service Tax, raised to 14.5 per cent in 2015, may see a hike to prepare for the level of 18 per cent being envisaged in the GST.