Union Budget to be presented on July 5 2019 : Expectations from Budget

The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday, the 5th July, 2019 at 11.00 am.

Through this article, lets discuss some of the Key Expectations from Upcoming Union Budget.

More relief to Individual Tax Payers:

There is expectation from BJP Government that Basic Slab Rate and exemption limit will be revised. This will give relief to small taxpayer in scenario of Inflation and reduce the compliance cost of Income Tax Department.

The threshold of 80C limit should be increased, so that taxpayer can save tax by making more investments.

Also there are several allowances and exemptions specifically for salaried Individuals. It is the urgent need of the hour that Govt. should increase the threshold limits of various allowances for salaried employees.

Lower GST Rates:

It is expected that GST Rates of Goods and services falling in Slab Rate of 28%/18% should be further brought down.

Promotion of Housing Sector by giving more deductions of interest on housing loan.

Bringing Non-GST Products within ambit of GST

Govt. should include the non-GST products such as petroleum crude, motor spirit (petrol), natural gas, and aviation turbine fuel, etc., within the ambit of GST.

Reduction of Compliance Burden in GST:

We know that GST demands a lot of compliance’s to be fulfilled by taxpayers. There is a monthy, Quarterly and Yearly Return even for small taxpayers.

There are representations that GST Compliance burden is reduced specifically for relief of small taxpayers and MSME Sector.

Share your Expectations from Upcoming Union Budget. Comment in the Comment Box Given below.

Tags : Union Budget to be presented on July 5 2019, Expectations from Budget, july budget 2019, Budget 2019, FM Nirmala Sitharaman

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