Budget 2018 wishlist News

The Payment of Gratuity Act, 1972 applies to establishments employing 10 or more persons.

The legislation will enable the government to enhance the ceiling of tax free gratuity to Rs 20 lakh from the existing Rs 10 lakh for employees falling under the Payment of Gratuity Act.

Now, the bill will go to the Upper House for consideration and passage.

The public-sector investment on healthcare accounts for less than 1.5 percent of GDP, which is one of the lowest globally, and the government intends to increase the expenditure to 2.5 percent of GDP by 2025.

Here are some expectations from the sector, ahead of this year`s Union Budget:

The landmark tax reform was introduced on July 1, 2017.

The government is widely expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be prudent as loosening fiscal deficit targets by too much would likely spark a sell-off in the bond market.

In the run up to the budget, retailers have asked the government to simplify GST system and grant industry status to the sector for easier access to finance and attract more investments.

Industry body CII has demanded that the holding period for units of debt mutual fund must be restored to 12 months from 36 months to qualify as long-term capital gains and bring it at par with equity market.

Sources told Zee Business that under the new policy, farmers will be able to directly sell their produce in the export market through a web portal.

The government wants to increase the limit of tax-free gratuity from Rs 10 lakh to Rs 20 lakh for workers in the organised sector.

The industry is also seeking relaxed FDI regime for multi-brand retail trade (MBRT) as also incentives to be provided for setting up warehousing and cold-chain storage facilities.

FAIFA said seizure of smuggled cigarettes has doubled in the last two years indicating the increase in smuggling.

DDT has become burdensome for corporates due to various factors such as high rate, litigation on disallowance and hence the return on capital employed has significantly diminished.

It will be Modi government’s last full budget before Lok Sabha elections of 2019.

Telecom companies transfer prepaid vouchers and SIM cards to independent distributors at a discount, who then sell them to retailers and subscribers.

The FPCE, which is working for the cause of homebuyers, said the double burden of Equated Monthly Installment (EMI) and rent is breaking the backbone of a homebuyer for no fault of his or her.