Sunday, March 2, 2008

Why people say budget (2008) as Dream Budget ????

This was PC’s (P. Chidambram’s) 7th budget but what made this budget especial and something to which whole nation was looking eagerly towards was that the elections are around the corner. Even a common man like me knew this budget will offer something to cheer for the common man, obviously cause of the elections and that is what it turned out to be, may easily can be classified as the best budget presented or the “Dream Budget” as they (read media) say.

But what are the things that make it so especial? The major cheering point was the changes in the ranges of Income tax slab. With income 1.5 L being exempted from being taxed, the common can take a sigh of relief. Same can be said to the others classifications of the slabs. There also been cut off’s on excise duty on general rate, cars, two wheelers and most important the life saving drugs. With these tax slashing the small cars are now Rs 20G’s cheaper.

The budget also raised the service tax exemption limit for small service provider upto Rs. 10L and also the tax on cash withdrawal has been scrapped.

With about Rs. 50,000 crore worth of loans, that overdue till December, being completely written off. Also let off for the bigger farmers as they now have to pay 75% of their loans if they like to not pay the 4th quarter of loan amount and this let off is worth Rs. 10,000 crore.

With this kind of large exemptions for both the farmers and the common man, the opposition and lefties couldn’t argue with PC and this should have given a moment for the congress party to cheer about.

The budget also has some bad things too like raise in outlays of health, education but overall from a common man’s vantage point this budget better than expected.
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