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Amid Taxpayers' Hopes, Full 2019 Budget 2019 Likely in June-July, Says Sanjeev Sanyal

Most Indian tax payers are looking forward to promises of tax rebates by the NDA made during the interim budget on February 1 this year.

News18.com

Updated:May 24, 2019, 2:19 PM IST
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Amid Taxpayers' Hopes, Full 2019 Budget 2019 Likely in June-July, Says Sanjeev Sanyal
Illustration by Mir Suhail/News18.com
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New Delhi: Principal economic adviser at the ministry of finance Sanjeev Sanyal in an interview with CNBC-TV18 said the full-fledged Union Budget will be presented in late-June or early July.

“The Budget would more likely be in late June, early July. Reviewing what was achieved over the last five years, the major priority of the government over the last five years was re-imposing macroeconomic stability, particularly inflation because of what had happened in the previous five years. So that was tackled successfully by creating a monetary policy framework," said Sanyal on Friday.

Most Indian tax payers are looking forward to promises of tax rebates by the NDA made during the interim budget on February 1 this year. Esrtwhile interim finance minister Piyush Goyal in his budget speech in February had declared a complete tax rebate for those earning up to Rs 5 lakh per annum, leading to widespread cheer among the middle class.

In Budget 2017, Jaitley slashed the tax rate for income between Rs 2,50,001 and Rs 5 lakh to 5 per cent from 10 per cent earlier. This rate cut gave a tax relief of Rs 12,500 to every taxpayer.

Laying out the government’s financial plans, Sanyal added, “The second priority is to extend last-mile delivery of services to the poor and a framework for that was created via Aadhaar, Jan Dhan and Ujjwala.”

Talking about the other frameworks created by the Centre, he listed the Insolvency and Bankruptcy Code, GST and also framework of creating basic infrastructure for the country which have been cumulative efforts of several governments before too. “We also have a tax framework, exit framework. Some sort of pipelines so that some of the basic services reach the bottom and a framework is created for macro-economic stability,” he added.

Going forward, he said: “I would argue that we should go for an export-driven, private sector investment-driven growth model.”

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