Budget 2018: Income Tax Exemption Limit Must be Raised to Rs 3 Lakh, Says SBI Report
New Delhi, Jan 11: The ministry of road transport may get an allocation of Rs 71,000 crore in Union Budget 2018, which will the last full budget before 2019 general elections. The department had demanded Rs 95,000 crore from the ministry.
Zee Media reported that the outlay for the Revised Estimate (RE) is reduced from Rs 64,900 crore to Rs 61,000 crore.
Finance Minister Arun Jaitley had given nearly 12 per cent increase in Budget allocation for highways– the allocation had been increased from Rs 57,976 crore to Rs 64,900 crore for fiscal year 2017-18. This time, the ministry might not get more than 10 per cent.
It was recently reported that the National Highways Authority of India (NHAI) may demand Rs 30,000 crore as its budgetary allocation through Central Road Fund (CRF). The report added that the body sought Rs 21,000 crore through the CRF and Rs 9,000 crore from toll collections.
The budget will be presented in Parliament on February 1. Prime Minister Narendra Modi and his team might give several sops in terms of tax benefits as it will be the last budget before general elections.