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  • Category: Miscellaneous

    My expectations from the Budget


    What are the expectations of the common man from the 2018 India Budget? Expectations of the public are revealed in this forum thread.



    The Government is going to table the Budget tomorrow. As a common man who doesn't possess much knowledge about economics and fiscal matter, I don't understand the nitty-gritty of budget. However, I have some expectations from the Budget. I am listing my expectations below:-

    (a) I have been paying a huge amount of income tax because presently I don't have any loan. The Government must rationalize the income tax structure keeping in view the hopes and aspirations of middle-class.
    (b) The Government must cut down the service tax to some extent. It pinches a lot.
    (c) The Government must increase the budget allocation for Defence. This is necessary for the safety and security of the country.
    (d) The Government should drastically cut down subsidies except on education and health.
    (e) The Government should give more impetus on ''Make in India'' and similar schemes which are helpful for employment generation.
    (f) Serious steps must be taken to improve the railway service and safety aspects. There is no need to increase the number of trains in the busiest routes.

    Members may kindly indicate their expectations from the Budget.
  • #624963
    Yes, the budget is around the corner and us as common people would have expectations.

    For me, it would be meaningless until the Government has concrete and stringent steps to ensure that majority of the people who should pay taxes are brought under the mandatory IT tax filing. It's a shame that officials themselves will give you an idea how to avoid paying tax and skim all the profits and enjoy the benefits of conducting business or living using state resources.

    I think the PM has hinted that there would be not much of money being doled out to just appease people. I agree with you, whatever government is in power, it should pay due diligence in improving education, defence and health and this is directly related to the welfare of the people.

    I think, there are a disproportionate number of people below the poverty line and a similar number looking for jobs, this gross disparity needs to be addressed before it begins to derail the system.

    Tax on the elite class, commercial investing or MNCs should be much higher with some perks give to first time home buyers, and rebates/better interest of savings held by genuine middle class people as their retirement funds(its fairly easy to make out, who invests money to save and who invests money to multiply it soon).

  • #624973
    What is the use of our expectations when the budget proposals already drawn and to be presented today. What we sincerely hope from Modi government that when we cooperated with the note ban, the government must deposit the black money thus collected and deposit with those sincere payers.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #624981
    Where would the poor go if the subsidies are drastically cut down? Education and health do not take a priority when it comes to the poor. They seek more subsidies, particularly on food - so that they can live. Subsidies are required for the marginalised - they cannot be done away with. However, I am against sops based on caste and religion.

    I too hope for some tax cuts or reduced taxes. I want the interest on 'Education Loans' to be brought down.

    "A love affair with knowledge will never end in heartbreak." -Michael Garrett Marino

  • #625004
    1. From my own experience, I can state that subsidy given to strengthen public distribution system in India to provide subsidized food and other essential items can be termed as 'failure'. The benefit doesn't reach the poor people of the country. Middlemen are benefitted from the subsidy.

    2. So far as the subsidy in the healthcare system is concerned, although the poor don't give importance to this issue, it is very important. Even today, I read an article of Dr. Devi Shetty on this issue, the link of which is given below:-
    https://blogs.timesofindia.indiatimes.com/toi-edit-page/served-by-indians-for-india-to-be-a-services-superpower-diversify-beyond-it-to-medical-services/

    Beware! I question everything and everybody.

  • #625007
    As an income taxpayer, I always wish that the money collected from the taxes should be utilised properly for the development of the country. I don't have any interest to support the spending of this money for developing laziness among the people. Show a way to earn and let them enjoy their lives with their hard earned money. If government proposes the budget keeping this point in mind I am the happiest man.
    I expect some revision in the present income tax system and the people who are earning around 7 to 8 lakhs can try to avoid paying tax by doing some savings. The slabs for 10%, 20% and 30% should be revised. Up to 25 lakhs 10%, up to 50 lakhs 20% and above 30% may be a welcome revision. By the time I am posting this the budget might have been tabled in the parliament and I have to see what is there interesting to me.

    drrao
    always confident

  • #625014
    There is no denying that education and healthcare are of prime importance in helping in building the nation. What about hunger? Do we let people sleep hungry because your experience shows that middlemen are benefitted?

    PDS benefits lakhs of people and these include those who can well afford the purchase of essential commodities. The focus should be on checking the corruption and on ensuring everyone who is entitled gets the benefit. Personal experiences should not be used as examples to ring in changes.

    I know that rice at Rs.2/kg, being distributed in Tamil Nadu feeds the poor in the state. Let us not rally to cut the subsidy on food, because you think differently. Let food subsidy continue parallel to the other projects. Education and health will follow when hunger is alleviated. People need to be fed first.

    "A love affair with knowledge will never end in heartbreak." -Michael Garrett Marino

  • #625027
    I feel that Govt should slowly reduce the personal income tax and try to realize the taxes on purchasing, recreations, luxuries, services etc.

    This will give a great relief to middle income groups who generally avoid unnecessary indulgences in luxuries but pay income tax.

    If a person is living with simplicity and accumulating some money and getting interest on it, he will not like to pay tax on it. So tax is to be taken indirectly on luxury items and high end entertainment services.

    Let the people who can afford luxuries and live lavishly pay the taxes. This is only possible when taxes are taken indirectly.

    Knowledge is power.

  • #625036
    The Finance Minister Arun Jaitley didn't announce any change in the existing personal income tax slabs in Budget 2018-2019. It is a huge disappointment for the salaried class.
    Beware! I question everything and everybody.


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