Union Budget 2017-18 to be presented just few days away

YarnsandFibers News Bureau 2017-01-23 11:00:00 – New Delhi

Union Budget 2017 due on February 1 will be the third budget to be presented by the Prime Minister Narendra Modi’s government. The budget 2017 will not only be unique for its preponement from the usual month of March but will also have unprecedented expectations resulting from demonetisation. In the run-up to the Union Budget 2017, the start-ups across India hope to hear from the Finance Minister Arun Jaitley come February 1.

With Union Budget 2017-18 to be presented just few days away, they expect the Government to provision deduction in existing corporate tax of 30 percent to approximately 25 percent in order to improve the business environment and give strong push to growth. This year the growth prospect looks better than the last year for all sectors. For maintaining the momentum they urge the Government to do not impose any further increase in service tax. However the tax on banking services should be reduced by 2% instead of 10% or 11%. Further, they urge the government to remove the numerous taxes on services as it would encourage the MSME Industry to grow on a larger scale.

Abhishek Rawal, Co-Founder Indian Threads said that demonetisation has raised their expectation for better foreign investment. After the bold and historic decision of demonetisation, the expectation from the forthcoming budget has gone up. In the upcoming budget of 2017, Government has been moving steadily on improving the fashion industry and the budget will have a lot of announcements to make.

One important thing which has happened in the recent past is very clear, the large global manufacturers have indicated that the procurement from India will increase in the current fiscal and budget 17 will help in improving. That is extremely important for Indian textile exporters and Indian textile industry.

The Budget this year will also be essential in helping businesses understand and gain better clarity on the GST.

Industry, market and common people, all have high hopes from this budget as they demand PM Modi to fulfil promises he made in the November 8 speech and since then, wherein he asked India to bear with him as he realises the dreams of ‘Achhe Din’.

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