The Union Budget of India, referred to as the annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget has to be passed by the House before it can come into effect on April 1, the start of India's financial year. Former Finance Minister, Morarji Desai presented the budget ten times, the most by any.
What makes a good budget?
Clarity and consistency in the Government policies and the executions thereafter are more essential than the annual budget, in the perspective of the India story. India has missed out on a smooth baton changeover from the IT (information technology) boom to a promising infrastructure boom due to reasons that are not assignable to the budget analysis exercise alone.
In terms of the budget, tax incentives towards both urban and rural infrastructure, including roads, power, waste management systems, education, agriculture, health care and hotels, etc. are welcomed. There should be a clear path on ways and means to control the fiscal deficit in the near term. The slabs for all tax rates should be increased in order to ease the impact of freeing cooking gas prices and raising petrol and diesel prices. There should be clear timelines for the introduction of goods and service tax (GST) across India.
Impact of Budget 2013-14 on Indian economy
The Budget 2013-14 is expected to make path breaking policy changes, feels Ramesh S Damani, BSE broker. In an interview with moneycontrol.com, he said that key things the market will be eyeing are tax changes, progress of unique identification (UID) number, fiscal consolidation and National Rural Employment Guarantee Act (NREGA) spending. On the issue of a possible tax on the wealthy, Damani said that most people would not be averse to paying their fair share of taxes.
This being the last Budget before general election looks very interesting. People are expecting it to be a populist Budget. But looking at the history of Chidambaram, it appears that this should be a populous Budget with sops to restart infrastructure cycle and reforms to control fiscal deficit.
Budget 2013-14 should rationalise indirect taxes
The hotel industry is looking forward to the rationalisation of indirect taxes such as luxury tax, service tax, VAT (value added tax) and excise fees on sale of liquor to promote India as a favoured tourist destination.
Tax incentives towards captive generation and skill development will provide additional employment in the hospitality sector.
Budget 2013 Seminar Series
The Institute of http://www.lslaw.in/corporatelaw/" target="_blank">
Business Law, in association with Lakshmikumaran & Sridharan, is organising a seminar series on Budget 2013 from 1st March, 2013 to 6th March, 2013 in various cities to guide manufacturers, service providers, professionals, exporters, importers, entrepreneurs and others from trade and commerce.
In these seminars experts from Lakshmikumaran & Sridharan will discuss issues and implications arising from the provisions of Finance Bill, 2013 and the notifications issued by the Ministry of Finance and help the participants in understanding the finer details and identifying the opportunities and risks contained in Budget analysis.
The seminar organised by Institute of Business Law will be addressd by distinguished panel of experts led by Mr V Lakshmikumaran, Managing Director, Lakshmikumaran & Sridharan.
What makes a good budget?
Clarity and consistency in the Government policies and the executions thereafter are more essential than the annual budget, in the perspective of the India story. India has missed out on a smooth baton changeover from the IT (information technology) boom to a promising infrastructure boom due to reasons that are not assignable to the budget analysis exercise alone.
In terms of the budget, tax incentives towards both urban and rural infrastructure, including roads, power, waste management systems, education, agriculture, health care and hotels, etc. are welcomed. There should be a clear path on ways and means to control the fiscal deficit in the near term. The slabs for all tax rates should be increased in order to ease the impact of freeing cooking gas prices and raising petrol and diesel prices. There should be clear timelines for the introduction of goods and service tax (GST) across India.
Impact of Budget 2013-14 on Indian economy
The Budget 2013-14 is expected to make path breaking policy changes, feels Ramesh S Damani, BSE broker. In an interview with moneycontrol.com, he said that key things the market will be eyeing are tax changes, progress of unique identification (UID) number, fiscal consolidation and National Rural Employment Guarantee Act (NREGA) spending. On the issue of a possible tax on the wealthy, Damani said that most people would not be averse to paying their fair share of taxes.
This being the last Budget before general election looks very interesting. People are expecting it to be a populist Budget. But looking at the history of Chidambaram, it appears that this should be a populous Budget with sops to restart infrastructure cycle and reforms to control fiscal deficit.
Budget 2013-14 should rationalise indirect taxes
The hotel industry is looking forward to the rationalisation of indirect taxes such as luxury tax, service tax, VAT (value added tax) and excise fees on sale of liquor to promote India as a favoured tourist destination.
Tax incentives towards captive generation and skill development will provide additional employment in the hospitality sector.
Budget 2013 Seminar Series
The Institute of http://www.lslaw.in/corporatelaw/" target="_blank">
Business Law, in association with Lakshmikumaran & Sridharan, is organising a seminar series on Budget 2013 from 1st March, 2013 to 6th March, 2013 in various cities to guide manufacturers, service providers, professionals, exporters, importers, entrepreneurs and others from trade and commerce.
In these seminars experts from Lakshmikumaran & Sridharan will discuss issues and implications arising from the provisions of Finance Bill, 2013 and the notifications issued by the Ministry of Finance and help the participants in understanding the finer details and identifying the opportunities and risks contained in Budget analysis.
The seminar organised by Institute of Business Law will be addressd by distinguished panel of experts led by Mr V Lakshmikumaran, Managing Director, Lakshmikumaran & Sridharan.
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