AMCHAM’s Eastern Region joined the EY webcast ‘NDA 2.0 Budget – A First Hand Account on the Fiscal Budget Announcement’ on July 5th. Panellists shared their interpretation of the budget announcement viz-a-via its expectations, the finer details of the finance bill and how it impacts business. The panellists were: Mr. Sudhir Kapadia, Partner & National Tax Leader, EY India, Mr. Ganesh Raj, Partner & National Leader, Business Tax Services, EY India, Mr. Uday Pimprikar, Partner & National Leader, Indirect Tax Services, EY India.

Mr. Kapadia highlighted that the announcement for further infusion in Public Sector Banks and partial credit guaranteed by the Government of India for purchase of high rated pooled assets of financially sound NBFCs by PSBs for well-run NBFCs are attempts to address some of the financial stress of the economy which has led to less private sector investment. Mr. Raj said that the coverage of 99.3% of the companies under the reduced tax regime is a welcome move and will benefit a larger part of corporate India.

The incentive of opting for digital payments and emphasis on technology backed procedures are steps in the right direction to move the economy into the digital mode. Mr. Uday Pimprikar mentioned that industry and Government need to actively collaborate, as the GST law would act as a catalyst for attracting investment, driving employment and prosperity.