On Monday, Finance Minister P Chidambaram will be presenting the interim budget for 2014-15.He could announce minor changes in indirect tax rates of a few goods and services, and also withdraw the so-called `super-rich` tax of 10% surcharge imposed last year on those with annual taxable earnings of Rs. 1 crore.
The finance minister could also announce a cut in customs duty on gold by two percentage points to 8%, signalling a staggered unwinding of the curbs on bullion imports imposed to contain a free-falling rupee and a widening current account deficit (CAD).
The finance minister is widely expected to articulate the need for unw
avering focus on fiscal discipline even in a poll-bound year, given the delicate state of public finances.
avering focus on fiscal discipline even in a poll-bound year, given the delicate state of public finances.The UPA government`s last budget comes at a time when the economy is struggling to claw out of a crippling slowdown. India`s gross domestic product (GDP)—the total value of goods and services produced in the country—is set to record sub-5% growth for two consecutive years.
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