Central Union Budget 2011-12: Expectations of the common people

The General Budget 2011 will be presented to Lok Sabha on February 28 by the Finance Minister of the country. Indian Finance Minister Mr. Pranab Mukherjee has hinted that the upcoming budget announcements would have certain relief for the commoners as the rising inflation has taken a toll on the lives of the common people. It has been speculated that the latest Budget Speech would have certain rebates for the populace of India starting with Income tax rebate. Under the direct taxes code, the finance ministry is expected to raise the income tax exemption limit from 1 lakh 50 thousand to Rs 2 lakhs that would be probably implied to 2012-2013 tax payers.

Common people of the country are also expecting that the budget 2011 announcement would contain the release of IT exemption limit. This would be comforting for the common people, who have been greatly influenced with high inflation and price hikes of basic commodities. People are seriously looking up to the latest budget announcements, and wanting to get some relief. They want relief from the high raise of petrol prices and a solution that would curb the price inflation on food items. The Finance department is looking for ways to lower the vat tax on fuel and basic commodities that would considerably bring down the prices of these items. If the Finance Minister slashes the VAT chargers by around 50% then general people would take a sign of relief in the coming financial year of 2011-2012.

It is a difficult task for the Finance Minister as well, to plan the country’s budget in such a way that it brings relief for the common people and simultaneously fosters a rapid economic growth of the country. He must ensure that he is able to keep a tab on the price inflation of basic goods and bring relief to the common population (especially the working class and economically weaker sections).

Following are the actions expected from the Budget 2011-12 announcements:
1. Rebate on Oil and Gas, Fertilizer, Food etc
2. Tax reforms such as implementation of GST and DTC
3. Relaxation in Service tax
4. Subsidies in FDI norms in sectors like BFSI, Media, Retail etc
5. De regulation of Diesel Prices to contain under recoveries

The country’s annual Budget Speech is a major concern not just for the common people but for the elite business class as well. Each and every individual ranging from those who are running hand to mouth to those who are well established, are being affected by these announcements. Even the export import traders wait impatiently for the latest Customs Tariff-2011 announcement during the budget sessions. Those who want to check the latest report of the Customs Tariff-2011 announcement, they can log on to the website on Infodrive India. It is a major export import database site that would hold the latest Budget Speech, once it is announced By the Finance Minister.

Jayden William is an expert author who has written many articles on International Trade and Business. He is providing usefulinformation on Customs Tariff-2011 and Budget Speech