Budget 2018 falls short of justifying fund...

8/29/2018 Budget 2018 falls short of justifying fund utilisation

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By Nishant Shah (https://www.99acres.com/articles/author/nishantshah), Partner, Economic Laws Practice. February 1, 2018 310

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Budget 2018 falls short of justifying fund utilisation

The budget 2018 seems to be a well-balanced populist budget as expected in the year before elections. However, whatremains to be seen is how far government stands true to the e�ective implementation of various propositions made.

While the budget 2018 is the fourth consecutive budget of the current government and the Honorable Finance Minister. It isalso the last full-�edged budget by this Government considering the Central Election scheduled for 2019. Accordingly, thebudget was expected to be both a populist budget at the same time justifying the actions taken by the government duringits tenure of four years.

On the populist front, the budget has proceeded to allocate signi�cant funds to primary sector (agriculture and �sheries),health, education, infrastructure and a�ordable housing as also detailed the schemes by which the funds intended to beemployed. On the other hand, the budget has fallen short of justifying the utilization of funds allocated in the earlierbudgets to similar schemes announced therein. However, the minister has very strongly and e�ectively, right at the start ofthe speech, showcased the positive impact of various reforms implemented since its coming into power. 

On the taxation front, the minister has attempted to play a balanced role by granting deductions from taxable incomes and re-introducing a Long-Term Capital Gains on sale of securities.

Besides, one wonders the commitment made by the Finance Minister of reducing the corporate income tax from 30 to 25 percent for all companiesand not only those having a turnover up to Rs. 250 crores. Reducing corporate tax rate to 25 percent for companies with a turnover of Rs 250 croresis a very positive move for the real estate industry. The trickle-down e�ect of the tax saving will mean more disposable income in the hands of thecommon man, thereby increasing consumption and investment in real estate. Disappointed that stamp duty was not incorporated in GST to easepressure on homebuyers.

Overall the budget seems to be a well-balanced populist budget as would have been expected in the year before elections. It would be interestinghowever to see how the various schemes announced in the budget are e�ectively implemented. It would also be interesting to see how the FinanceMinister is able to maintain the �scal de�cit at 3.3% as estimated by him for FY 2018 – 19.

Disclaimer: The views expressed in the article are solely of the author and may not represent 99acres.com's opinions on the subject. 99acres.com does not takeresponsibility for any actions taken based on the information shared by the author.

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