On Wednesday, Finance Minister Arun Jaitley is set to present 3rd Budget of Modi Govt. as the copies of budget 2017 have been reached to parliament, which confirms that even after the death of MP E. Ahamed the budget will be present today.
Amid growing expectations that he will unveil measures to raise people’s spending power, boost farm income, revive investment activity and expand welfare schemes to soothe the demonetization pain, ahead of state Assembly polls.
On Tuesday, pre-Budget Survey, tabled in parliament, said that India will at grow at 6.75-7.5 percent in 2017-18.
He may have some good news for the salaried and middle class. Also, the corporate income tax rate could be cut by 1.25-1.5 percentage points from 30 percent currently, with Jaitley likely to announce the overhaul of India’s corporate tax structure by slashing the statutory rate and removing layers of exemptions, incentives and deductions that had made the system complex and prone to misuse.
Jaitley may also introduce a super-rich tax slab of 35 percent on all individuals with a taxable income of Rs 1 crore per annum.
Jaitley may also propose a package of tax incentives for the labour-intensive leather, gems and jewelry sectors as part of the government’s signature “Make in India” initiative to boost manufacturing, create jobs and sustain the revival in exports.