Budget can promote domestic industry and create jobs: FICCI
Chennai : The 2023 Union Budget presented by Finance Minister Nirmala Sitharaman has the impetus to promo te domestic industry and generate jobs in large numbers, said Mandalika Srinivas, Principal Chief Commissio ner, O/o The Principal Chief Commissioner of GST & Central Excise, Tamil Nadu & Puducherry.
Speaking at the FICCI’s Post Budget Analysis 2023 event organised along with its knowledge partner BDO here today, he said that the Budget is really a growth oriented one in that it has covered all sections of the people in th e country, taking care of their interests in so many ways. He noted the Budget has given scope to green projects i n the form of green fuel, green farming, green mobility, green buildings and green equipment.
Mandalika Srinivas also said that several amendments have been proposed in the GST Law in the Finance Bill 20 23, particularly in the filing of GST returns, availing of input tax credit, GST refund, GST registration, decrimi nali sation of offences, compounding offences, etc.
He spoke at length on the importance of PAN in all transactions as one single aspect for cash dealings and registr ation purposes, saying every digital trade is linked to PAN.
Gautam Dayaldasani, Partner, Financial Due Diligence, Chennai BDO India, lauded FICCI’s partnership with BD O, the world’s largest auditing and tax advisory body for propagating the ideas on Budget and other major indu strial events.
Ms Gunjan Prabhakaran, Partner & Leader, Indirect Tax, BDO India, said the Budget can do lots of fiscal consolid ation, besides stimulating long term growth and bringing in the elements of populist measures.
She said the Budget has propelled the idea of increased domestic ma n ufacturing and import of raw materials to the industry, thereby giving a level playing field on that count.
Gunjan further said there are several measures in the Budget to stimu late the growth of startups apart from tax relief to citizens under the n ew tax regime. She also touched upon the initiatives of the governme nt in areas like tourism, green energy, changes in GST, etc.
Krishna Murari, Chief Commissioner of Income Tax, Tamil Nadu & Puducherry, who lauded the FICCI for organisi ng an event of significance on the Budget, said despite the conflict in Ukraine, right measures are under way for t he benefit of the people in a country like India.
Noting that PAN is a single and common identifier, he wanted all enterprises to fall in line and make use of the pr ovisions of PAN for their day-to-day money transactions in the digital world.
He said that 60 per cent of corporate tax is coming from the new tax regime and wanted the government to enco urage more and more people to opt for it.
He wanted litigations over IT matters reduced as the new quasi-judicial authority has brought in measures to dis pose of small cases immediately.
C A Amrith Lal, Convenor, FICCI Tamil Nadu Finance & Taxation Panel, said budgets of any nature have the tend ency to keep the auditors on the edge always and pondered over the idea of how tax laws are different from one country to another.
He said the current Budget has all the policies in place in terms of helping the taxpayers and investors and in seei ng India as a growing economy.
He was all praise for measures to help the green farmers and more particularly for making the tribals as entrepre neurs through the creation of the Tribal Fund.
Raghunahan Parthasarathy, Partner, Tax and Regulatory Services, DDO India, spoke on the various factors invol ving the benefits of corporate tax, personal and individual tax, insurance policy, reinvestment in house property, relief to startups and new manufacturing coop societies.He wanted the non-resident investors to come under th e ambit of the section to eliminate the possibility of tax avoidance.
N Balachandar, Partner, Indirect Tax, BDO India, spoke on the issues related to contributions made to CSR activ ity and the major benefits of the Budget.
A Ganesan, Vice Chairman, Trivitron/Neuberg Group of Companies, in his welcome address, noted that the Bud get has addressed all key issues like inflation and growth, all for helping the people across all spectrums despite the global recession.
Later, P Krishnan, Partner, Tax and Regulatory Services, BDO India. moderated a panel discussion on Implicatio ns of Budget on various sectors and heard the views of M Nandakumar, Convenor, FICCI Tamil Nadu Energy Pan el, Rajaram Venkatraman, Convenor, FICCI Tamil Nadu Technology Panel, and others.
