This year’s budget will be the honourable Union Minister, Arun Jaitley’s third one. This budget is different than the previous ones. This is because it is scheduled a month in advance and the railway budget is consolidated in the General Budget.
Here are the key expectations from budget 2017.
1. Promotion Of Cashless TransactionsWith the demonetization drive dominating the climax of last year, it wouldn’t be wrong to look forward to what measures the Government is taking to encourage payments through credit/debit cards or on using the payment bank services or any other cashless mode.
2. Accessible HousingLast year’s budget already offered home loans at a cheaper price and low cost housing. It would be great to see additional tax breaks in these measures.
3. Updating The Income Tax StructureThere have been talks about the Government increasing the minimum taxable income from Rs. 2.5 lakhs per annum to Rs. 4 lakhs per annum for easing the pain caused by demonetisation. Let’s see if this is put into practice.
4. Raising The Taxes On Luxury Goods, Tobacco, Imports And AlcoholThese have been the persisting source of revenue for the Government. Increasing the prices of these things would definitely be beneficial.
5. Expanding Ventures In RailwaysThe modernization of railways has been pending since long. Hopefully, some active plans will be put into practice this time around but, don’t expect the fares of the AC compartments to decrease.
6. Considerations For Uplifting The Agriculture SectorExtra benefits can be given to the farmers for purchasing fertilizers, seeds and other essential goods for agriculture as they don’t have easy access to the cashless transactions.
7. Introducing The Much Awaited GSTGoods and services tax has been long awaited. Estimation and filing of taxes can be done easily if it is introduced.
8. Further Enhancement Of The Plans Of GovernmentThe Government’s plans to boost businesses and start-ups can find some considerations in the current budget.
9. Pension Income To Be Made Tax FreeThis will be of a great help for the senior citizens. Also, the income tax authorities will find a reduction in their operational work.
10. ‘Fat Tax’ Maybe Added To Junk FoodThis is a move to curb the many lifestyle diseases prevalent today. The revenue that will be collected will be used in the formulation of many health schemes by the Government.
Indeed, the budget 2017 is something that is being looked forward to.