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Union Budget 2018

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Will the NDA Government come out with sops and tax benefits to the tax payers and woo them ahead of 2019 elections...?


Budget 2018: Will the finance minister play a knock to remember or a balanced innings?




The year 2017 will go down as another stellar year for India, with milestones such as introduction of GST, strong economic outlook, unprecedented improvement in ease of doing business rankings, stock markets reaching new heights with reduced dependencies on the FIIs among others, to look back on. But come 1 February, the spotlight rolls back on to the FM to showcase what he has in his kitty for the next fiscal.

Considering that any goodies in the pre-election budget could come within the realm of Election Commission's scrutiny, Budget 2018 could well be NDA's last chance at 'Acche Din'.

With the US tax overhaul and the trend of reducing corporate tax rates globally, pressure would be mounting on the FM to keep up with the earlier promise to reduce the corporate tax rate to 25%. There is also a need to rationalize surcharges and cess, which may further reduce the tax burden of corporates Recent initiatives such as Income Computation and Disclosure Standards seem to have added to the confusion, working against their proposed objective of reducing uncertainty and litigation and scrapping them entirely would be a welcome move for corporates.



Read more at:
//economictimes.indiatimes.com/articleshow/62697407.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
 
[h=1]EXPECTING BIG THINGS FROM THE BUDGET[/h]


Modinomics has done a great job by marrying high growth with low inflation. The Government will be on the same trajectory and present a dream Budget

With the International Monetary Fund projecting a 7.4 per cent and 7.8 per cent growth for India in 2018 and 2019, well past the 6.6 per cent and 6.4 per cent for China, clearly, India's leadership in the global growth sweepstakes remains unparalleled. Against this backdrop, Union Budget 2018-19 will, despite contrarian compulsions, marry growth with fiscal prudence. Direct tax collection, that has risen by 18 per cent, mopping up Rs 6.89 lakh crore, is on the course to achieve the full-year target of Rs 9.8 lakh crore for fiscal 2017-18. Revenue collections have been buttressed by a stupendous show on the divestment front, wherein for the first time, in a long time, the Government should exceed its overall target of Rs 72,500 crore. Post-demonetisation, 56 lakh new tax payers were added last year, with the total number of assesses in July at 6.26 crore and counting.

Again, post the Goods and Services Tax (GST), the number of GSTR-3B returns filed rose from 28 lakh in August 2017 to a whopping 56 lakh in December 2017. Most importantly, from just 60 lakh in August 2017, overall registrations under Goods and Service Tax Network GSTN have risen to more than 11 crore and growing, which is huge. The moot point is: For fiscal 2018-19, sticking to a gross market borrowing programme of Rs 6.37 lakh crore, which implies a fiscal deficit target of 3.2 per cent of the Gross Domestic Product (GDP), should come easy because demonetisation and GST together have paved the way for a robust tax structure that ensures better compliance and efficiency, making it easier to stick to the path of fiscal discipline, without compromising on growth.
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Last but not the least, the Union Budget will continue to focus on the agrarian economy as rural India has always been the fulcrum of Modinomics. Further strengthening e-NAM, the electronic national agriculture market, to hasten integration of 585 regulated wholesale mandis so that farmers get the best price for their produce, without depending on middlemen, will remain a priority. Do note that more than 250 mandis in 17 States have already been integrated, benefitting millions of farmers.


Of the Rs 10 lakh crore agri-credit target in the last Budget, Rs 6.25 lakh crore was already disbursed by September 2017 by banks, empowering scores of marginalised farmers and rural artisans. That trajectory will continue with agri-credit target likely to be hiked to Rs 11 lakh crore reflecting the Modi-led BJP Government's unflinching commitment towards the agrarian class, which in many ways, oils the wheels of the 2.3 trillion dollar Indian economic juggernaut.


Read more at: http://www.dailypioneer.com/columnists/oped/expecting-big-things-from-the-budget.html
 
[h=1]As Arun Jaitley gets ready to present Union Budget 2018, here's what to expect[/h]

A few hours from now, Finance Minister Arun Jaitley will be presenting the last full Budget of the Narendra Modi government before 2019 Lok Sabha elections. Jaitley has a politically tough task of keep voters in good stead, on the one hand, going into the general elections and enforce fiscal discipline maintaining northward movement of GDP growth rate.

