Millennium Post

‘Visionary, balanced’: Industry captains compete to eulogise

“I think it is a balanced budget. I feel the Finance Minister has tried to simplify a lot of things like laying a road map for corporate taxation. He has also taken wealth tax off the table. So, I think the Budget has led to ease of doing business in the country,” Vice Chairman and MD, Bharti Enterprises Rajan Bharti Mittal said. Industry leaders welcomed the steps to check black money menace, including the 10-year imprisonment for hiding foreign assets, along with a host of other tough measures including dis-incentivising of cash dealings in real estate and other transactions.

“It is a positive and growth-oriented budget and we think it will give a kickstart to the philosophy the Finance Minister laid down of economic growth and job creation,” CII President Ajay Shriram said.

GAAR deferred by two years

In a move to further improve investment sentiment in the country, Finance Minister Arun Jaitley on Saturday proposed deferring applicability of General Anti-Avoidance Act (GAAR) by two years.

“There are also certain contentious issues relating to GAAR which need to be resolved. It has therefore been decided to defer the applicability of GAAR by two years. “Further, it has also been decided that when implemented, GAAR would apply prospectively to investments made on or after April 1, 2017,” Jaitley said while presenting the 2015-16 Budget.

Implementation of the GAAR has been a matter of public debate.
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