The government will present a “good” budget one that attests to the rural distress and “common man” issues without jeopardising fiscal consolidation,”.
In the area of direct taxes like income tax and corporate tax, Minister for Finance Jaitley hinted at some relief for taxpayers as he made a case for rationalisation of the direct tax structure considering the fact that “the tax base has expanded”.
With the general elections due in 2019, the government will present next year, instead of a full Budget, a vote-on-account, which only deals with the expenditure.
Besides, new schemes and changes to taxation are not presented in a vote-on-account.
Moreover, with major states bound for polls this year, observers expect the budget to be weighed in favour of the farm sector at a time when data shows a dip in agriculture growth and the sector under stress.
The government is expected to continue its fiscal consolidation at a slower pace in the ensuing budget with a fiscal deficit target of 3.2 percent of GDP for 2018-19.
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