Though Andhra Pradesh got a raw deal belying hopes of many post-bifurcation, the Union Budget was path-breaking with several measures to create conducive climate for business, increase receipts and restrict circulation of black money, said Ernst & Young Hyderabad Office Managing Partner G. Kali Prasad on Tuesday.
During talk on Budget Connect-2015 conducted by Vizagapatam Chamber of Commerce & Industry, he said the points gained with jet speed by Sensex and Nifty were a pointer to the fact on investors’ sentiments.
A GDP at eight plus per cent during 2015-16 and an ambitious target to achieve double digit in next few years would put India among most advanced economies.
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Thrust on cashless transactions and linking of subsidies with Jan Dhan and other accounts would help tap black money.
More over, tax evasion could be controlled by firm measures like awarding rigorous imprisonment to those amassing ill-gotten wealth, he stated.
Mr. Kali Prasad and his colleagues – Director-Direct Taxes Naveen Agarwal and Manager-Tax Arun Agarwal said quality of entrepreneurship would reach next level with higher allocation of funds for micro and small entrepreneurs and startup ventures.
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They said major emphasis had been laid to collections from income tax, service tax and excise and the attempt to take everyone on board and the magnanimous allotments to the States, thrust to Swachch Bharat Abhiyan and Make in India Campaign would make India a strong economy.
‘Big disappointment’
VCCI president K. Ramabrahmam said the budget was a big disappointment as the government had not announced any package and granted special category status to AP.
He also criticised increase in service tax saying it would hit common man hard.
On the whole, it had several policy announcements but the lack of funding to AP would dampen the enthusiasm of prospective investors.
VCCI secretary S.P. Ravindra and vice-president A.V. Monish Row were present.