ICAI & EIRC organizes seminar on Union Budget

The seminar on the Finance Bill was organized with a view to discuss and understand the proposals which have been dealt by the Union Finance Minister Arun Jaitley during his deliberation and the in between comma and lines to provide the professional fraternity clarity on the subject so that they can perform their professional duties in a better manner.

Expressing his views, CA Pramod Dayal Rungta, Chairman, EIRC said, “Though this budget can be treated as a good budget since no major tax levies has been imposed, but it has failed to fulfil the expectation of general mass, particularly with the new government it was expected that the budget will show the road map that how, when, where the nation will be taken forward. This budget was also the replica of earlier one's simply taking funds from one place and putting to another place. Expectation in relation to simplification, rationalization etc has been totally failed.”

On this occasion, CA Bimal Jain said, “Progressive and Pragmatic Union Budget 2015 might not have been the big bang announcement that people were expecting it to be but it did offer a glimpse of the direction the Government wants to set the country on. Some pronouncements, including an expected GDP of over 8-8.5 per cent this financial year, further heightened the sense of investment-oriented, particularly in the area of infrastructure and increase the manufacturing capabilities of the country by introducing number of measures towards Make in India with Ease of Business.”

“At the same time, Middle-class consumers need to brace themselves for a steady drain of daily pennies as the proposals in FM Arun Jaitley's Budget on excise duties and service tax will make a multitude of products ranging from mineral water, aerated drinks and mobile phones and several services including phone, food and bank bills, holidays and beauty treatments a trifle more expensive. The net impact of both — higher daily expenses and greater savings — is likely to squeeze consumers, leaving them with lesser discretionary spend. The 'Save More Spend Less' message the Budget is sending out to middle-class India may be a dampener on consumption, in the short run at least”, he added.

Putting across his vision, Girish Ahuja said, “It is a bold & futuristic budget but no immediate benefit to a common man can be observed according to it.” He also added that it is very technical budget according to him alongwith an extensive discussion on Direct Tax Proposals in Finance Bill 2015.

Subodh Kr. Agrawal, Former President, ICAI said, "The budget presented by FM is a pragmatic, well balanced budget with long term vision and the FM does not seem to be in the hurry to bring the fiscal deficit within 3% limit as major fund is required for investment in Infrastructure, social services viz education, health, financial inclusion etc. For the first time in the document it has come out to utilise unskilled manpower for industrial purpose. Revenue has been targeted to be generated by way of saving from subsidy leakage, monetisation of Gold, addressing the blackmoney stacked in foreign countries, introducing the GST, taking enabling provision charging additional 2% as service tax for swachh bharat initiatives."