New Delhi [India], February 1 : Ahead of the Union Budget presentation, Congress MP Jairam Ramesh said on Saturday the most important thing is that fundamental reforms are needed in Goods and Services Tax (GST).
Speaking to ANI, Jairam emphasized that the thing to watch out for in the Budget would be if the investors get some relaxation from "tax terrorism."
"The budget has two aspects: intent and content. Together, intent and content determine the extent. We don't have many expectations, given the current state of the economy and the need to encourage private investment. I don't expect any major announcements in the budget. Let's see if there will be some tax relaxation for the middle class or not. Also, we need to see if the investors get some relaxation from the tax terrorism," he said.
"The most important thing is that fundamental reforms are needed in GST," he added.
Congress MP Hibi Eden from Kerala hoped that the tax policies and the issues faced by the common man and the small-time traders, including the GST would be tackled by the Budget.
"More allocation would be there on MNREGA. We expect that education and health will be given more focus and our all-time demand is that the honorarium of members of the anganwadi - teachers and workers are revised and given a better space. These are our demands and I hope the Government will consider that...The southern states are neglected. I hope Kerala will get a better share this time," Eden said.
Nirmala Sitharaman is set to present her record 8th consecutive budget today in the Lok Sabha. The budget speech will outline the government's fiscal policies, revenue and expenditure proposals, taxation reforms, and other significant announcements.
Earlier today, Sitharaman and Union Minister of State for Finance Pankaj Chaudhary met President Droupadi Murmu at the Rashtrapati Bhavan ahead of the Union Budget.
President Murmu offered 'dahi-chini' to the Union Finance Minister. This is a customary sign of wishing good luck. During their meeting, the Finance Minister was seen discussing the contours of the Budget proposals with the President.