Pre-budget consultations to kick off from December 5: Arun Jaitley to meet agriculture groups first

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Published: November 28, 2017 3:21:52 PM

Even as the preparations for Union Budget 2018-19 is underway; the Ministry of Finance on Tuesday said that Finance Minister Arun Jaitley will meet with representatives of various trade unions from December 5th 2017.

Finance Minister Arun Jaitley will meet with representatives of various trade unions from December 5th 2017. (Image: Reuters)

Even as the preparations for Union Budget 2018-19 is underway; the Ministry of Finance on Tuesday said that Finance Minister Arun Jaitley will meet with representatives of various stakeholder groups from December 5th 2017. “Union Finance Minister Shri Arun Jaitley will start holding his Pre-Budget Consultation Meetings with different stakeholder Groups w.e.f. 5th Dec,2017. His First Meeting would be with representatives of different Agriculture Groups followed by with representatives of Trade Unions,” the Ministry of Finance tweeted on Tuesday.

The Narendra Modi-led government is set to present Union Budget 2018 on 1st February, just like it did last year. This budget which will be presented by Arun Jaitley will also be the last budget of the National Democratic Alliance (NDA) government before the 2019 Lok Sabha election.

Union Budget 2018 will also be India’s first budget post-GST-implementation. Even though independent India’s biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers. With excise duty and service tax being subsumed in the Goods and Services Tax (GST), the classifications will undergo change, an official said, according to PTI.

Many trade unions and stakeholders have raised concerns surrounding GST. The Association of National Exchanges Members of India (Anmi) has flagged concerns about the Goods and Services Tax (GST) regime creating “some difficulty” in the financial market. “Rate of GST applicable on brokerage for share transaction is 18 per cent which is on much higher side and has further inflated the cost of transaction. We appeal to reduce the rate of GST to 12 per cent in the ensuing Budget,” the group had said.

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