Finance Minister Arun Jaitley will present the annual budget today. For the first time it will be presented on the first of Feb.
Well a lot is expected, from an increase in income tax exemption limits, to incentives for the MSME sector post demonetisation.
It is also the first time that there will be no separate railway budget, and plan expenditure will also be done away with since the era of 5 year plans comes to an end.
Finance Minister Arun Jaitley will present the budget on 1st February. Expectations are high among the general public.
This year’s budget is historic in a number of ways. For the first time it will be presented on the first of February.
Earlier it was February end event, the government is aiming at implementing the budgetary provisions from the beginning of the financial year which is April 1st.
Earlier the implementation extended even beyond the month of May and special budget allocations had to be made for the 2 months of April and May.
Another historic feature of this year’s budget is that instead of a separate rail budget presented by the Railway Minister, allocations for the railways will be presented as part of the general budget by the Finance Minister himself.
With the historic budget expectations are really high from the common man to the corporate sector all are eagerly awaiting for the day.
-A major expectation is that income tax and corporate tax will be lowered
-Its also expected that tax exemptions will be increased from the earlier 2.5 lakh to at least 3 or 3.5 lakhs.
-Also, there is a hope that taxes on home loans will be reduced
-Small traders and especially the MSME sector have high hopes for favourable budget.
-The sector is hoping that traders with a turnover of less than 5 crores will be exempted from central GST
-Also it hopes that the system of monthly returns will be replaced by a sysytem of single yearly return
-For the Make in India initiative to work the government has to ensure not just easy loans for small traders but also make the process of expansion of manufacturing activity simpler.
-Its also expected that the govt will be seeking to focus on its ideal of a less cash economy.
-The budget could bring more benefits for users of digital transactions.
The Agriculture sector too feels that this year’s budget like last year will have many provisions to benefit farmers.
Even youth this year have many expectations from the budget. They are hoping for lowering of fees and employment opportunities.
The government would be looking to focus on Make in India and Skill India.
Even as the expectations are high, a clear picture will emerge only when Finance Minister will present Budget.
Also Check: Central Government Pay Matrix Table 2022 PDF