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Budget 2017-18 may look to soften note ban woes by tax relief

News and Press Release - Dated:- 30-1-2017 - Finance Minister Arun Jaitley will on Wednesday present his fourth and perhaps the most challenging Budget that may look to soften blow of currency ban with tax and other sops as he seeks to revive growth. While largely sticking to fiscal consolidation roadmap, Jaitley will present the Budget for 2017-18 amid strong headwinds caused by government decision to invalidate 86 per cent of the currency and the newly elected US President making protectionist .....

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rebate may also be on the cards. Besides tax break, there could even be a universal basic income in the Budget, industry officials and tax experts said. But cutting 30 per cent corporate tax rate to lift sagging investments may not be easy given that government's official estimate of 7.1 per cent GDP growth for the current financial year does not take into account the chaos wrought by demonetisation. While revenue collection targets for the current fiscal may exceed, there are doubts if Jai .....

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nce Minister may also announce schemes for boosting domestic manufacturing and promoting start ups. Tax experts and economists said Jaitley may hike the service tax (currently at 15 per cent) to align with the GST regime. It will be keenly watched if he makes any changes to the tax regime on investments in equities. At present, gains from transactions in shares held for less than 12 months are considered short-term capital gains and are subject to 15 per cent tax. Gains on holdings above 12 mont .....

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