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January 31, 2018 / 09:57 PM IST

Budget 2018 run-up: Need roadmap for higher non-tax revenue, says Rashesh Shah

With the Budget 2018 scheduled to be presented tomorrow, here's a round-up of key expectations, stories and live updates.

Thanks for staying with us in the run-up to the Budget. Moneycontrol will bring you live updates, highlights and analysis from Budget 2018.

18:36 Need to lay down roadmap for higher non-tax revenue, says Rashesh Shah

Edelweiss Group chairman Rashesh Shah, who also heads the industry lobby Ficci as its president, has called for laying down a strategic road-map in the

Budget to ensure higher non-tax revenue.

In an extensive interview ahead of the Budget, Shah urged the finance minister to unveil a road-map for “continuous and steady growth in non-tax revenues in a strategic manner.”

Shah, who has spent over quarter of a century in the corporate and financial markets and is one of the leading industry spokespersons, started Edelweiss in 1996 which has since grown into one of the leading diversified financial services conglomerates with presence in broking and investment banking, MF, ARC that’s the largest today, NBFC etc.

18:07 SMEs Budget wishlist: More projects, lower taxes

Ahead of the Budget, a survey has revealed that 87.5 per cent small and medium enterprises from the transport sector expect more projects to be announced such as Bharatmala road building programme, while 54 per cent of retail and e-commerce SMEs want a national retail policy.

The Dun & Bradstreet SAP SME Survey on the Budget expectations of SMEs across various segments also found that 43 per cent respondents from the metal and mining sector want the government to expand profit-linked incentives to include capital-intensive industries. However, 88 per cent feel the government is likely to maintain a protectionist mindset, promoting indigenous manufacturing.

According to the survey, 56 per cent SMEs from the automotive sector expect reduction in GST rates on ancillaries as suggested by Automotive Component Manufacturers Association of India, whereas 88 per cent expect encouraging steps towards Bharat Stage adoption.

17:38 Here are highlights from what to expect from the upcoming Budget. The expectations are from experts, reports and surveys.

>Many reports and experts have suggested that the Budget 2018 will have in store a tax slab rejig.  The expectations come to play as it will give more purchasing power to the common man and small entrepreneurs and the experts suggest that minimum exemption limit will be may be increased from the current level of Rs. 2.5 lakh to Rs. 3 lakh per annum. Calculate your Income Tax here.

> Reports and experts have suggested that house rent charges in major Southern cities - Bengaluru or Hyderabad - are not less as compared to Mumbai, Delhi, Kolkata and Chennai. Keeping this in mind, the government should also include many other cities in the category of the higher exemptions for HRA in cities.

>The revenue from the RCS air fares, which are already economical, so to say and are controlled. It is, however, not enough to cover the expenses airline incur and the VGF is important for the operations to continue. Last year, the exemption was ordered to be valid for a year. The sector is expecting Jaitley to extend the exemption for at least another year. Read our story here.

>A LocalCircles Survey, conducted in 200 cities and with a sample size of more than 1,25,000 citizens, points that 38% citizens want agriculture, 34% want infrastructure, 12% want healthcare and 16% want education to be the top priority in the Budget tomorrow. This, the survey points, that the majority is more keen on agriculture benefitting from the efforts by the government.

15:59 Hello and good evening everyone! With the Budget 2018 scheduled to be presented tomorrow, here's a round-up of key expectations, stories and updates.
  • January 31, 2018 / 09:57 PM IST

    Thanks for staying with us in the run-up to the Budget. Moneycontrol will bring you live updates, highlights and analysis from Budget 2018 here.

  • January 31, 2018 / 09:47 PM IST

    Budget 2018: Finance Ministers who went on to become Prime Minister or President

    Finance ministers are known to hold the most important portfolios across the world. In India, a lot of these ministers went on to lead the country taking the post of a Prime Minister (PM) or even a President.

    Jawaharlal Lal Nehru, Indira and Rajiv Gandhi have presented the Budget while serving as the Prime Minister of India.

    As Arun Jaitley is set to present his fifth Union Budget on Thursday February 1, we take a look at the Finance Ministers who went on to take larger roles.

    Read here to know more

  • ADVERTISEMENT
  • January 31, 2018 / 09:22 PM IST

    Under Deshmukh the period was marked by high demand for home-made goods such as jute goods, raw cotton, cotton waste and raw wool. Import regulations were gradually relaxed to allow essential commodities into the country. This period also witnessed a marked reduction in expenditure compared to revenue receipts unlike the previous years. The budget for 1950-51 provided surplus of Rs 71 lakhs.

    The total expenditure for 1951-52 was estimated at Rs.375.43 crores of which Defence Services will account for Rs.180.02 crores and civil expenditure for Rs.195.41 crores.

    Read our story here

  • January 31, 2018 / 09:03 PM IST

    For India's banking sector, experts and reports have pointed that the upcoming Budget will have in store allowing a full tax deduction for NPAs' provisions at banks, raising the threshold for tax deduction on interest paid on bank deposits, reducing the tenure of tax-exempted retail term deposits to minimum of 3 years and allowing tax relief for proceedings under the insolvency code. 

  • ADVERTISEMENT
  • January 31, 2018 / 08:47 PM IST

    Budget 2018: The country needs a budget that synergizes digital prowess with cyber-risk intelligence

    Experts suggest that the government must capitalize on the existing momentum and aggressively leverage the key initiatives to realize their true economic potential, and an encouraging Budget 2018-19 would be the best catalyst to achieve the objectives.

    Read the column story here

  • January 31, 2018 / 08:14 PM IST

    Here are 5 things you should check after the Budget announcement if your portfolio is smaller than your annual income - 

    1. Basic Exemption Limit
    2. Tax rates
    3. Standard Deduction
    4. Increase in exemptions
    5. Changes in tax saving instruments.

    For more details, read our story here

  • January 31, 2018 / 07:56 PM IST

    India Inc has been asking and now are expecting the upcoming Budget to have in store a cut in the corporate tax to 20%. The push has become stronger after a major economy like the US cut its corporate tax. Here's a list of the top 10 countries along with how their economy is performing with their corporate tax.

    Read our story here

  • ADVERTISEMENT
  • January 31, 2018 / 07:25 PM IST

    NGO demands greater transparency in budgetary process

    Claiming that the budgetary process in India was not transparent enough, an NGO today urged the government to place more information related to the budget in the public domain.

    As Finance Minister Arun Jaitley gears up to present the Union Budget 2018-19 tomorrow, the NGO, Transparency International India, said on parameters of international standards on budget transparency, the Indian budget was considered "less transparent" as it put only "limited"
    information in the public domain.

    "Budgetary process in India is still non-transparent,
    non-participative with poor accessibility by citizenry," it
    said in a press release here.

    While the government "boasts its intentions of transparency", India ranks low on indicators representing budget transparency, it said, demanding greater openness in the budgetary process.

  • January 31, 2018 / 07:00 PM IST

    NGO demands greater transparency in budgetary process

    Claiming that the budgetary process in India was not transparent enough, an NGO today urged the government to place more information related to the budget in the public domain.

    As Finance Minister Arun Jaitley gears up to present the Union Budget 2018-19 tomorrow, the NGO, Transparency International India, said on parameters of international standards on budget transparency, the Indian budget was considered "less transparent" as it put only "limited" information in the public domain.

    "Budgetary process in India is still non-transparent, non-participative with poor accessibility by citizenry," it said in a press release here.

    While the government "boasts its intentions of transparency", India ranks low on indicators representing budget transparency, it said, demanding greater openness in the budgetary process.

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