Budget: Covid cess is coming, it is pouring into the pockets of the rich ...

Ahmedabad. 19 January 2021, Tuesday

Counting days are now left for the budget. Ever since the finance minister said that a budget that no one could have imagined would come, people, especially in the markets, have been expecting a radical change. Kovid is expected to keep the government's hands tied, but the finance minister is looking more enthusiastic.

During Kovid's time, the fortunes of many companies increased four to five times. The idea that the rich have become richer has prevailed. In these circumstances, it is believed that the government's focus will also be on digging into the pockets of the rich. According to one estimate, Finance Minister Kovid is considering a cess that will have a direct impact on those with more wealth. It is also considering imposing a vaccine tax to cover the cost of vaccines.

Experts believe that the government will try to replenish the empty coffers by imposing a cess or surcharge.

Possibility to accept CCT tax removal request

The proposal to abolish commodity transaction tax in the budget is likely to be implemented. The government can take steps to remove restrictions on CCT as well as hedging. Commodity experts say a demand has been made to the finance minister to remove the CCT. The government is believed to be keen to promote trade related to commodities.

It was suggested that the SCCT needs to be re-examined. Now that the government has given it priority, the possibility of CCT being removed has increased. The main purpose of the CCT was to control the futures market. When it was implemented, it had a direct impact on the futures markets of MCX and NCDX.

New legislation on hedging in commodities is also being considered. The commodity-related class is waiting for the winds of change to blow.

Paperless budgets and the proliferation of digital

Various experts are expressing their views on what kind of concessions the finance minister will give in the budget. It has also been announced that for the first time the budget will be paperless. The government is thus prioritizing the digital system. Seeing this move, it seems that the government will welcome the digital system more and make efforts to use it at every level.

Will Sitharaman be Manmohan Singh?

Ever since the Finance Minister said that the 2021 budget will be a radical change in the past budgets, there has been a bullish trend in the markets. The budget with radical change was given by Manmohan Singh in 19. After that, India's meaning system became global. No finance minister since then has been able to take bold action like Manmohan Singh. Now when Sitharaman talks about an unimaginable budget, people are wondering if Sitharaman will not do it with Manmohan?