The Finance Minister Pranab Mukherjee has proposed amendments to the Budget. It is customary for the FM to take in suggestions from various sides and introduce any necessary amendments. The FM has said that the priority was to provide a stimulus to economic activity.
Pranab Mukherjee
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Highlights of the Union Budget 2009-10: Part Two
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India’s tax-gdp ratio has improved from 9.2% in 2003-04 to 11.5% in 2008-09. The government wishes to simplify the tax structure. A new direct tax code will be released for public comments within 45 days and the new code will be finalised during the winter session of parliament. A Goods and Services Tax to be introduced from April 2010, but will comprise of a Central GST and a State GST.
Direct Taxes
Individual
Filed under: Economy+Policy, Quick News, 2009-10, Economy Number Speak, Fiscal Deficit, Pranab Mukherjee, Union Budget
Highlights of the Union Budget 2009-10: Part One
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These are some of the highlights from the speech given by the Finance Minister Pranab Mukherjee, presenting the Budget in parliament. Part One deals with the state of the economy and key policy announcements while the second part will deal with tax proposals.
Filed under: Economy+Policy, Quick News, 2009-10, Fiscal Deficit, Policy From the Government, Pranab Mukherjee, Union Budget
India’s Union Budget 2009-10: First Impressions
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Overall Impact
The Union Budget 2009-10, as Pranab Mukherjee mentioned, is one of continuity. No major new schemes. No major tax changes. No change in the thinking of the government with respect to the fiscal deficit. No major reforms announced in the Budget, either. The initial impression one gets is that the government is hoping that the external environment will improve, domestic demand will pick up and lift the economy out the trough.