The 2018-19 Union Budget, announced at the beginning of February
2018, contained pertinent information for businesspeople investing
in the country.
India's Gross Domestic Product (GDP) grew at 6.3% in the
second quarter of 2017-18, with a forecast of 7.2-7.5% in the
second half of 2017-18. Meanwhile exports are expected to grow at
15% in 2017-18. The International Monetary Fund (IMF) has predicted
GDP growth of 7.4% in 2018-19.
Here are the main takeaways from the 2018-19 Union Budget for business.
A new tax system
The Indian taxation system has undergone significant reform to
improve its operational efficiency.
The growth in direct taxes for 2017-18 (up to 15 January 2018)
has been 18.7%, compared to 12.6% in 2016-17. The number of
effective tax payers increased to 80.27m by the end of 2016-17.
This has helped the government to further invest in public services
and infrastructure.
