Budget 2020: Decriminalization of biz law & end of DDT to stimulate economy

Budget 2020: Decriminalization of biz law & end of DDT to stimulate economy

Experts decode Union Budget 2020-2021 in CII’s Budget viewing session.

Staff ReporterUpdated: Saturday, February 01, 2020, 11:43 PM IST
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ANANDSHIVRE

Indore: Measures announced in the Union Budget 2020-2021 by Finance Minister are growth oriented. Decriminalisation of business laws and abolition of Dividend Distribution Tax (DDT) are few among the various measures that will help stimulate much-needed growth in the economy.

These were the essence of experts’ thoughts shared in post budget analysis session organised by CII at Brilliant Convention Centre on Saturday.

Shreyaskar Chaudhary, Chairman, CII Malwa Zone and Managing Director, Pratibha Syntex Limited stated that foreign investment should come in the IT sector to give it a boost.

Praveen Agrawal, Chairman CII Madhya Pradesh and Managing Director, Ad-Manum Packagings Limited said, “We can call it a good progressive budget.” A lot of CII recommendations which government invited have been taken care of. One very important recommendation was to decriminalize business laws. Another important recommendation was to abolish DDT (Dividend Distribution Tax). A lot of focus was given on infrastructure, healthcare like Aayushman Bharat scheme, as the approach is to move towards “Ease of Living” which is a very good step and we welcome the budget.

Sudip Gupta, Joint Commissioner, State GST department said that industry dealing in exports with inputs which does not comes into GST, like natural gas and diesel, didn’t get any benefits earlier. This time, the government has assured of refund benefits. This has eased the export businesses in this sector.We have so many products which are made from natural gas. Natural gas is supplied in Indore and nearby region through pipelines as well. Businesses using natural gas as fuel will be getting VAT refund from the government.

CA Manish Dafaria and Managing Partner, VK Dafaria & Co. said that there are many things which still need clarifications. Mentioning some good takeaways from this budget was government’s proposal to waive tax disputes if the amount is paid by March 31. Also, turnover threshold for audit of MSME’s has been hiked to Rs 5 crores.

Prof. Dipayan Datta Chaudhuri Professor, Economics, IIM Indore said that reforms presented in agriculture, horticulture look promising for the growth of these sectors. More focus should have been given on relaxing labour law reforms. The states which have recently relaxed labour laws have received good investments as well. For common people and middle class people, their insurance preference has always been LIC. Now that government is planning to sell their stake in LIC via IPO, its impact on the common people is yet to be witnessed.

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