Wednesday, March 2, 2016

It is welcome that Duty drawback schemes will be widened, to give impetus to sagging exports

#UnionBudget2016

It is welcome that Duty drawback schemes will be widened, to give impetus to sagging exports. But emphasis shall also be on fine tuning the existing schemes and promote transparency. Budget outlay of more than 2 lakh crore in infrastructure sector, would fuel economic activity and kicky start the economy. The budget outlays for infrastructure sector would help the cement and steel industry to improve their performance. Service tax on spectrum fees will increase the cost of providing telecom services, and will hit telecom companies and the quality of service.

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My first cut reaction is that this is a good Budget giving focus on 9 Pillars

#UnionBudget2016

My first cut reaction is that this is a good Budget giving focus on 9 Pillars which include focus on Infra, rural areas, relief to small tax payers, creating ease of doing business, affordable housing and so on and so forth. Fiscal deficit has been proposed to keep at 3.5% which is a big positive without compromising development agenda. On Taxation front, there are simplification and rationalisation measures, introducing presumptive taxation for small and medium tax payers. Keeping in line with objective of unearthing black money, the FM has proposed to introduce Domestic black mint by laying 30% tax, 7.5% surcharge and 7.5% penalty thus totalling 45% to be operational from June 1, 2016 to Sept 30, 2016 in a manner that tax will be paid within 2 months of declaration. Numbers of measures have been introduced for reducing tax litigation.

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