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Budget 2016: India Inc expects the Union Budget 2016, to be presented by FM Arun Jaitley on Monday in Parliament, to simplify tax laws and increase compliance, apart from improving both the ease and cost of doing business.
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Singh, who has been instrumental in reviving the fortunes of SpiceJet after taking back the reins in January 2015, had decided not to take salary till the airline turned profitable. (Source: Reuters)
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Budget 2016: "The finance minister must make provisions to broaden the tax net, and one way to achieve this is to increase PAN registrations, which will result in substantial reduction in black money transactions. This will also make the proposed requirement of PAN card for purchases above Rs 1 lakh easy to implement," Muthoot Pappachan Group Chairman Thomas John Muthoot said.
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Budget 2016: Daksha Baxi of Khaitan & Co said Finance Minister Arun Jaitley should simplify and bring clarity in tax laws, which will undoubtedly improve tax compliance, thereby increasing revenue. "Removal or significant reduction in MAT rate will put significant cash flow in the hands of taxpayers to make much needed investments," Baxi said.
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Budget 2016: On the infra side, Hemant Kanoria said the government should set up an Infrastructure Dispute Redressal Tribunal, so that the industry can resolve long-pending disputes. (Image Source: Reuters)
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Budget 2016: Vikas Oberoi of Oberoi Realty said the Budget should boost the realty sector by expediting the enactment of the Real Estate Bill, as this can go a long way in protecting consumer interests by curbing fraudulent practices. "The realty industry expects a specific date for the implementation of GST, which will give the industry a very clear taxation structure and induce a big change for the logistics architecture," Oberoi said.
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Budget 2016: "Just as the government has done a commendable job in improving the ease of doing business, we would like more initiatives to reduce the cost of doing business as well," Tata Steel Managing Director T V Narendran said, adding that he expects the government to further build on its reform agenda. (Image Source: Reuters)
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Budget 2016: Debjani Ghosh, Managing Director of Intel South Asia, said, "The Budget needs to walk the talk and show real execution towards the government's intent of making it easier to do business."
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'UK steelworkers' pensions could be slashed under Tata plan': Tens of thousands of steelworkers in the UK could have their pensions slashed by up to 20 per cent under plans by Tata to wash its hands of the 15 billion pounds British Steel retirement scheme, media reported today. The Indian conglomerate is understood to be in negotiations with the government and the Pensions Regulator over putting the scheme, which has about 130,000 active and retired members, into the Pension Protection Fund (PPF), which would mean workers suffer cuts to their retirement savings of as much as 20 per cent.
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Budget 2016: Yes Bank Managing Director Rana Kapoor said he expects the Budget to do everything to restart capital formation and investment cycle. The finance minister also needs to restore the confidence of the private sector by furthering the reform process that is already under way to improve ease of doing business and de-stress the capital markets, he said. "The private sector has subdued animal spirits which need to be revived. We need to get more high-octane energy in the economy, the catalyst for which is good capex spends and an accelerated resolution and reforms process," Kapoor said.
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