Its that time of the year again when the country is eagerly looking at the most important bill of the country that is the Union Budget.
The common man,various industry bodies and politicos are all waiting the PM’S fifth budget.It is a crucial budget it will be MODI govenrment’s last union budget before going for the polls in the year 2019.
We give you the details of the upcoming budget–
The budget will the first of sorts after the implementation of the GST legislation.
It will be important for the assembly elections as it will be held in big states such as Karnataka,Rajasthan,and also Madhya Pradesh.All eyes are on the Modi government and how will the implementation of the budget will be.
When is the Budget scheduled?
The date for the presentation of the Budget has been disclosed by the Modi government and will be most likely be presented on 1st of February.It may be recalled that it was the same date which was presented last year and that the Modi government has chosen the same date as the previous year.
It will be presented around noon.
How is process overall presented?
The Finance Ministry presents the Economic Survey in the Parliament as always every year before the Union Budget.
The ministry reviews the data and all the Economic survey reviews are presented before the Parliament and also on the major development programs.It also highlights the policy initiatives taken and also gauging the various prospects of the economy.
The document is given to both the houses of the parliament .The Economic survey will be presented on the January 29th.
President Ram Nath Kovind will address the joint sitting of both the Houses of the Parliament.
What are the expectations from the Budget?
To keep a balance between economics and politics-
It will be a real challenge for the Modi Government to keep with the upcoming changes and also to balance out the various economics with the politics.
It is Modi’ s aim to boost the economy with 7-8% of the growth.
Raising tax exemption limit-
The Government is thinking of hiking the tax exemption limit which may bring relief to the middle class and may provide a much sigh of relief.
They want to tide over the retail inflation which can be of much help.
GST and its effect-
This Budget will the first one after the introduction of the GST tax and so it is of quite an importance that what will be the actual takeaways from this Budget.
However there not much scope to decide about GST as the GST COUNCIL is expected to look after the issues of the Pan-India tax regime.
But still there are a lot of insights and the Central Statistical Office is expected to slow to a 4 year low in the current fiscal in the backdrop of GST regime.