‘Budget a catalyst for economic development’

Union Budget 2015 is a catalyst for economic development, Assistant Commissioner, Customs & Central Excise, K. Vinay Kumar said here on Wednesday.

Addressing post graduate students of the TJPC College, Mr. Vinay Kumar said that the Budget was a balanced and futuristic one . He explained the importance of the Budget on businesses and individuals.

Stating that the Centre had to manage deficit financing and control inflation, he stressed on several changes that took place in the Budget surcharge, Special Addition Duty, National Contingency calamity duty. He elaborated on the advanced tax changes like records in electronic formats, Digital signatures. There was a fruitful discussion on GST (Goods and service Tax) – its apprehensions and effects. Principal C. Anil Kumar explained about how the Budget affects inflation, growth, employment, poverty, foreign investment, foreign exchange reserves position, International sovereign rating and etc.