With GST taking out manipulation in indirect tax rates for most of the commodities, people's expectations are high in terms of welfare schemes, more relaxation in income tax front, railways and air fare, and policies giving firm push to agriculture and industry. Here is what is expected of Arun Jaitley when he lays down Modi government plan for the next fiscal.

Taxation

· Exemption limit from personal income tax may be increased from existing Rs 2.5 lakh to Rs 3 lakh if not Rs 5 lakh as has been the demands from several quarters.

· Standard deduction on salary may be reintroduced to giving more relief to salaried class.

· Personal Income tax slabs may be rationalised. New slab for annual income between Rs 10 lakh and Rs 20 lakh may be introduced with 20 per cent income tax rate.

Read more at: https://www.indiatoday.in/union-budget-2018/story/as-arun-jaitley-gets-ready-to-present-union-budget-2018-here-s-what-to-expect-1158840-2018-02-01
 
Finance Minister Arun Jaitley unveiled his last full Budget in Parliament today. Here are the highlights

Union Budget 2018: Winners and losers


In Union budget 2018, India’s farmers and villagers, as well as companies with exposure to agriculture, emerge as the biggest winners


New Delhi:
Prime Minister Narendra Modi has delivered the election-year budget many expected.

With national polls looming next year—and possibly as early as late 2018—Finance minister Arun Jaitley has rolled out a budget designed to help distressed farmers and rural areas while boosting growth, jobs and private investment.
In this budget, India’s farmers and villagers, as well as companies with exposure to agriculture, emerge as the biggest winners. Bond investors might just be the biggest losers.

WINNERS


Farmers


Farmers have been protesting across the country. This budget promises to raise the minimum price offered to farmers for crops, while investing heavily in agricultural markets across India. It also delivers more money for rural areas, including irrigation projects and aquaculture projects, and directs state governments to purchase extra solar power generated by farmers using solar-powered pumps. Agriculture-focused companies such as Shakti Pumps India Ltd, Jain Irrigation Systems Ltd, KSB Pumps Ltd, Kirloskar Brothers Ltd, Avanti Feeds Ltd, Waterbase Ltd, JK Agri Genetics Ltd, PI Industries Ltd could benefit.

Healthcare providers


The government’s new flagship National Health Protection Scheme, which aims to insure as much as 500 million people for up to Rs5 lakh a year of care, could benefit companies such as Apollo Hospitals Enterprise Ltd, India’s largest hospital company, as well as Fortis Healthcare Ltd.

Transport companies


With Jaitley promising record infrastructure spending on roads and railways, construction and engineering firms, as well as train wagon-producers, could benefit. That includes Larsen & Toubro Ltd, Hindustan Construction Co Ltd, NCC Ltd, IRB Infrastructure Developers Ltd, Dilip Buildcon Ltd, Titagarh Wagons Ltd, and Cimmco Ltd.

Consumer companies


With boosted spending on India’s vast hinterland, fast-moving consumer goods companies such as Hindustan Unilever Ltd, Britannia Industries Ltd and Marico Ltd could benefit as day labourers get jobs and disposable income. Other companies with rural exposure include: Hero MotoCorp Ltd, Mahindra & Mahindra Ltd, Larsen & Toubro Ltd.

Jewellers


With 60% of gold demand coming from rural India, the budget’s focus on boosting rural and farm incomes could benefit companies such as Titan Co Ltd, Tribhovandas Bhimji Zaveri Ltd, PC Jeweller Ltd.

Read more at: http://www.livemint.com/Politics/BM6mF77MuGsMdJpKKTn94K/Union-Budget-2018-Winners-and-losers.html
 
Government is doing its best...


All-friendly budget will push development: PM Modi hails Arun Jaitley



"Along with ease of doing business, there is also a focus on ease of living."

Prime Minister Narendra Modi on Thursday hailed Finance Minister Arun Jaitley for presenting an all-friendly Union Budget 2018-19 with the focus on agriculture, health and small businesses.

