KPMG India has analysed the implications of the budget in two parts. The report that talks about the Budget Highlights says in a foreword it is reassured by the government’s stand reiterating a commitment to bring in GST by April 2010. It also talks about issues like the new direct tax code, setting up of an alternative dispute resolution mechanism and empowering the Central Board of Direct Taxes to formulate safe harbour rules for transfer pricing in international transactions.
The report says: “The Budget seems to be well intended to address the constituency of the “common man”, but does little to revert to the path of fiscal rectitude, which could have negative economic consequences for the economy in the long term.” The document then goes on to list the various proposals in the Budget on the taxation front.
This is the main document which gives the Budget highlights titled Budget 2009 Highlights. This is the second document titled the Tax Card, which gives tax rates.