Pre-Budget expectations by Mr. P.G Lakshminarayan, Vice President-Finance at eScan:
- The most important expectation from the upcoming Budget is that it will focus on kick starting growth and development.
- No major change is expected in corporate tax rates per se, as the economy is not doing too well and Government needs money.
- Removal of MAT has been a long-standing demand of the industry, which should be considered favorably by the new Government, in the Budget.
- GST front has evoked a lot of enthusiasm. Centre/States should iron out their residual differences.
- Industry feel that at least the Central GST part of the overall GST, should be rolled out in this Budget, to start with. This will at least lay down an implementation path, something to indicate that this is what the roadmap is going to be like, along with a definitive timeline for the full-fledged GST roll out.
- Transfer pricing guidelines be rationalized and their domestic threshold enhanced.
- Lastly, there are enormous volumes of tax litigations presently. If the Budget could do anything to address the extent of litigations we are seeing in the country, it will be a great step forward.