Watch LIVE: Union Budget 2018 India

Finance Minister Arun Jaitley will present the Union Budget 2018 from 11 am onwards on February 1. Will his bag be full of surprises for the common man?

Union Budget 2018,Finance Minister Arun Jaitley Watch LIVE: Union Budget 2018 India Source : Press

The Union Finance Minister Arun Jaitley is all set to present the Union Budget 2018 for the fiscal year 2018-19 on Thursday, February 1, 2018. This will be the last regular budget under the Narendra Modi Government.

During a press conference earlier Jaitley said that "Goods and Services Tax (GST) systems have stabilized in a very short time, to increase GST base and There is a chance to change rates in the future. GST has brought widespread change in the tax system of the country. Jaitley also said that "compared to other countries, it took less time to stabilize a system like GST. This gives us time to improve and change, which is still scope."

Catch all the LIVE updates of Union Budget 2018 on Lehren News.

There are four slabs under GST - 5%, 12%, 18% and 28%. It is worth mentioning that in the GST Council meeting held in November, it was decided to remove 178 items from 28 percent tax bracket and bring it to 18 percent. Similarly, tax on 13 items has been reduced from 18 percent to 12 percent. At the same time, 8 things were removed from the tax scope of 12 percent and kept at 5 percent.

The first part deals with new schemes and outlays for various existing schemes and sectors for the coming fiscal, while the second contains announcements on direct and indirect taxes.

The month of November 2016 witnessed the biggest financial change with demonetization. Now, to what extent will the Budget 2017 be able to satisfy the common man after the November shock therapy?

Below are some expectations from the Union Budget 2018.

• Reduce corporate tax rate to 25% from 30%

• Allocate more funds for crop insurance schemes

• Reduce the tenure of tax-exempted retail term deposits to minimum of 3 years from current 5

• Increase investment by 10-15% in roads from Budget 2017

• Lower GST rates for telecom services to 12% from 18%

• Spend more on affordable housing

• Reduce or exempt city gas distribution companies from excise duty

• Decrease in basic customs duty on cooking coal across grades.