Indian Budget - 2004 ( Interim)
There are many expert in India who believe that Mr. PC should have gone for a vote-on-account for remaining 8 month and then presenting a budget that doesn't do anything to stimulate the economy. Not only that, it would also have given Mr. PC enough time to get his policies and priorities right. This budget had done nothing but reduce the disposable income of ordinary tax-paying and law-abiding Indian. The hike of service tax by 2% - though a smaller number in absolute terms - is going to make average Indian pay a lot more than in the past. Also, the expansion of taxable services will have its own impact. Already the oil companies are talking about raising the per liter price for petrol and diesel. Then we have this 2% education cess. Finally the average tax paying Indian end-up paying more on tax this year. This government is squeezing every bit of juice out of families who are already on a shoe tight budget.
