Budget 2019 will be presented in the Lok Sabha on Friday. The interim-budget may be seen as a full-fledged budget of the Narendra Modi government ahead of the Lok Sabha elections. In the budget, the tax sops for the middle class and the corporates could be expected along with a relief package for the farmers. The agriculture sector is expected to receive a good hike in the budget after the recent debacle of the BJP in the election the Hindi heartland states.
President Ram Nath Kovind’s address to a joint sitting of Parliament marked the beginning of the Budget Session 2019. Ahead of the session, PM Modi confirmed that the BJP-led government will be presenting an Interim Budget and not a vote-on-account.
It may be noted that BJP-led NDA government will present its last budget on Friday before general elections. Since this is the incumbent government’s last chance to woo the salaried class, startups and investors can expect much in form of tax sops.
The Budget 2019 could offer individual taxpayers benefits such as tax exemption limit hike. The income tax sops could include a rise in the threshold exemption limit for middle-class taxpayers. The exemption threshold could go up from the present Rs. 2.5 lakh to Rs. 5 lakh per annum.
It complained that Odisha often gets neglected in the budget. However, the state is expecting enhanced amount for the ongoing projects of railways. Besides, the state has also eyed on the farmers’ issue and special state status. Direct investment support for small and marginal farmers on the line of the Kalia scheme in Odisha is widely expected to be announced in the budget.
However, it can be expected that the expected giveaways could lead to ballooning of the fiscal deficit, especially in the wake of the shortfall in tax collections, particularly GST revenue.
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Ms Kalinga