An honest non influential Union Budget 2024- FICCI

The union budget which was passed as interim on 1st of February was very clear and focussed towards vikshit bharat. It maintains a clear balance between current investment and fiscal discipline” says Sri. V.V.Sampath Kumar (Treasurer and Chairman, Indirect Taxation Committee) in a media gathering at Andhra Chamber of Commerce, Chennai-17, on 2nd February. The main agenda of the meeting is to have an analysis on direct and indirect taxes and a panel discussion on economic and sector wise outlook.

Shri. Sunil Mathur Principal Chief Commissioner of Income tax says “in last ten years direct tax collection was increased 3 folds mainly because of personal taxes. Almost 2.4 times more number of people has filed IT returns which currently stands at 19% of the total direct tax collection. Based on this the expectation of direct tax would be Rs.18.2 lakh crore which would curb the fiscal deficit of the government”

 “The framework of the budget was very clear and the concepts were falling in place. There were only few changes in GST and Indirect taxes and our finance minister has explained the transformative aspects of GST and optimisation of supply chain while announcing the budget which was quite impressive. The new budget has made it compulsory for registration of input service providers redefined its operating portion of law” cherishingly says Dr. J.M. Kennedy, IRS, Principle Commissioner, Central GST and Central Excise, Chennai.

 “India has got 1.4 billion youth population which no other nation has got. This is a vast resource we can count for next 25 years. Hence they should be skilled be made an entrepreneur or at least employable in various sector” says enthusiastically Sri S.Narasimhan, Vice president Andhra Chamber of Commerce, Vice chairman, Sattva group.

Mr. C.A. Amrith Lal (Finance and taxation FICCI & Convenor) says “FICCI has always been advocating for comprehensive budget. Even before budgeting we represent our views and expectation sector wise to the government. We have always been the voice of India’s business and industries influencing the policy and engaging with policy makers. Proposal of FICCI spans various sectors and especially concentrates on start-ups in MSME and manufacturing sectors as it is our industry backbone.”