From halwa cermony to leather briefcase, interesting traditions of Union Budget 2018

Union Budget 2018 Tech Sector Hopes For Reduction In Tax Slabs

By delivering the Budget speech in Hindi, Mr Jaitley will not only become the first Union FM to do so since Independence, but this will also help in establishing the fact that the Budget is going to be an aam budget for aam admi and therefore a Hindi speech will have a greater connect with the people for which it is intended, especially the farmers.

Jaitley retains control over direct taxes that cover personal and corporate taxes, and in both, there could be slight concessions for smaller businesses and the smaller taxpayers, a second finance ministry official said.

There is absolutely nothing to be excited about as the Narendra Modi government prepares itself to present its last full Budget.

While answering questions, Jaitley will reiterate the points which he had made earlier and will stick to his guard, irrespective of the nature of the question.

Keen on wooing the rural votebank with just a little over a year left for the general elections, the Narendra Modi government is understood to have finalised some major initiatives in the agriculture and infrastructure sectors, they added.

On the corporate side, let it not be forgotten, the Modi Government brought down the tax rate to 25 per cent for corporates with turnover of less than Rs 50 crore.

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For the companies to see a lucrative business opportunity in the long run, the upcoming finance budget FY 18-19 will be a barometer for the future direction. For instance, Indian tourists are paying more for hotel rooms when they travel domestically as compared to other worldwide inbound travellers Exemption of service tax in the sub-INR 1000 hotel room category will surely boost the budget travel sector tremendously. These used to bring the finance minister in the line of fire, more politically than fiscal front. Even without populist announcements, India's fiscal position is looking precarious at present.

The country's net direct tax collections witnessed an increase of 18.7 per cent till January 15 this fiscal, compared with the corresponding period previous year.

Neither of the options are particularly appealing as economic growth remains sluggish and the government awaits an uptick in post-GST revenue collection.

The agricultural sector registered slow growth rate despite normal monsoon for two consecutive years. India's growth should pick up to 7.4 percent in 2018 as against China's 6.6 percent, the International Monetary Fund said this month, as the twin effects from the tax reform and demonetisation wear off.

With rising fuel and vegetable prices and retail inflation, it is unlikely for RBI to cut the interest rates which is less likely to give any impetus to the already leveraged corporate balance sheet to secure more loans or restructure their loans for investments. "If Modi's luck is benefitting the people, what can be more fortunate?" The budget is also coming at a time when the government lowered its gross domestic growth forecast for the year ending March, 2018 to 6.5 percent-the lowest since 2014. Meanwhile, the government has increased excise duty on petrol and diesel a dozen times.

The prices started to go up in the last six months or so. Indian Oil Corporation (IOC) has almost doubled its profit in the December quarter compared to the same period in the previous fiscal.

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