FROM THE C-SUITE
Source: The Hindu BusinessLine
Staying true to the objective of inclusive growth, the Minister outlined two sets of nine-pillar frameworks each for growth and for revenue generation.
With initiatives to support growth, carry out reforms and enable ease of doing business, he has done well to commit to a fiscal deficit target of 3.5 per cent of GDP for fiscal year 2016-17, which sets the tone for interest rate reduction.
Impetus to infrastructure sector through promoting affordable housing and revitalising the PPP projects holds the key to de-stress the overstrained sector. Acknowledging the pivotal role that entrepreneurs and their embryonic ideas play in shaping the great Indian dream, the Minister announced tax holidays for startups and a reduction (from 30 to 29 percent) in corporate tax rates for small and medium enterprises. Keeping the focus on tax reforms, there are proposals to widen the tax base through schemes for defaulters and new provisions for dispute resolution.
Mukesh Butani is Founder & Managing Partner of BMR Legal Advocates, a boutique law firm specializing in the areas of Corporate International Tax, Transfer Pricing, GST, Customs & Trade, with expertise in litigation services, controversy management, strategic transaction advisory and policy. With specialization in domestic corporate international tax and transfer pricing, he has over three decades of experience in advising multinationals and Indian conglomerates on wide range of matters relating to FDI policy, business re-organizations, cross-border tax structuring, tax controversy and regulatory policy. He is an acknowledged expert in the area of International Tax policy, controversy & advocacy, and has to his credit several landmark judicial pronouncements. He has deposed as Expert Witness on contentious cross-border tax treaty & TP matters in foreign jurisdictions. Mukesh is a qualified Chartered Accountant and holds bachelor's degree in Commerce and Law, and practices as an Advocate before various Tribunals, High Courts and the Supreme Court of India.