‘Policy directional Budget to bring Achhe Din and ease of doing business’
The Institute of Chartered Accountants of India (ICAI) welcomes the ‘Pragmatic and policy directional’proposals outlined by the Hon’ble Finance Minister in the Union Budget 2015.
CA. Manoj Fadnis, President ICAI sai+d “Proposal outlined by the Union Finance Minister such as Abolishment of Wealth Tax, Rationalization of Corporate Tax Structure, Removing uncertainty over DTC, with clear roadmap for financial discipline and consolidation are the need of the hour. We are also happy that the Government reaffirmed its commitment to introduce GST from April 2016. This will truly revolutionize the indirect tax structure in the Country.”
He acclaimed the proposal to change the definition of Chartered Accountant under Section 288 of the Income-tax Act, 1961 thereby ensuring independence of the auditors in the overall interest.
Manoj Fadnis said “This is in line with the directions of ICAI Council which is hereby given recognition under income-tax Act too”. The Budget 2015-16 has been presented when Indian Economy has embarked upon a high growth trajectory and global economy is facing a downturn. With Growth Rate expected to be 7.4%, Inflation touching negative level (in terms of Whole-Sale-Price Index i.e. WPI), Current Account Deficit (CAD) moving towards less than 1.3% of GDP and maintaining fiscal deficit of 4.1 % of GDP in 2014-15, the Indian Economy is expected to achieve dream double digit growth in near future.
The Finance Minister stressed upon the need of continuing fiscal prudence and fiscal consolidation for the desired macroeconomic outcome. Game changing reforms like GST, Jan Dhan, Aadhar and Mobile (JAM) for direct transfer benefit will help in fiscal consolidation and reduction of leakages.
Government reaffirmed its commitment to achieve its target of Fiscal Deficit reaching 3% of GDP over a period of 3 years.
ICAI Vice President CA. M. Devaraja Reddy commended the excellent steps taken by the Finance Minister towards social security, Make in India and financial inclusion.