The budget will be one of the first major statements of the Modi
government’s policy thrust, especially on the agenda of economy revival.
With Narendra Modi’s Finance Minister expected to be in office by next
week, the Ministry has begun drafting components of the full budget
2014-15, likely to be presented in Parliament in early July. Taxpayers
in the lower income-tax slabs can look forward to some relief.
The budget will be one of the first major statements of the Modi
government’s policy thrust, especially on the agenda of economy revival.
The outgoing Finance Minister, P. Chidambaram, presented an interim budget on February 17.
At least three high-level officials in the Ministry told The Hindu
that the budget ideas for the consideration of the new Finance Minster
were being compiled from informal feedback, the Prime
Minister-designate’s speech in Parliament on May 20 where he mentioned
continuity in policy and the BJP poll manifesto; and inputs from industry lobbies.
Though it would need amendments to some Acts, the Ministry is seeking
recourse to resources such as the Investor Protection Fund and the cess
on coal and diesel. Also on the list is raising revenue from assets
lying idle such as plantations and auction of natural resources. Some of
the Ministry’s proposed new non-tax revenue sources fall within States’
jurisdiction. For instance, auctions for car VIP registration numbers.
The Ministry is also proposing innovative user charges on public
services such as for assured uninterrupted power supply. A strong case
is being made for widening the tax net. One option is to tax
agricultural income if it is less than 25 per cent of the total taxable
income of an individual. A major expenditure reform to curb fiscal
deficit is a graded move from subsidies to direct benefit transfers.
This could result in about 20 per cent savings on the subsidy bill.
"In this software Second half DA (from July 2015) and credited to GPF months are taken approximately. hence there can flexibility to change DA values & credited to GPF months after DA GO released in IT data sheet."
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