Budget 2013-14, sending mixed signals: IMC

IMC's reaction on Budget

Mumbai, India (prHWY.com) March 2, 2013 - Indian Merchants' Chamber discussed the implications of the Union Budget 2013 at a meeting held at the IMC. Explaining 'Key Macro Aspects of the Union Budget 2013-14, Mr. Dinesh Vyas, Sr. Advocate, Supreme Court of India said, "Considering the massive fiscal deficit the country has, it is a major concern and to keep it under control is a big task." "India's rating by International Financial Institutions which is trending downwards will have a negative impact on the foreign investment flow to the country and is a major concern," he added. However, provisions made for infrastructure development is a welcome sign in the Budget, said Mr. Vyas.



Speaking on the implications of Direct Tax proposals in the Budget, Mr Rajan Vora, Chairman, Direct Tax Committee, IMC said, "Better management and utilization of taxes is the need of the hour rather than devising better ways to collect them." Mr. Vora was explaining the illogical provisions in the proposed widening of taxes. He explained the key announcements, rates of tax, commodities transaction tax, and key international tax proposals and how it is going to impact on the business community.



"This year's Budget shows the lack of coordination between the finance ministry and the IT department," Mr. Vikram Nankani, Chairman, Indirect Taxation Committee, IMC explained. He also detailed the positives and negatives of service tax, CENVAT Credit Scheme, Voluntary Compliance Encouragement Scheme, central excise duty, customs legislative amendments, and other technical tax provisions made in the Budget.



Mr. Shailesh Vaidya, Vice President, IMC welcomed the speakers and also proposed the vote of thanks.

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