Budget Session 2018-19: Highlights of the Economic survey

Budget Session 2018-19: Highlights of the Economic survey

Budget Session 2018-19: Key takeaways from the Economic Survey Report before the Budget

Budget Session 2018-19: Highlights of the Economic survey

Budget Session 2018-19: Union Budget 2018-19 is the last Union Budget by the BJP led NDA government. It is also the first budget ever to be presented after the announcement of GST regime. There is a gap of less than a months time between the Winter Session of the Parliament and the Budget Session of the parliament. Today the CEA, Arvind Subramaniam addressed the Budget Session of the Parliament and indicated to the Indian public what the Budget could look like.

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Being the first budget post the GST regime, the budget 2018-19 may not have tax proposals concerning excise and service tax levies.

The GST replaces complex tax structures with a simplified tax system. Before the GST regime, India had followed an archaic tax system and comprised of several taxes like Value-Added Tax (VAT), Central Excise, Service Tax, Entry Tax or Octroi, Customs Duty, Central Surcharge & Cess, Luxury Tax, Entertainment Tax, and Purchase Tax. GST is a revolutionary tax reform that was lying pending with the government and tax authorities for several years and decades and several governments gave it a miss.

The Union Budget will deal with various ongoing government schemes. Following the implementation of GST, the Union Budget will take into account those items that are still outside the purview of GST. Only the next Union budget will comprise of a completely new budget that is in sync with GST, this budget is only a makeshift for GST. While most of the products are subsumed under GST, there are some goods and products that are still outside the purview of GST. Surprisingly, there will also be the announcement of direct and Indirect taxes.

Budget Session 2018-19 – Key highlights:

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  • Extreme weather adversely impacts agriculture yields and the government will make various provisions to help the agriculture sector.
  • Economic Survey: Inflation in the country continued to moderate during 2017-18. Consumer Price Index(CPI) based headline inflation averaged 3.3 percent during the period which is the lowest in the last six financial years.
  • Observations after GST: Maharashtra, UP, Tamil Nadu and Gujarat are the states with the greatest number of GST registrants. UP and West Bengal has been large increases in the number of tax registrants compared to the old tax regime.
  • To re-ignite growth, raising investment is more important than raising saving, Direct tax collection by Indian states & local governments are significantly lower than those of their counterparts in other federal countries
  • This year oil prices went up that affected consumption and govt finances also held back real economic activity: Chief Economic Adviser Dr. Arvind Subramanian
  • India added 1.8 million new Individual Income tax filers post GST, demonetization: Arvind Subramanian
  • Another important thing about Indian families is that Indian parents continue to have children until they have a son, reveals the Economic Survey
  • These are some of the key highlights of the Economic Survey for he Budget Session of the parliament.

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Stay tuned for more updates on Budget Session 2018-19!

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