As India is all set to witness it's union budget for 2018-19 on Thursday, February 1, post the disasters caused by implementation of Goods and services tax (GST) and the demonetization of high value currency, trade and businessmen are expecting a better budget favoring them this time. While general expectations are that the government might make developmental measures, here are few of the expectations from the union budget.
While corporate taxes are expected to be increased from 25 to 30%, alternate tax might be improved from 15 to 18%. On the agricultural sector, the government might allocate funds for crop insurance as well on agri investments, dams, canals and irrigation methodologies. With regards to banks, efforts are on for tax deduction on non performing assets, and also to modify threshold on bank deposit interest, currently at 10000. About 15% investment for infrastructure like roads, and especially the Bharatmala project linking eastern and western zones of India.
Improving Online, digital payment
structures with the help of information technology, and limit mobile and computer
excise duty taxes. Reduction of GST for purchase of homes to 12% besides also
scrapping stamp duty. Reduce cess on gas exploration from 20 to 10% maximum,
and scrapping of excise duty on gas distribution in cities, reduction of gold
import tax from 10% to 4% maximum to avoid illegal practices.
