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As the union budget, 2018 is going to be announced by our Finance minister Arjun Jaitely in the hope of some betterment. The financial budget is all set to be announced on Feb 1, so before you get the inside detail of the upcoming budget here we bring to you the possibilities of what you will get. Needless to say, the budget will always hold importance in the life of middle class and lower class people the most. So keeping them as our target audience lets take a look at few important aspect of people's life which will be affected by the upcoming budget. Having earlier said that by our honorable Prime minister Narendra Modi that this year's budget would fulfill the expectations of common people, following which the commoners have a high expectation from the current government. Talking about the upcoming budget, it is being said that there is a lot of surprise in the store for the common people. From tax slabs to essential commodities the government has paid an extra attention to the important sectors.
Let's take a look at what to expect from 2018 Budget
Revision of Tax Slab: People are eagerly waiting for the government to raise the income tax limit from Rs 2.5 lakh per annum to Rs 3 lakh. Arun Jaitley has hinted at some relief for taxpayers. Recently talking in an event, Jaitley said, "In income tax, the base has become larger. It is bound to enlarge. And, therefore, charging higher rates from few selected groups - which has traditionally been done - is an area which has been changing," reports a leading news portal.
Focus on sectors like agricultural and infrastructure: Budget 2018 could see the announcement of more road, railways, seaport and airport projects. Apart from the infrastructure, Jaitely also holds special importance in the area of Agriculture. There might be hope for the rural class to taste the victory as the 2018 budget is expected to be growth accelerated, employment generated. It will also improve the agricultural income.
Some of the major highlights are:
1- Establish a fund to guarantee credit to encourage investment in the agriculture sector
2- Allocate more funds for crop insurance schemes
3- Reduce fertiliser subsidies
Positive push to the gems and jewelry sector: There is an expectation to give a positive push to the gem and jewelry sector. Several media reports suggest that there is a hope to reduce the import duty on Gold by 4 percentage.
Others sectors to get benefit this financial budget: Apart from the agricultural and rural, economic sectors like healthcare, education and housing will also get some much-needed boost for their respective field.
GST rate revision: The upcoming budget will be crucial post the implementation of GST (Goods Service Tax), so people especially from the electrical sector seeking some positive response from the finance minister by increasing the cash purchase limit and GST rate revision on gold. The electrical industry feels that the GST rate of 28 percent will be revised to 18 percent considering products like TV, Refrigerator are no longer lies in the Indian luxurious households.
Provide greater incentives for digital transactions to Supporting digital payments infrastructure, the upcoming budget list also has some benefit for the IT industry. Apart from this, lower GST rates for telecom services to 12 pct from 18 pct will also be expected.
So what do you think will "Budget 2018 would take India's growth story forward" as promised by Narendra Mode? Well, only time will tell. Keep reading for more updates.....