Union Budget 2018-19 is going to be first of its kind as there mayn't be mention about Indirect Tax for the first time in history. Thanks to the implementation of Goods and Services Tax (GST)!
GST roll out since July 1st has ended more than a dozen Indirect Taxes and Cesses. So, Only changes in direct taxes, customs duty and policy changes or new schemes will be part of the upcoming Budget. Expect the speech of Finance Minister to be shorter than previous Budget presentations. As this is the last budget of Modi's first term as PM, Few Attractive Government Programmes might be proposed in the Budget.
Middle Class has pinned lot of hopes on the reduction of personal Income Tax. In this Budget, Centre could increase the tax exemption limit from existing Rs 2.5 lakh to Rs 3 lakh per annum. This move could benefit close to 75 lakh people.
Arun Jaitley might bring down the tax rate from 20 percent to 10 percent on Individuals earning Rs 5 to 10 lakh. Anything more the Rs 10 lakh could charged 20 percent tax.
GST roll out since July 1st has ended more than a dozen Indirect Taxes and Cesses. So, Only changes in direct taxes, customs duty and policy changes or new schemes will be part of the upcoming Budget. Expect the speech of Finance Minister to be shorter than previous Budget presentations. As this is the last budget of Modi's first term as PM, Few Attractive Government Programmes might be proposed in the Budget.
Middle Class has pinned lot of hopes on the reduction of personal Income Tax. In this Budget, Centre could increase the tax exemption limit from existing Rs 2.5 lakh to Rs 3 lakh per annum. This move could benefit close to 75 lakh people.
Arun Jaitley might bring down the tax rate from 20 percent to 10 percent on Individuals earning Rs 5 to 10 lakh. Anything more the Rs 10 lakh could charged 20 percent tax.