From essential commodities to tax slab, what you can expect from Jaitley

Budget 2018 to test Dalal Street's faith in Modi's government

With the impact of demonetisation and GST still fresh in their memory, traders felt that the BJP-led NDA government, in its last full budget of its five-year tenure, should announce business-friendly measures to win confidence of the community. Also, this is the first union budget to be presented under the GST regime. "We are all eagerly waiting for the Union Budget, and I wish our Finance Minister a very good look for the upcoming budget plans and would like to thank him for showing sincerity and commitment to kick-start our economy and make a competitive environment in our country".

Before we begin to estimate what can be introduced or scrapped in the budget this year, it is important to understand the challenges for the Finance Minister. The halwa ceremony is based on the tradition of having something sweet before an auspicious event. The voters are expecting various largesses and reliefs from the kitty of the finance minister.

After the halwa ceremony, all government officials involved in the making of the budget are locked in North Block in a basement without mobile or internet.

When tax costs are uncertain, particularly in a foreign country, investors normally provide for them on a most conservative basis, she observed.

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The ambivalence around cryptocurrency like bitcoins persists as people are not sure if these can be considered as an investment asset or how exactly earnings (or losses) from bitcoin trading are taxed. The Indian brown briefcase is a descendant of this colonial tradition.

Last but not the least, the Union Budget will continue to focus on the agrarian economy as rural India has always been the fulcrum of Modinomics. He was photographed with the leather bag just before entering the Parliament. The upcoming Budget 2018 is yet another opportunity for India to decisively push its digitalization strategy.

Of the Rs 10 lakh crore agri-credit target in the last Budget, Rs 6.25 lakh crore was already disbursed by September 2017 by banks, empowering scores of marginalised farmers and rural artisans.

However, this year, the Budget speech itself will hold a high degree of significance. This Budget system was established by the British Empire and is still followed by almost every country born from it. The International Monetary Fund (IMF) has estimated the growth at 7.3% in 2018/19.Capital expenditure is expected to be allotted more to growth than to subsidies.This would bring cheer to the stock market. The Union Budget will carry forward this message through strategic stake sales in PSUs. At 3.3 per cent fiscal deficit, the government's gross market borrowing for FY19 can touch Rs 7,00,000 crore. The budget will also try to pick up economic momentum as India heads into a season of elections, added reports. The employees involved in the process are kept in complete isolation (quarantine) in the Finance Ministry during this time till the Budget is presented. "The basic rate of corporate tax in India at 30% is higher than the rates prevalent in the other major Asian economies, making our domestic industry uncompetitive", he had said in his budget speech, significantly adding that the effective collection of corporate tax is about 23%.

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