"This budget is farmer-friendly, common citizen-friendly, business environment-friendly and development-friendly," Modi said in his first reaction after Jaitley presented the Budget in the Lok Sabha here.

"Along with ease of doing business, there is also a focus on ease of living."

"This Budget has devoted attention to all sectors -- ranging from agriculture to infrastructure... this budget strengthens the hope and expectations of 125 crore people of India and will give a push to development," the Prime Minister said.

Modi spoke about a number of steps announced in the Budget, and said the benefits of these steps -- ranging from agriculture, health and education to a number of financial measures -- will reach the lowest strata of society.

"The benefit of these measures will reach the poor, exploited, and deprived people," he said.

"The farmers, Dalits, tribal communities will gain from this Budget. The Budget will bring new opportunities for rural India.".

Referring to Jaitley's announcement that the Minimum Support Price for notified kharif crops will be 1.5 times the input cost, the Prime Minister said: "I congratulate the Finance Minister for the decision regarding the MSP. I am sure it will help farmers tremendously."

Modi also lauded the announcement of a flagship National Health Protection Scheme under which Rs 5 lakh cover will be provided per year to 10 crore poor and vulnerable families in the country.


Read more at: https://www.thenewsminute.com/article/all-friendly-budget-will-push-development-pm-modi-hails-arun-jaitley-75725
 
Focus is on generating higher income for farmers and setting up an agricultural market fund, etc

Emphasis is on new measure to alleviate stress in rural sectors and boost agriculture

[h=1]This Is What #Budget2018 Has For Agriculture[/h]

[COLOR=rgba(54, 54, 52, 0.6)][FONT=&quot]Farmers preparing paddy field near Patiala. (Bharat Bhushan/Hindustan Times via Getty Images)
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Finance Minister Arun Jaitley presented his fifth and final full budget today (1 February) before the country goes into general elections in 2019. A strong emphasis on alleviating stress in rural sector was expected, given that important states like Karnataka, Rajasthan, Madhya Pradesh and Chhattisgarh will be conducting elections to their assemblies this year.

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Understandably, Jaitley kick started his budget speech with a set of announcements for agriculture. He acknowledged the contribution of farmers in India's record production by noting that in 2016-17 food grain output in the country stood at around 275 million tonnes and around 300 million tonnes for fruits and vegetables.

He underscored the government's commitment to give at least 50 per cent more for farmer's produce over the actual cost. Towards this goal, he reminded the Lok Sabha that the government has already declared minimum support price (MSP) for majority of rabi crops, at least at one-and-a-half times the cost involved. This 1.5 times the cost of produce MSP formula, he announced, will be extended to the rest of crops. “Government has decided to keep MSP for the all unannounced crops of kharif at least at one-and-half times of their production cost,' he declared

Read more at: https://swarajyamag.com/economy/this-is-what-budget2018-has-for-agriculture
 
What's costlier and what's cheaper? Here are the details from Arun Jaitley's Budget


A decent chunk of imported items including mobile handsets, cars and motorcycles, fruit juices, perfumes and footwear will become costlier.

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It's the perennial question after every Budget: What's cheaper and what's going to pinch me. A decent chunk of imported items including mobile handsets, cars and motorcycles, fruit juices, perfumes and footwear will become costlier as the Finance Minister Arun Jaitley hiked customs duties on these products in his Budget.

However, select items such as imported raw cashew nuts, solar tempered glass and raw materials and accessories of cochlear implants will become cheaper with the government today reducing import duties on these items.

The following is a list of imported items that will become costlier:
* Cars and motorcycles
* Mobile phones
* Silver
* Gold
* Vegetable, fruit juices, including orange and cranberry
* Sunglasses
* Miscellaneous food preparations other than soya protein
* Perfumes and toilet waters
* Sunscreen, suntan, manicure, pedicure preparations
* Preparations for oral dental hygiene, denture fixative pastes and powders; dental floss
* Pre-shave, shaving or after-shave preparations,
* Deodorants, bath preparations, depilatories, perfumery
* Scent sprays and similar toilet sprays
* Truck and Bus radial tyres
* Silk Fabrics
* Footwear
* Coloured gemstones
* Diamonds


