Union Budget Today: Great Expectations from Budget 2015
Finance Minister Mr. Arun Jaitely is going to present Union Budget 2015 today.For speeding up and setting up various businesses the people should have access to low cost finance, softening of interest rates and ease in setting businesses or units.
The moment of truth is almost here, as the government will be presenting its full Budget on February 28th and everyone has their eyes set on it. The government has made many promises since the NDA government came to power in May last year and now is the time for it to come through with their actions.
The backdrop for this year’s Budget is set and is a tad soft as the retail inflation has softened to around a 5 percent level. It has also been seen that the global crude oil prices have fallen drastically at around $50 per barrel of late. But the substantial advantage of it is not being passed on to the general public. The government should follow in line with the global trend and slash oil prices.
Oil price is the driving force for most of the things and is inter-linked to many aspects. It has a cascading effect, right from the transportation costs to prices of raw materials, vegetables, fruits and many other things which affect the common man. However, the government is increasing the excise duty because of which the benefit of falling crude oil prices has not trickled down to the public.
In addition, the foremost expectation from every citizen is having an increased the tax exemption limit. Increasing the basic limit will mean a higher disposable income, spending power and savings.
Many people feel that the tax exemption limit should be increased from the present Rs 2.5 lakh limit to atleast Rs 3 lakh keeping in mind the inflationary scenario. The working women of this country need their tax exemption limit to be raised to at least Rs 4 lakh p.a.
It is seen that the gold imports are declining and hence the government may reduce import duty by around 2 to 4 percent. At present the import duty is 10 percent and reducing it to around 4 to 5 percent should make prospective buyers happy.
The ‘Make in India’ agenda of the government to emerge as a global manufacturing hub should be given thrust in this Budget and as promised it should help in creating jobs for the youth of our country. The whole purpose of envisaging this campaign is to boost our local manufacturing sector for domestic and global markets. The government should buckle up and start acting on its promised roadmap.
The education sector, especially students, is keeping a close track on what the FM may have in store for it. More and more students are applying for education loans, thanks to higher professional educational costs and for studies abroad.
Reduction in service and excise tax rate is also on the wish-list of people. At present, the rate of service tax and excise duty is 12 percent each.
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Source:Zeenews
