Budget should be growth oriented and should give boost to the Industry to revive it and accelerate the growth. To enable this government should push the tax reforms like GST and create investment friendly atmosphere.
There is a long pending issue of double taxation on the software. For the last few years both Service tax and VAT/CST is being applied on the sale of software. This is not fair and makes IT purchases costlier for consumers and makes the industry non-competitive. Government should correct this and bring clarity on the issue.
Make in India can only happen if the large SME industry in India is enabled to contribute. Government should provide incentives for SMEs to go global and increase the exports. Special incentives on exports should be provided to SMEs so that their share in India’s exports can grow. This will also help boost exports and improve balance of payment position.
For common people exemption on Medical expenses should be increased at least to Rs. 50,000 as medical expenses have grown multiple times over the last many years and Rs. 15,000 provision is way too small.Standard deductions should also be increased in line with the increased cost of living.