The Union Budget presented by Union finance minister Arun Jaitley on February 1 was only a partial budget, former minister and economist Jaynarayan Vyas said, warning of a bitter dose when the Goods and Service Tax (GST) is rolled out.

Vyas and eminent tax consultant and lawyer Mukesh Patel from TOI's 'Budget Ho To Aisa' (BHTA) team were in the city on Friday at the invitation of Sarvajanik Education Society (SES) to analyse the Union Budget-2017.

Vyas said, "This was an incomplete budget and there is a strong possibility that the Union finance minister will again present a revised budget some time in October. People expect prices of commodities, vegetables etc. to rise in the next two years. However, things will be streamlined in the long run."

Vyas said this budget has achieved several historic milestones. It was the last budget before the GST's implementation, first budget to have merged railway budget with itself and the first budget to have been presented on February 1 so that the planned expenditure can be done from April 1.

About the US President Donald Trump's policies, Vyas said there will be a marked flow of foreign direct investment out of India due to FedEx rates going up. There will be no impact of H1B visa on Indian IT sector as the United States still requires over one million jobs in this sector.

Mukesh Patel said, "In a historic move, the Union finance minister has actually gone many steps further from his predecessors to introduce rate cut in income tax from 10 per cent to 5 per cent for salaried individuals earning below Rs5 lakh. This means that there will be a net saving of Rs12,875 in tax."