Post-Budget Reaction by Mr. Pankaj Jain, Director at ESET India

Opinion about ‘Post – Budget Reaction’— 

• The announcement of GST from 01/04/2016 and look forward to itsimplementation.


• The increase in the time limit for taking CENVAT credit from 6 months to one year.


• Streamlining the tax categories as committed, removal of Wealth tax is a move towards it.


• The move towards Central Excise and Service Tax assesses to keep records of invoices in digital form will finally help clean the system of paper and make it greener.


• The rate of Income-Tax on royalty and fees for technical services reduced from 25% to 10% would help in the inflow of latest technology.


• Opening of the industry in the north eastern state of Arunachal Pradesh for Animation is a welcome step, this will create employment and talent both.


• Setting up of SETU (Self Employment and Talent Utilization) under NITI with a funding of 1000 crores is a welcome step for the promotion of IT Start-ups.


• AIM (Atal Innovation Mission) under NITI to help in growth of R&D is good step.


• Allocation of 1000 Crores given to start-up industries in the IT Sector for the benefit of the entrepreneur who is setting up a new business.


• The increase in Service tax though necessary for the GST implementation has been softened by a lower increase than the expected which would increase again in the next year.


• Reduction of Corporate tax over the next 4 years is a welcome step but the final impact will be net higher outflow due to rationalization and removal of tax benefits over the coming years.


• Requirement of PAN for any transaction over 1 Lakh will only increase in documentation for the seller and a step not very welcome there could be other methods to do that.

© Technuter.com News Service

Post-Budget Reaction by Mr. Pankaj Jain, Director at ESET India

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