INDIAN BUDGET CHANGING LANDSCAPE 2018

INDIAN BUDGET CHANGING LANDSCAPE 2018 
FOR UPSC, SSC, RAILWAYS, BANKINGS, CAT, NDA, CDS AND OTHER NATIONAL & STATE LEVEL COMPETITIVE EXAMS.

INTRODUCTION

This booklet is prepared exclusively for the benefit and use of the clients of K. C. Mehta & Co.This should not be used as a substitute for professional advice. Reasonable care has been taken for ensuring the accuracy and the authenticity of the contents of this booklet.However, we do not take any responsibility for any error or omission contained therein onany account. It is recommended that the readers should take professional advise before acting on the same.The provisions contained in the Finance Bill, 2018 (”the Bill”) are proposals and are likely to undergo amendments while passing through Houses of Parliament before being enacted.

The time between the last Union Budget and the present one would have been one of the most eventful times in the near history on the economic and political fronts. We had the Government at the best of public adulation along-with “Demonetization” and riding on the same, it swept the Uttar Pradesh Elections. The same was then followed up with the implementation of one of the most courageous tax reforms of Goods and Service Tax (GST) with effect from 1st July 2017, which became a tumbling point of the ever-rising chart of the Government's popularity.This was the last budget of this Government which will have impact before the next critical general elections in early 2019.The GST implementation had left a bit of dent in the finances, reflected in marginal slipping on the Fiscal Deficit (3.5 % over targeted 3 %) parameter. The Government had no option but to shift focus to the rural public (read agriculture) in the country. This was not only necessary politically, but also a need of the nation. It was high time the natural target was shifted to get the revenues from gains which were hitherto not taxed. The landscape had to change.

Economic Survey over the past few years'has moved from mere representation of the economic financials and parameters tounder standing the complexities of the Indian Economy and analysing how the dynamics affects the multitude of socio-economic factors governing the vast and great country.The Economic Survey of 2017-18 has kept up with the Big Data theme, introduced in the last Economic Survey, continues to throw light in multitude of areas. The implementation of the GST data garnered from the Employees' Provident Fund Organisation (EPFO) and the Employees'State Insurance Corporation (ESIC) has permitted new perspective on the Indian Economy. Household level data from the Demographic and Health Survey (DHS)and the National Family Health Survey(NFHS) has mined out various gender issues afflicting the core of the Indian ecosystem.

INDIAN BUDGET CHANGING LANDSCAPE

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