All eyes are set on the Union Budget, 2017-18 announcements in the wake of the current economic scenario. Further, the Government is taking efforts to ensure a speedier implementation of the formulated schemes.

 

Furthermore, the common man is now eagerly waiting for acche din and is looking forward to the Finance Minister (FM) – Arun Jaitley who is going to presenting the Union Budget 2017-18.

The individual tax payers expect to spur consumption with a lower-rate regime and higher tax-free slabs. However, it will also boost- up the investment sector which is severely been effected due to demonetisation.

Here are some of the major changes and expectations from budget 2017:

1. Introduction of GST (Goods and Service Tax)

In the pursuit of the Goods and Service Tax (GST) introduction from 1^st April, 2017, though 1^st April, 2017 looks difficult, the Finance Minister has recently clarified that GST being a transaction tax, the same can be implemented from any date and not only from the beginning of the financial year.

Goods and Service Tax (GST), has been a major turning point and a bone of contention between the central and state governments over the last few months. It is expected that many features and rules will be introduced of GST. This will definitely be cheered by many businessmen as it would make the task of estimating and filling their taxes much easier.

2. Increased Investment in Railways

Marking a dramatic move away from the 92- year’s old practise of presenting a separate Railway Budget ahead of Union Budget, the railway and Union Budget will be presented together. A Single appropriate bill would be prepared with the estimates of the Railway Budget as well.

It is all the more important for the Finance Minister – Mr Arun Jaitley to introduce measures that will focus on further development of infrastructure. The modernization of railways is long due dream. Additional to this, every year we expect a few more new trains that would be launched. To boost the positive sentiments among the common people, it is expected that there will be a downward revision of passenger fares for non-A/C classes, who are the hardest hit by the demonetization announcement.

3. Boost of Agriculture

The Union Budget, 2017 will focus on improving the farmer’s lot and a slew of measures to boost agriculture is expected to be announced. The notable agriculture – related discussions in the run-up to 2017, Budget ways to bring agriculture in the purview of digital payments revolution and also move towards high- value agricultural products.

4. Salaried Individuals

The Salaried Individuals has a clot of expectation from Budget 2017. The salaried individuals are always at a loss when it comes to tax rates and tax payments. It is widely expected that there will a lot of changes brought in the Budget.

To know more about the changes that are expected for Salaried Individuals.

Link:https://taxmantra.com/top-10-expectations-of-salaried-employees-from-budget-2017/

5. Real Estate

Directly or indirectly, the real estate sector contributes towards the India GDP. The stakeholders are expecting that the central government may provide some relaxations in Income Tax rate, raise the HRA deduction and announce policies to standardize construction materials in order to uplifts the real estate industry. The government will take measure, formulate schemes which will in turn boost the spending, spur, growth and create new jobs.

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