Hello Guys as you are know we are nearing 2018-19 budget. This budget is going to be crucial from out countries point of view. Lots of changes going around with new bills proposed, GST etc. We have to wait and see how this budget will be useful for every individual and our country. I will make some prediction for this budget, on the analysis i have done.
Prediction for 2018-19 Budget
- Arun Jaitley may hike income tax exemption limit from Rs 2.5L to Rs 3L or more.
- GST rates may be revised, and may cut GST for 70 items, and the financial minister is talking about bringing three tax slab basic, standard and luxury under GST. Exempt insurance from GST.
- Low burden on tax by changing tax slab or cutting tax rate. Financial minister to reduce corporate tax to 25%
- Main target area for improvement is Rural areas.
- Increase in medical reimbursement limit, anywhere between Rs 25000 to 40000.
- Likely to get less duty on solar equipment.
- Government to promote cashless by giving discount on online purchase.
- Government to increase the maturity age under PMJJBY to 65.
- Financial minister might introduce graded tariff structure for different classes in train travel.
- Petroleum and natural gas products might be charged with nominal GST.
- Tax sops for electric vehicles likely in upcoming session.
These are some prediction I believe would reflect in this current financial year budget. This budget is going to be one of the most important from both government and consumer point of view.
Also published on Medium.