The Union Budget 2018 holds special significance being the first Budget post Goods and Service Tax (GST) and demonetisation.
The year witnessed remarkable policy and structural reforms. The announcement of a comprehensive recapitalisation of public sector banks and proactive steps towards resolution of non-performing loans are a few of the key initiatives to address weakness in India's sovereign credit profile. Backing various reforms, the international credit rating giant Moody's upgraded India's credit ratings to Baa2 from Baa3 after a gap of around 13 years.
In a nutshell, the Budget has primarily focused on revitalising rural economy with strong focus on agricultural, infrastructure, healthcare and education sectors to ensure that the country participates and supplements the upsurge in the growth of global economy.
The Budget offers some reduction in the corporate tax rate to specified companies and does not have anything significant for individual tax payers. To minimise economic distortions and curb erosion of the tax base, a 10 per cent tax on gains from the equity markets has been re introduced. Also, a new scheme of faceless assessment is proposed so as to impart greater transparency and accountability.
From an Indirect tax perspective, changes are restricted to Customs Duty and are primarily to reduce litigations and provide impetus to the 'Make in India' initiative. This microsite is your portal for information on the Union Budget 2018-19.
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