The month of January will be very hectic for business and industry to break their heads to come out with good suggestions and representations for the Pre-budget Memorandum to be included in the State, as well as the Central Government Budgets.
There is a shift in the approach of preparing the Pre-budget Memorandum after the implentation of GSt.In the past mostly the budget exercise is to revolve around the tax reduction, exemption and rationalization,concerning their respective Trade and Business. It was a mammoth,herculean task to put forth their view points before the Government.Now that Central and State GST was slab based,the suggestions and recommendations for the Pre-budget Memorandum is also to be viewed in a different way. However, we welcome this change.Now most issues relating to tax is to ‘Ease to Tax Compliance ‘, through ‘Transparent Digital Regime.’So, I request our memebers to come out with suggestions on these lines.
Most probably,the state Budget will be an Election one. the Central Budget will carry forward the transformation and transpiration related to taxation,finance and intellectual proprietary rights, as these are crucial issues for foreign direct investments