Read more at:
//economictimes.indiatimes.com/articleshow/62740102.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
 
Budget 2018 suggests that Modi will fight 2019 on performance and not SOPs

The budget 2018 has been met with mixed response. Some praise the proposed universal health coverage scheme and allocations for MUDRA and MSME sector. Others point out the crucial MSP related announcement in the finance minister’s speech. The middle class has complained that the Modi government has not given any relief to them. However, there is a serious political message through this balanced budget which has sought to innovate within the boundaries of fiscal deficit limits. It has not offered any major sops to any section of the society,

Finance minister’s confident demeanour


When the finance minister rose present the budget, he began his speech with the following words :

Madam, four years ago, we pledged to the people of India to give this nation an honest, clean and transparent Government. We promised a leadership capable of taking difficult decisions and restoring strong performance of Indian economy. We promised to reduce poverty, expedite infrastructure creation and build a strong, confident and a New India. When our Government took over, India was considered a part of fragile 5; a nation suffering from policy paralysis and corruption. We have decisively reversed this.

It appears that Modi and Jaitley have set out with a purpose driven agenda when the NDA’s term in office began. It is not a matter of rhetoric alone. They have not hesitated to uncover the NPAs in the banking system and offer a transparent legislation to solve it (the insolvency and bankruptcy code). The mess of coal block allocation and spectrum sales left behind by the UPA were swiftly solved.
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Budget 2018 suggests that Modi will fight on performance and not SOPs
The absence of any SOP before NDA’s last full budget before 2019 polls indicated that Modi is confident about his performance so far. The finance minister said that the reforms and corrections done under NDA II has poised the economy to return back to 8% growth. Modi has effectively thrown the ball in people’s court.
The message from Budget 2018 is clear : I have done my work, now it is your job to get me re-elected.

Read more at: http://www.opindia.com/2018/02/budget-2018-suggests-that-modi-will-fight-2019-on-performance-and-not-sops/
 

Brahmanyan

Well-known member
This Budget 2018 is nothing new. This is another intelligent jugglery of figures. FM has done his best to squeeze out maximum from the middle class.

We have to look into the finer print in the Finance Bill to find further damages to middle class in the name of development of poor. Now the elected representatives have assured revision of pay and perks every five years. The Judiciary should be thankful to this Government for this Bonanza of getting almost double their emoluments.

Surprising that the Government is refusing to bring petroleum products into GST.

Happy that FM has remembered Swami Vivekananda and quoted his words in his Budget speech.

Brahmanyan
Bangalore.
 

GANESH65

Well-known member
This Budget 2018 is nothing new. This is another intelligent jugglery of figures. FM has done his best to squeeze out maximum from the middle class.

We have to look into the finer print in the Finance Bill to find further damages to middle class in the name of development of poor. Now the elected representatives have assured revision of pay and perks every five years. The Judiciary should be thankful to this Government for this Bonanza of getting almost double their emoluments.

Surprising that the Government is refusing to bring petroleum products into GST.

Happy that FM has remembered Swami Vivekananda and quoted his words in his Budget speech.

Brahmanyan
Bangalore.
Should agree with you. Most affected are the middle class. The incentives announced to the agricultural sector is good, but are also finally going to affect the pricing of he final product and ultimately to be paid by the end user - common man. Its a win win situation for the Government at the cost of popularism. BJP can afford to do it as Elections are a good 14 months away and by that time people will forget and become used to it.
 

vgane

Well-known member
Should agree with you. Most affected are the middle class. The incentives announced to the agricultural sector is good, but are also finally going to affect the pricing of he final product and ultimately to be paid by the end user - common man. Its a win win situation for the Government at the cost of popularism. BJP can afford to do it as Elections are a good 14 months away and by that time people will forget and become used to it.
There is a rural backlash that Modi wanted to avoid during the General Elections!! He got a taste of the rural distress during the Gujarat assembly elections..Maharashtra suicides & the Cauvery Delta farmers plight might have weighed...The Medical insurance scheme is brilliant..Another version of Obama Care!! Looks like Modi will advance the Lok Sabha polls by 6 months!! Expect more sops!! Do not be disillusioned!! It is election year and it will rain benefits for sure!!
 
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