ASSOCHAM in association with EY India (as Knowledge Partner) had organised Budget 2015 analysis session in Grand Oberoi, Kolkata on Monday, 02 March 2015. The session was chaired by Dr. Parthasarathi Shome, Chairman-Tax Administration Reforms Commission; Ministry of Finance (Government of India).
Dr. Shome shared his views on some of the key features of the proposals given by Hon’ble Finance Minister in Budget 2015.He expressed that it is high time for the Government to roll out the clear structure and rates in the proposed GST regime before the stakeholders for its effective implementation w.e.f. 01 April 2016.
Further, Dr. Shome shared insights on the income tax proposals impacting the corporates and individuals at large. In his opinion, reduction in corporate tax rate from 30% to 25% in phased manner over coming 4 years and the deferment of General Anti Avoidance Rules is a welcome move which will repose confidence of the industry in the tax administration.
He also highlighted that India is still among st the poor emerging nations wherein there is unequal distribution of wealth and at the same time only Rs 800-900 crores is collected in the form of Wealth Tax which unnecessarily burdened the taxpayers and tax department with compliance and administration costs. Hence, the move to increase surcharge levy by 2% on super-rich taxpayers will is justified.
The deliberations of Dr. Shome was followed by a detailed analysis of the tax proposals contained in Budget 2015 by Dinesh Agarwal, Tax Partner, EY and Sidhartha Jain, Executive Director (tax & regulatory services), EY India.