Nagpur: As the Budget 2018 is round the corner, the air is thick with expectations. Since this is full budget before 2019 elections, Union Finance Minister Arun Jaitley is expected to present a populist budget and therefore the tax payers expect a major relief.
According to Chartered Accountant Abhijit Kelkar, Jaitley should also simplify tax rules for start-ups and small businesses in the Budget to encourage entrepreneurship in the country and entrepreneurs. And for boosting the SME segment and to truly create a backbone of manufacturing in India, it is important that the government gives enough incentives and support to the Small and Medium Enterprises as these are the ones that will create the multiplier effect for job creation.
Labour reforms are one of the most critical factors which will enable multinational companies to set up manufacturing activities in India on a large scale. Though a lot has been said about labour reforms, a clear, practical and truly win-win reform has not been seen.
Lastly, making GST compliance simplified by scraping the provision of many returns and introducing single return is the need of the hour.
Though preparing budget is a tight-rope walk, Budget 2018 will perhaps be the most challenging task the Modi-led government will undertake this financial year as budget should balance political hopes with economic realities. All the people of the county have been waiting for the government to lay down an economic roadmap for the country for “acche din”.