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Changes in structure:

The introduction of the GST has made one of the main changes in the Budget this year – its structure. The Finance Minister delivers his Union Budget presentation in two parts – Part A and Part B. While Part A focuses on outlays of money for different sectors and schemes, banking and capital markets, expenditure and fiscal forecasts, Part B focuses on taxes – both direct and indirect. The implementation of GST would mean a lighter ‘part B’, as around a dozen taxes have been subsumed under GST. Currently, only the customs duty remains under the ambit of indirect tax. Hence, Part B would mainly focus on income and other direct taxes, apart from customs duties, making it a much shorter section than the previous Budgets.

Image credit: ANI

Budget 2018: What you can expect and how this budget would be different

Union Finance Minister Arun Jaitley is all set to present Budget 2018 on February 1 – the first budget post GST, and more than a year after demonetisation hit the country and its citizens. With less than two weeks remaining, all eyes are on the last full Budget to be presented by the Modi government before the 2019 General Elections.

As the countdown to the Budget begins, we take a look at what we can expect this year and how Budget 2018 would be different: