PINAKI MAJUMDAR
Jamshedpur, July 26: CII Jharkhand organised a session on Budget Analysis and GST Clarification in Jamshedpur.
The session proved to be an ideal platform for the industry stakeholders to discuss the implications of recent budgetary allocations and GST reforms, their impact on regional development, and strategies for maximizing economic growth and fiscal efficiency.
Implications of recent budgetary policies and GST reforms on businesses
The objective of the session was to provide clarity on recent budgetary policies and GST reforms, helping industry stakeholders understand their implications for businesses and the economy and also to discuss strategies to use budget allocations and GST reforms.
The session aimed to dissect the budgetary announcements, offering a nuanced understanding of their implications for various industries. It served as a crucial platform for businesses to gain clarity on new tax provisions, ensuring they are well-prepared to navigate the evolving fiscal landscape.
Additionally, the session provided detailed insights into the budget while offering practical guidance on how businesses can leverage the new policies to their advantage, ensuring they remain competitive and resilient in a dynamic economic environment.
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Ritu Raj Sinha says budget has something for everyone
Ritu Raj Sinha, Vice Chairman, CII Jharkhand State Council and Managing Director, Tata Steel UISL expressed his commendation for the Union Budget 2024-25, highlighting its comprehensive approach to addressing the diverse needs of India’s economy.
He further added “It is not easy to formulate the budget for a country like India. It requires a balancing act between the diverse groups that we have, such as MSMEs, heavy industries, and agriculture. The Union Budget for the year 2024-25 has something in it for everyone.”
He emphasized that the budget is well-aimed with a future-focused view, prioritizing infrastructure and development. This approach sets a solid foundation for sustainable growth and prosperity in the coming years.
Ranjot Singh praises support for MSMEs and employment generation
Ranjot Singh, Chairman, CII Jharkhand State Council and Manging Director, Emdet Jamshedpur Pvt Ltd, expressed his views on the Union Budget for the year 2024-25 highlighting its significance in shaping the Indian economy and Indian Industry.
He said, “The budget for the year 2024-25 is one of the important milestones in the Indian economy, propelling India towards becoming a Viksit Bharat (Developed India).”
He shared his optimism about India reaching the 5 trillion-dollar economy mark, emphasizing that the budget touches the lives of every individual with a stake in the country. He praised the Government’s efforts to support MSMEs and generate employment, particularly through the provision of internships for 1 crore youth in the top 500 companies over the next five years.
He further explained that these internship opportunities, if implemented effectively, will provide valuable exposure and experience to the youth, equipping them with the skills needed for future success.
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Arun Prakash highlights key factors contributing to India’s growth story
Arun Prakash, Convenor of the CII Jharkhand Economic Affairs, Finance & Taxation Panel, and Senior General Manager (Finance), Tata Cummins Pvt Ltd expressed his pleasure and pride in India’s remarkable economic journey and highlighted India’s impressive progress over the 77 years of independence, culminating in its current position as the 5th largest economy in the world, with aspirations to become the 3rd largest.
He emphasized on several key factors contributing to India’s growth story. These include the consistent reduction in fiscal deficit, enhanced tax collections, a focused approach on infrastructure development, ease of doing business, tax reforms, employment creation, and attracting foreign direct investment (FDI).
Avisekh Jaiswal elucidates recent tax amendments
Avisekh Jaiswal, Partner, Indirect Tax, Ernst & Young provided a comprehensive briefing on the Union Budget and underscored the critical role of taxation in the nation’s revenue generation. He emphasized that the Goods and Services Tax (GST) stands as the most crucial parameter for revenue generation in the country.
He noted that the average collection of GST currently stands at approximately Rs 1.81 crore and is projected to witness a 15 % increase in the near future.
This upward trend is expected to bolster the nation’s fiscal strength significantly. He elucidated the recent amendments in indirect tax and their implementation, providing attendees with a clear understanding of the changes and their implications for businesses and the economy.
Chetan Mehta gives insights into new corporate tax regime
Chetan Mehta, Partner, Direct Tax, Ernst & Young shared his insights on the new corporate tax regime, shedding light on significant reforms and their implications for various groups of taxpayers.
He emphasized that more than two-thirds of individuals have opted for the new personal income tax regime, signalling a major shift in taxpayer preferences.
Jayesh Taunk, Mentor, CII Jharkhand Economic Affairs, Finance & Taxation Panel & Managing Director, Jayesh Taunk & Co said “The Union Budget is a pivotal instrument for the government, outlining its financial planning and policy directions for the year ahead. It reflects the government’s commitment to fostering economic growth and social progress, ensuring that the benefits of development reach all sections of society.”
