The Union Budget 2016-2017 significantly focuses on bringing socio economic development in the country while emphasizing on the nine key initiatives for economic reforms — agriculture and farmers’ welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden. It is heartening to see our accelerated to 7.6% and the CPI inflation has come down to 5.4%. It is also quite encouraging to see that fiscal discipline has been given priority at today’s budget while focusing on the GDP growth.
Budget mainly focused on Rural and agricultural development like; doubling the income of farmers in 5 years– which will certainly boost the spending capacity of the rural Indians in turn making the dream of PM Modi of connecting the next billion to technology and more. It is enthusiastic to see that there was no further increase in Indirect Tax rates till GST is implemented since increase in tax rates without GST credit facility will increase the operating cost considerably. On behalf of all the microphone players, we hoped for a global alignment in Microphone Tariff heading since globally there is only one tariff heading (8518000) for all types of Microphones, where as in India there is a separate Tariff for wireless Microphones (85255050) this is creating lot of confusion and litigation. The Finance Minister rightly addressed this issue and abolished 85255050 to bring all microphones under 8518000. The budget didn’t mention much about the electronic segment at all, we need to go through the fine print to delve deeper into it. It is great to see that both corporates and salaried employees are relieved in the budget as there is an improved cash flow for the middle class due to various tax reliefs. We wish the Finance Minister a great luck for the successful implementation of Budget 2016.
Technuter.com News Service