<b>A K Bhattacharya</b>: Setting Budget priorities

Tax cuts must go hand in hand with abolition of exemptions

Just about five weeks remain before Finance Minister Arun Jaitley is due to present his fourth Budget. The circumstances under which he is framing this Budget are quite unique. Demonetisation and the new challenges in launching the goods and services tax (GST) are factors that will significantly influence Jaitley’s Budget-making exercise this time. One of the factors — demonetisation — was almost unanticipated even a couple of months ago and the other factor has cropped up after fresh political uncertainties have suddenly clouded the prospects of launching GST by April 2017. Compare this with the situation that preceded all the