What India Expects from Budget 2018

National News

Finance Minister Arun Jaitley is all set to present his last full budget tommorow in Parliament.

Here is a list of what India expects

Taxation

Raise in upper limit of income tax ceiling

Tax relief for senior citizens

Further reduction of taxes in GST

Exemption of taxation on essential commodities like sanitary napkin, medicines and food

Reduction in corporate tax rates & Minimum Alternative Tax

Remove tax on angel investors

Remove tax on digital services

Agriculture

Encourage micro-credit for farmers

Reduce waivers on fertilizers & allied products

Investment in micro-irrigation projects

Waive off loans on farmers

Invest in ‘in-situ’ processing units to reduce dependency on transport

Invest in cold storage plants

Banks

Revive banks with non-performing assests

Simplify procedures for insolvency

Incentives for digital monetary transactions

Encourage long term investments

Infrastructure

Increase investment into infrastructure projects

Increase investment in waterways

Focus on Railway Infrastructure & safety

Auto sector

Reduce import tax on raw material

Lower GST rates on electric vehicles

Real estate sector

single-window clearance for all real estate projects

Reduce taxes on under-construction projects

Focus on sustainable, cheap housing projects

Energy sector

Focus on clean energy sector

Provide incentives for alternate & clean fuel

Incentives for solar projects

Reduce cess on oil and gas exploration and production

Metals and mining sector

Decrease customs duty on coking coal

Decrease in export duty on iron ore

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