What Can Middle-Class Tax Payers Expect From Budget? Experts Say This

Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on February 1, 2024. Since this is an election year, it is going to be an interim budget.

The middle-class tax payers’ expect the government to keep taxes stable and rationalised.

However, given the fact that this is an interim Budget which is a short-term financial plan that covers the government’s expenses until a new government takes charge after elections, what do experts expect from this Budget and its impact on citizens?

Vinay Raghunath, Partner, EY, said the budget is likely to continue the policy framework that the government is following for the past few years. “There are a couple of expectations with regard to the extension of deadline for manufacturing beyond April to avail lower corporate tax and also harmonize the GST tax rate for auto components.

Economist Sanchita Mukherji said the government should also insentivise the private sector along with the public sector, 

“The government has insentivised the public sector to do a lot of spending in infrastructural development, construction that has worked well for the economy and job creation. The government needs to continue this,” said Ms Mukherji.