ESET (Mr. Pankaj Jain)
The announcement of GST from 01/04/2016 and look forward to its implementation,The increase in the time limit for taking CENVAT credit from 6 months to one year,Streamlining the tax categories as committed, removal of Wealth tax is a move towards it,The move towards Central Excise and Service Tax assesses to keep records of invoices in digital form will finally help clean the system of paper and make it greener,The rate of Income-Tax on royalty and fees for technical services reduced from 25% to 10% would help in the inflow of latest technology,Opening of the industry in the north eastern state of Arunachal Pradesh for Animation is a welcome step, this will create employment and talent both Allocation of 1000 Crores given to start-up industries in the IT Sector for the benefit of the entrepreneur who is setting up a new business,The increase in Service tax though necessary for the GST implementation has been softened by a lower increase than the expected which would increase again in the next year. ,Reduction of Corporate tax over the next 4 years is a welcome step but the final impact will be net higher outflow due t rationalization and removal of tax benefits over the coming years.
ADATA Technology India Pvt Ltd
(Mr. Richard Tan, MD & Director)
Overall the budget looks to be bringing in realignment in taxes for corporates and rationalizing the tax pay-out. One aspect that strongly comes out of this budget is that in the next few months the industrial growth would be more encouraging than at the current moment. The stress toward make in India looks to be gaining and that will surely benefit the local industries. However raising the service tax is something that is definitely going to pinch the businesses.
One significant aspect that looks missing is the increase in income tax exemption limit which eventually would have much higher impact on the growth for industries. However small benefits like travel can be referred as a breather for the Income tax payer.
The biggest focus that the FM has kept is to stimulate the industrial and business growth that had been the main plank for coming to power and more over with no goodies or subsidies announced – it clearly shows government’ strength as a party having an absolute majority. Not coming out with anything substantial for the middle class in kind of any benefits is something that I feel that this budget has missed.
On a rating – I would give in a score of 6 out of 10 as though this is not a populist budget throwing in goodies like the earlier budget but clearly focusing on curbing out anomalies and bringing in a spurt in growth.
NETGEAR (Subhodeep Bhattacharya, Regional Director, India & SAARC)
“We think the Budget is a strong one and sets the right priorities for long term growth. The special incentives given to the electronics industry will help spur manufacturing. We had expected that a clear business structure would be announced so that the retail and online retailers could have a level playing field. We look forward to some changes in that direction in the future.”