Budget 2018 is on its way and do you know it is targeting you? HOW? For starters, this is the first budget by after the launch of Goods and Services Tax (GST) in 2017. This means that we finally get an official statement on the profit/loss created by the new tex.
GST is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.
Now speaking specifically of budget 2018. The Government wants to increase Foreign Direct Investment (FDI) in 2 important sectors – manufacturing and services – with an aim to increase employment opportunities in the economy. They also want to focus on agricultural development and sanitation issues in rural areas, and policies that alleviate farmer poverty, thereby wooing the low-income voters.
Budget 2018 will also try to sell off bad penny assets aka NPAs that do not benefit the country anymore. It will aim to increase railway and defense allocations. And speaking of individual benefits, it may try to provide tax benefits and exemptions, to increase disposable cash in the economy.