2017-18 BUDGET FOCUS ON CONSOLIDATION AND BETTER IMPLEMENTATION OF GOVT. SCHEMES: ASHOK LAVASA

Finance Secretary, Mr. Ashok Lavasa on Tuesday clarified that the sole spirit with which the budget proposals for fiscal 2017-18 were prepared was to ensure better consolidation and smooth implementation of government’s developmental and various social schemes though in some sense it may not be high sounding.

Addressing a Post Budget Interactive Session: Implications of Union Budget-2017 with the PHD Chamber of Commerce and Industry here today, Mr. Lavasa emphasized that the budget for next fiscal is totally pragmatic and assured India Inc. that it would achieve all what it has promised to develop and transform the rural and the urban economy including its agriculture and other allied sectors.

“The budget has provided much higher allocations for infrastructure, Pradhan Mantri Gram Sadak Yojana, rural housing, digital India through Bharat connectivity and host of other such sectors as per deadline by 2018-19 as its focus has equally been on outcome budget which would ensure timely implementation of all developmental programmes of the government of the day”, said Mr. Lavasa.

Speaking on the occasion, Chairman, CBDT, Mr. Sushil Chandra asked all the tax experts including Chartered Accountants and similar other taxation professionals and consultants to assess the income of the assessees with precision and professional integrity as ambiguities discovered in their tax returns would be subject to scrutiny and penalties,  recourse of which could not be in a good taste.

On the issue of Minimum Alternate Tax (MAT), Mr. Chandra felt that the government has sufficiently given relief to tax payers in a spirit of partnership and that the reduction in MAT rate at this juncture could not be possible.

Member, CBEC, Mr. Ram Tirath in his observations assured the industry that GST laws including those of CGST and IGST would be in place earlier than anticipated and that the government would provide all stakeholders including industry with sufficient time to prepare them and align their process with new laws.

President, PHD Chamber, Mr. Gopal Jiwarajka in his welcome remarks appreciated the focus of the government in budget making for fiscal 2017-18 asking the government that the GST rates would be rational and competitive.

Among others who were present on the occasion comprised Chairmen, Direct Taxes Committee and Indirect Taxes Committee, PHD Chamber, Mr. Anil Chopra and Mr. Bimal Jain; Co-Chairman, Direct Taxes Committee of the Chamber, Mr. Mukul Bagla and its Secretary General, Mr. Saurabh Sanyal.