This issue of the All India Federation of Tax Practitioners Journal is dedicated to Late Dr. N. M. Rankaji, Senior Advocate and Past President of AIFTP who passed away recently. He was a member of the Editorial Board of the Journal. On the passing away of Respected Rankaji, a dedicated life has come to an end. Rankaji was a man of versatile gifts and genial personality. His life was a life of unveiling. So far as the Federation is concerned, it is a great loss for all of us. Rankaji was a pillar of the Federation. Personally, the passing away of Respected Rankaji is a great loss to me. I was always fortunate to have his love and affection towards me. In fact he endeared himself to one and all with whom he came into contact. I can only say that though he has left this soil, but there is a fragrance left behind, which will never die away.
On 5th of July, 2019, the whole Nation would be applauding the first lady Finance Minister of India presenting the Union Budget in Parliament. After the landslide victory of the BJP in the last general elections there are lot of expectations of the people of the country from the Finance Minister to be fulfilled in this budget. Economic reforms, tax relief, simplification of corporate tax structure have been an age old demand that people want to be met in the Union Budget 2019. There are lot of expectations from the new Finance Minister that the basic slab rate and the exemption limit under the Income Tax Act shall be revised giving relief to the tax payers in the scenario of inflation. Special attention needs to be given to the real estate sector to help the real estate sector which is facing a lot of difficulties. The Finance Minister shall have a tough time inasmuch as she shall have to, on the one hand try to fulfil the expectations of the people in general and on the other hand, take measures for the increase in the revenue collection as well as for the economic growth of the country.
So far as the Goods & Services Tax is concerned, lot needs to be done to simplify the procedures as well as lowering the tax rates.
It will be interesting to watch and see as to how the Finance Minister meets the challenges and expectations of the people qua the economic growth of the Country as well as enhanced revenue collection.
Dr. Ashok Saraf
National President, AIFTP