Budget 2019: All eyes are on the Interim Budget 2019 speech which is to be delivered on 1st February 2019, as many are speculating that this vote-on-account could be the ruling NDAs fielding pitch for garnering votes for General Elections 2019. In the past 5 years, the ruling NDA has kept a distance from populous budgets and gave a clear message that a new India cannot be built by giving freebies and freeways to tax evaders. The past 5 budgets and goods and services tax (GST) roll-out saw a crackdown on the super-rich with a surcharge of 10 per cent for an individual who reports income more than 50 lacs and 15 per cent surcharge on income above 1 crores, while luxury items were kept in the highest 28 per cent slab of GST.

With the February 1st, 2019 interim budget being the sixth consecutive and last budget of Prime Minister Narendra Modi led NDA, before the Lok Sabha polls 2019 that is set to sail anytime from May 2019, this budget is crucial for the incumbent. However, as per rules, no new direct tax sops or even government schemes can be voted on during an Interim Budget.

Though Finance Minister Arun Jaitley could pitch in his government’s intentions for various schemes and tax benefits if NDA is voted back to power, nothing significant can be brought into effect unless they really are, as the Interim Budget 2019 will be for seeking parliament’s approval on government’s expenditure for the next 3-4 months only.

The new government, whether it’ll be BJP led National Democratic Alliance (NDA) or a united opposition from Congress-led United Progressive Alliance (UPA), will present a full Budget for the year 2019-20 once it comes to power and assumes office at the Raisina Hill in the heart of New Delhi.