TV
Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1. As it happens every year, from common man to business houses are eagerly waiting for the day with a lot of expectations.
Though the government wants to strike a balance and will try to meet the expectations of every section of society, some sections always get upset and term the budget disappointing.
What You Should Not Expect From Budget 2025:
- No significant changes in indirect taxation are expected in the Union Budget 2025.
- May expect some exception in import duties but remember- GST is out of budget’s ambit. Changes to the GST are being made by the GST council, which comprises centre and state finance ministers.
- There won’t be any massive tax cuts amid the global uncertainty- impact of which is also visible in India’s economy. Remember, the World Bank recently estimated that India would grow at 6.7 per cent yearly over the next two years- slowest pace for 2024-25.
Why Expectations In Terms Of Direct Taxes Not Good?
During the 2024 general elections, many freebies and cash benefits were announced by different states for people in the lower-income strata and also for women. Besides, states, where elections are on the cards, have also made some promises to voters.
Hence, in such a scenario, the government will have to exercise caution while determining the rationalisation of direct taxes.
Income Tax & Long-Term Equity Investments
However, rationalisation of income tax can be expected as the government may want to provide relief to the urban middle class. Though there will be some incentive for long-term equity investments, expecting any massive change will only leave you upset.
