“The union budget 2019 holds great significance being the last Budget of the BJP led NDA government. With the announcement of last union budget we witnessed some major policy and structural reforms with the launch of Digital India programme, focus on improving internet connectivity even in rural areas, and establishing centers of excellence for research & training on robotics, AI, big data analysis, and IoT.
As the government recognizes the importance of the IT sector, there are high expectations from this budget to see reforms enabling the ease of doing business and promoting the growth of this sector. However, few issues that the budget must address is equalization of 6% levy on overseas online advertising business as this has a direct hit on companies like us providing digital advertising services. Further, this year the industry also expects the government to soften the GST rates from 18% and bring in more clarity on its implementation.
We also look forward to forfeiting Tax Collected at Source (TCS) under the GST completely given its uncertainty and clarity. Further, any budgetary aids to promote the telecom infrastructure and BFSI sector would be an indirect added advantage to the IT services sectors having a strong foothold in these industries.“
Mr. Raman Mittal, VP – Marketing, TO THE NEW on the expectations from Budget 2019.
