Confederation of Indian Industry, Telangana, organized Post Budget Analysis Session today. Dignitaries from Various industries have participated and analyzed on the budget.
Speaking on the occasion, Ms. Vanita Datla, Chairperson, CII Telangana said, “the Budget 2016-17 is well-balanced and comprehensively addresses all aspects that industry was looking for, including revitalizing the rural economy, infrastructure build-up, relief for stressed assets, and simplification of taxes. I am happy to note that the fiscal deficit as announced by the Finance Minister in Budget 2015-16 has been maintained given current compulsions of the Seventh Pay Commission and the challenging global situation.”
I also believe that the focus on macroeconomic stability, boosting domestic demand and continued economic reforms would further cement India’s position as a haven of growth in a fragile global economy. The nine pillars of the Budget are well-strategized with emphasis on agriculture and doubling farmer incomes, healthcare, education, infrastructure and investments, and so on. Innovative schemes have been rolled out in all the nine areas.
I also observed that the budget undertakes several key initiatives for job creation in the formal sector, which was taken up consistently by CII. Contribution of EPF for new employees for three years, entrepreneurship development courses, changes in the transport sector, and so on would encourage job generation. CII would have liked to see faster movement on reduction of corporate income taxes, as promised in the last Budget. However, a considered roadmap as was indicated by the Finance Minister is welcome. In line with CII recommendations, a lot of emphasis has been given in the Budget on the Dispute Resolution Mechanism. Constitution of a High Level Committee chaired by Revenue Secretary to oversee fresh cases where assessing officer applies the retrospective amendment is welcome.
Ms. Shakuntala, Chief Commissioner, Customs, Central Excise & Service Taxes, Hyderabad Zone said, “that every budget presented in the parliament is a roadmap indicating, how the Government is going to get its revenues and how it would be spent, essentially for the overall good of its citizens. The Budget 2016 has a distinct trait of being a farm-focussed budget and at the same time, symbolic of fiscal prudence and discipline.. The budget also reflects and imbibes the government thrust to the core areas of pushing infrastructure development, creation of new jobs and importantly, the ease of doing business. The budget also encompasses necessary measures of relief to small tax payers.”
Mr. Ananthanarayanan S, Executive Director – Tax & Regulatory Services, PricewaterhouseCoopers Pvt. Ltd said ” Having kept the base rates of excise, customs and Service tax unchanged and a slew of other measures towards ease of doing business, the Budget deserves applause given the present economic conditions. The Budget proposals also signals the Government’s seriousness to reduce litigation by attempting to remove uncertainty and bringing clarity in tax matters, proposal to increase the number of CESTAT benches and measures aimed at speedy dispute resolution “.
