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Finance Ministers of India

Pranab Kumar Mukherjee
(1982-1985, Feb 2009-May 2009, May 2009-Continuing)

Pranab Kumar Mukherjee is a prominent leader of India National Congress. He has...
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IndiaInfoline arrow Budget arrow Industry Reactions

IT industry welcomes tax reduction for foreign subsidiaries to 15%: Ashank Desai

India Infoline News Service / 12:27 pm , Mar 01, 2011

Mastek’s quote on the budget

Overall
The finance minister has given a good budget given the current constraints
We welcome the following –
Fiscal deficit target of 4.6% of GDP
Policy level initiatives of BFSI sector
Disinvestment of 40,000 crores will help reduce fiscal deficit
Allowing FDI in Mutual Funds
We also welcome the government’s e-governance initiatives in terms of CBDT & GST, however were expecting some percentage allocation to technology
The IT industry welcomes the tax reduction for foreign subsidiaries to 15%. However the tax issues of the IT sector have not been addressed in the budget.
·Computerization of Stamp duty and providing a grant of 300 cr. is a welcome move
·STPI scheme - Disappointed on the STPI front as the finance minister has not extended the 10 year exemption period by even one year.
Welcome the key development of 500 crore grant to NSDC
We had expected the MAT to be reduced while it has been increased to 18.5%

Education
The buoyancy of tax collection for the education sector has been increased by 24% while a 30% increase was required
Government has given grants to the Sarvasiksha Abhiyan, which shows increased focus to primary education, an important area
Infrastructure –
Outcome based budget would have helped the sector
A lot of initiatives have been announced for financing the growth of the sector, however, there is no provision towards ensuring timely completion of the projects.
Bharat Navnirman – increased 10,000 crore in terms of infrastructure while its welcome it only adds up to 20% aid while the sector requires atleats 30%-40% to match the growth of other countries.

Ashank Desai, Co-Founder – Mastek

Janta's Reaction

Posted By: SHAISHAV PATEL AHMEDABAD   |  Mar 20, 2012 04:28 PM
... WE WANT INFLATION RATE LESS,.... AGAR AISE HI RATE BADHTA RAHA TO HOW CAN A COMMON MAN CAN SURVIVE??? MEHGHAI KUM HONI CHAHIYE,,,, REGULAR USING ITEMS K RATE BHI KUM HONE CHAHIYE......... TOHI COUNTRY GROW KAREGA
Posted By: Kamal Chennai   |  Mar 17, 2012 11:58 AM
Change in Tax slab gives benefit for the ppl who are earning more than 8 lakh.
Posted By: Anjali Tawani Udaipur (raj.)   |  Mar 16, 2012 03:50 PM
govt. only know that how to hikes the prices in all sectors ,Ek aam aadmi nahi survive kar sakta,,,,,, janta jaagoooooo
Posted By: Singh is King Port Blair   |  Mar 16, 2012 01:16 PM
Bad budget. Tax limit increased only to 2 Lacs. Also service tax up by 2 percent. All prices will go up.
Posted By: M K Bhagat Bhopal   |  Mar 16, 2012 10:43 AM
It is easy to collect 100 rs from 100 person @ Rs. one each, instead of collecting Rs. 100 from one person @Rs. 100. The railway budget has increased the fare of AC and higer class where barely few people used to travel. per KM hike from 15 to 30 pc. rlw may get better revenue if general and sleeper clas also covered with hike only 5 pc per Km. sa the percentage of traveller is very high in economic class.
Posted By: himanshu joshi new delhi   |  Mar 15, 2012 08:55 AM
instead of charging excessive taxes on petrol, government should divert such taxes to those commodities which are generally used by upper middle class or upper class.
Posted By: Yash Indore   |  Mar 14, 2012 02:20 PM
Dont have too many expectations from the budget this year too..
Posted By: Guest Thane   |  Mar 13, 2012 05:48 PM
2011 budget was not upto mark for normal people
Posted By: shwetha raichur   |  Mar 07, 2011 01:25 PM
income tax exemption for womens
Posted By: rupesh jindal rania   |  Mar 01, 2011 02:25 PM
i think that this budget have not good impact on the life of normal people.there is no relief for people
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