The fifth and the last budget of Prime Minister Narendra Modi-led government is gearing up to get presented by Union Finance Minister Arun Jaitley on February 1.
Expressing his expectations on the upcoming Union Budget, Mohan Kumar, Chief Financial Officer, Pi DATACENTERS speaks about various areas of concern.
“The government has indicated that it supports startups and Make in India initiatives. But, the reality is that the government still does not appear to be business friendly. The Union Budget should allocate some more sops towards new companies and allow them to participate with existing companies on level playing field,” he said.
He further added, “While government is promoting digital India initiatives – it should reduce the tax rates (GST) for IT related products and services and should ensure that they are either exempt or in the lowest slab tax rate. This way, they ensure that IT becomes cheaper and affordable to common man,”
On the direct taxes front, the salaried class is the most compliant and honest tax payer. So, we need to work towards a broad mechanism of bringing agricultural income to tax in a phased manner, suggests Kumar.
All cash transactions / withdrawals beyond a certain limit to be taxed so that black money menace is curbed.
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