Budget 2010-11 has met industry expectations: CII
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The Confederation of Indian Industry (CII), in association with KPMG, organised a post-budget analysis session on Saturday. The session was held to understand the implications of the budget on various sectors and to provide an overall view on the benefits and concerns arising for different sectors.
Anand Deshpande, chairman, CII-Pune Zonal Council and CMD, Persistent Systems Ltd, said the budget has met the industry expectations and there has been only a moderate rolling back of fiscal stimulus measures. "It is good that the government has focused on improving the fiscal deficit," he said.
Girish Vanvari, executive director, KPMG, commenced the discussion on a positive note calling it a "reform budget". He said that in the backdrop of economic slowdown, attempts were made to foster the growth agenda while touching all concerned areas.
Speaking on Direct Tax, Vanvari welcomed the reduction in corporate surcharge — from 10 per cent to 7.5 per cent — and the increase in deduction against R&D — from 150 per cent to 200 per cent. "The increase in Minimum Alternative Tax (MAT) rates from 15 per cent to 18 per cent would not pinch the corporate tax payers. No capital gains tax would be levied in case of conversion of small companies into Limited Liability Partnerships (LLP)," he said.
With regard to individual taxpayers, he said that though not much of a change has been proposed, except for marginally increasing the slab limits, it will leave more disposable income for taxpayers.
Dr Waman Parkhi, director, KPMG, discussed the Indirect tax portion of the budget. He said it was the 'earnest endeavor' to rollout GST from April 2011 and Service Tax rate remains unchanged at 10 per cent as a precursor to GST. He said the delay in GST implementation should give time to both government and industry to prepare for this transition. He also mentioned about introduction of eight new taxable services (effective from a date to be notified upon enactment of Finance Bill 2010,) which will include services like promoting a 'brand' of goods, services, events and those provided by electricity exchanges.
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