On the GST rollout plan, MS Mani of Deloitte Haskins & Sells said the absence of any major changes in excise and service tax confirms that we are definitively moving to GST from July.
need to compete with the rest of the world, including emerging economies," he added.
On the GST rollout plan, MS Mani of Deloitte Haskins & Sells said the absence of any major changes in excise and service tax confirms that we are definitively moving to GST from July.
Describing the Budget as a pragmatic one that will boost consumption and growth, Vikas Vasal of Grant Thornton said the focus on rural development, affordable housing and infrastructure will aid the much needed growth.
He also welcomed the tax consistency in the budget, saying this will ensure bringing in clarity on contentious issues and widening the tax overall tax base.
Crediting the FM for sticking to fiscal discipline with a 3.2 per cent fiscal deficit target, Girish Vanvari of KPMG India said the budget yet managed to balance enhanced spending in several socioeconomic schemes and different aspects of economic development.
"While tax rate for income between Rs 2.5 lakh and Rs 5 lakh has been reduced to 5 per cent from 10, the additional 10 per cent surcharge on income between Rs 50 lakh and above is a dampener," he said.
On the corporate tax reduction to 25 per cent for MSMEs with turnover up to Rs 50 crore will benefit, will help the largest section of corporate India.
"All these reiterate the thrust of the budget to enhancing the tax base and move towards digitisation. More importantly, no changes in the capital gains tax regime for listed stocks and clarification on non-applicability of indirect transfer rules to FPIs and AIFs will be a big relief to the investors and could trigger an immediate rally on the stock markets," Vanvari said.
On the plan to dismantle the FIPB, Amarjeet Singh of KPMG India said this indicates that almost all sectors attracting FDI will move into automatic approval route.
However, what needs to be ensured is that those outside the automatic route are able to get clearances under a single window mechanism.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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