Modi government to present an interim budget instead of complete, effort to 'entice' the people
Friday - November 16, 2018 12:10 pm ,
Category : WTN SPECIAL
'Big decision' may be on direct tax in the interim budget
Modi government's 'examination' in interim budget before polls
NOV 16 (WTN) - Lok Sabha election is going to be held in India next year, in such a situation the Center's Modi government won’t be able to present its complete budget. So in the next year for 2019-20 budget session, Modi Government will present an interim budget. According to information received from the media, in this interim budget, there will be more tax proposals than any other interim budget. According to sources, in a meeting with high officials, the Finance Minister has discussed what direct tax proposals can be given in the budget speech.
First of all, tell you what the direct tax is all about. Direct tax is a tax that is charged directly from the public. Income tax is the main indirect tax. It is being said that many proposals related to income tax can be announced in the interim budget. As you may know, most of the indirect taxes have been consolidated in the GST.
It is being said that the final decision on Finance Minister Jaitley's speech will be taken in the middle of January. The interim budget can be presented on the 1st day of February 2019. For your information, let you know that the rules of the interim budget are being discussed these days. According to the traditions that have come so far, there is no ‘Part B’ in the budget presented before Lok Sabha elections and there is a limited tax proposal in it.
According to officials associated with the Finance Ministry, there is no such law that the government can’t present the complete budget. But considering the political morality, the governments don’t present the complete budget for the year of the Lok Sabha elections. Considered the general elections next year, it is believed that the government will present an interim budget for the financial year 2019-20 and it is called vote on account. For the necessary government expenditure of a certain period during the election year, government will present vote on account.
Few years ago, the budget was presented on February 28, but the Modi government has started the tradition of presenting the budget on February 1 instead of February 28, 2017. Due to this, the government gets enough time to pass the budget in Parliament and the budget's provisions begin from the financial year one April.
It is not that the tax proposals are being given for the first time in this interim budget. Earlier, tax proposals were given in the interim budget. In the interim budget of 2014-15, immediate Finance Minister P. Chidambaram had given the proposal related to excise duty and customs to increase the growth rate. In this, excise duty on many products was reduced.
Process and preparation for the interim budget of 2019-20 has started from October. Right now the finance ministry is asking different departments for their expenditure estimates. In January, the government will make a full discussion on tax proposals, meetings with the industry and conversation on expenditure. Experts are hoping that this time the interim budget will be different from the interim budget presented so far and seeing the election year, the will be relief for general public.
NOV 16 (WTN) - Lok Sabha election is going to be held in India next year, in such a situation the Center's Modi government won’t be able to present its complete budget. So in the next year for 2019-20 budget session, Modi Government will present an interim budget. According to information received from the media, in this interim budget, there will be more tax proposals than any other interim budget. According to sources, in a meeting with high officials, the Finance Minister has discussed what direct tax proposals can be given in the budget speech.
First of all, tell you what the direct tax is all about. Direct tax is a tax that is charged directly from the public. Income tax is the main indirect tax. It is being said that many proposals related to income tax can be announced in the interim budget. As you may know, most of the indirect taxes have been consolidated in the GST.
It is being said that the final decision on Finance Minister Jaitley's speech will be taken in the middle of January. The interim budget can be presented on the 1st day of February 2019. For your information, let you know that the rules of the interim budget are being discussed these days. According to the traditions that have come so far, there is no ‘Part B’ in the budget presented before Lok Sabha elections and there is a limited tax proposal in it.
According to officials associated with the Finance Ministry, there is no such law that the government can’t present the complete budget. But considering the political morality, the governments don’t present the complete budget for the year of the Lok Sabha elections. Considered the general elections next year, it is believed that the government will present an interim budget for the financial year 2019-20 and it is called vote on account. For the necessary government expenditure of a certain period during the election year, government will present vote on account.
Few years ago, the budget was presented on February 28, but the Modi government has started the tradition of presenting the budget on February 1 instead of February 28, 2017. Due to this, the government gets enough time to pass the budget in Parliament and the budget's provisions begin from the financial year one April.
It is not that the tax proposals are being given for the first time in this interim budget. Earlier, tax proposals were given in the interim budget. In the interim budget of 2014-15, immediate Finance Minister P. Chidambaram had given the proposal related to excise duty and customs to increase the growth rate. In this, excise duty on many products was reduced.
Process and preparation for the interim budget of 2019-20 has started from October. Right now the finance ministry is asking different departments for their expenditure estimates. In January, the government will make a full discussion on tax proposals, meetings with the industry and conversation on expenditure. Experts are hoping that this time the interim budget will be different from the interim budget presented so far and seeing the election year, the will be relief for general public.
