We are a firm of Chartered Accountants who have drafted a proposal for providing stimulus to our entrepreneurs without much compromise on revenue targets set by the Finance Ministry. We have emailed this proposal to Hon. Minister of Finance Smt. Nirmala Sitharaman Ji on 27th April 2020.
We are sure that if implemented with right spirit, our countrymen are motivated enough to help kick-start the growth and development of our nation at a desired speed to make it a US$ 5-trillion economy.
This document summarizes the Union Budget 2022 presented by Finance Minister Nirmala Sitharaman. Some key highlights include increased focus on infrastructure development through initiatives like the PM Gati Shakti master plan, emphasis on sectors like banking, manufacturing and renewable energy, and exemptions provided on certain COVID-19 related receipts from tax. The budget aims to boost growth through higher capital expenditure on public infrastructure and initiatives that can generate employment. It also provides opportunities for long-term investors in sectors like IT, banking, infrastructure, and manufacturing.
Tax planning involves arranging one's financial affairs to reduce tax liability by taking advantage of legal exemptions and deductions. It has benefits for taxpayers by lowering taxes paid, for the government by increasing funds available for investment, and for society by promoting economic growth and employment. While tax planning is important, financial decisions should not be based solely on tax implications.
The document provides an overview of the Union Budget 2016-17 presented by the government of India. It discusses key highlights and priorities of the budget which include boosting economic growth, ensuring macroeconomic stability, continuing reforms, and focusing on vulnerable sections through new health and insurance schemes. The budget aims to boost infrastructure investment, agriculture and rural development, education and skills training, and make progress toward fiscal discipline and a pensioned society. It provides tax relief for small taxpayers and incentives for affordable housing, startups, and manufacturing.
Accretive SDU communique - Tax Contours of India Budget 2016-17Badrinath N R
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising. Tax reliefs and incentives are proposed for sectors like affordable housing, startups, and manufacturing. Rationalization measures include clarifying the place of effective management rule for foreign firms and relaxing rules for investment allowance.
The document summarizes key developments from the previous week reported on Taxmann.com, including:
1) PM Modi announced a Rs. 20 lakh crore special economic package to make India self-reliant in response to COVID-19. Key aspects include support for MSMEs, definition changes, global tender reforms, and job creation.
2) Finance Minister Sitharaman provided details on the package, such as collateral-free loans for MSMEs, debt support for stressed MSMEs, tax changes, and support for real estate, power utilities and more.
3) Taxation measures include reduced TDS/TCS rates, extended return filing deadlines, and extensions for the
The editorial summarizes the April 2021 issue of the monthly newsletter, which covers key concerns about the market's reaction to rising COVID cases. It highlights featured articles on volatility management and a case story that will inspire readers. The issue aims to help readers understand the market pulse during the COVID crisis and provides strategies to ride out volatility.
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss.For real time update Visit our social media handle.Read First India NewsPaper in your morning replace.Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
The document summarizes key points from the Indian Union Budget for 2012-13. It discusses estimates for GDP growth, fiscal deficits, revenues and expenditures. It outlines proposals to increase investment in infrastructure, manufacturing, rural development and social sectors. Taxation measures are also highlighted, including increases in excise duties and service tax rates, while personal income tax exemptions are raised. The budget aims to boost growth while reducing fiscal deficits.
This document summarizes the Union Budget 2022 presented by Finance Minister Nirmala Sitharaman. Some key highlights include increased focus on infrastructure development through initiatives like the PM Gati Shakti master plan, emphasis on sectors like banking, manufacturing and renewable energy, and exemptions provided on certain COVID-19 related receipts from tax. The budget aims to boost growth through higher capital expenditure on public infrastructure and initiatives that can generate employment. It also provides opportunities for long-term investors in sectors like IT, banking, infrastructure, and manufacturing.
Tax planning involves arranging one's financial affairs to reduce tax liability by taking advantage of legal exemptions and deductions. It has benefits for taxpayers by lowering taxes paid, for the government by increasing funds available for investment, and for society by promoting economic growth and employment. While tax planning is important, financial decisions should not be based solely on tax implications.
The document provides an overview of the Union Budget 2016-17 presented by the government of India. It discusses key highlights and priorities of the budget which include boosting economic growth, ensuring macroeconomic stability, continuing reforms, and focusing on vulnerable sections through new health and insurance schemes. The budget aims to boost infrastructure investment, agriculture and rural development, education and skills training, and make progress toward fiscal discipline and a pensioned society. It provides tax relief for small taxpayers and incentives for affordable housing, startups, and manufacturing.
Accretive SDU communique - Tax Contours of India Budget 2016-17Badrinath N R
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising. Tax reliefs and incentives are proposed for sectors like affordable housing, startups, and manufacturing. Rationalization measures include clarifying the place of effective management rule for foreign firms and relaxing rules for investment allowance.
The document summarizes key developments from the previous week reported on Taxmann.com, including:
1) PM Modi announced a Rs. 20 lakh crore special economic package to make India self-reliant in response to COVID-19. Key aspects include support for MSMEs, definition changes, global tender reforms, and job creation.
2) Finance Minister Sitharaman provided details on the package, such as collateral-free loans for MSMEs, debt support for stressed MSMEs, tax changes, and support for real estate, power utilities and more.
3) Taxation measures include reduced TDS/TCS rates, extended return filing deadlines, and extensions for the
The editorial summarizes the April 2021 issue of the monthly newsletter, which covers key concerns about the market's reaction to rising COVID cases. It highlights featured articles on volatility management and a case story that will inspire readers. The issue aims to help readers understand the market pulse during the COVID crisis and provides strategies to ride out volatility.
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss.For real time update Visit our social media handle.Read First India NewsPaper in your morning replace.Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
The document summarizes key points from the Indian Union Budget for 2012-13. It discusses estimates for GDP growth, fiscal deficits, revenues and expenditures. It outlines proposals to increase investment in infrastructure, manufacturing, rural development and social sectors. Taxation measures are also highlighted, including increases in excise duties and service tax rates, while personal income tax exemptions are raised. The budget aims to boost growth while reducing fiscal deficits.
The budget aims to balance stimulating growth while maintaining fiscal sustainability. It focuses on boosting investment in agriculture, infrastructure, and employment while reducing the fiscal deficit. Key areas include doubling farmers' incomes, increasing education and healthcare spending, expanding credit to MSMEs, and increasing infrastructure investment. The budget also cuts corporate taxes for MSMEs and introduces long-term capital gains tax. Markets reacted negatively to the higher than expected fiscal deficit and inflation risks from higher MSPs, but the impact is seen as incremental.
The document summarizes key points from India's 2013 budget. It discusses estimates of income and expenditures, the monthly budgeting process, and proposals to raise some taxes while providing tax breaks in other areas. Specifically, it is proposed to introduce a surcharge of around 10% on incomes over a certain threshold. Tax breaks may be increased for first-time equity investors. Additionally, duties may be raised on some diesel vehicles while being lowered on gold. Funding is also allocated for education, drinking water projects, and railroads.
Rsm india budget_2018_key_aspects_in_a_nutshellCA.Amit Sharma
The key aspects of the India Budget 2018 document are:
1. GDP growth is projected to be 6.75% in the current fiscal year and rise to 7-7.5% in 2018-19 due to major reforms. Inflation has hit a 6-year low of 3.3% in 2017-18.
2. For companies with revenues up to Rs. 250 crores, the corporate tax rate has been reduced to 25%. No change in personal income tax rates.
3. Exemption on long term capital gains from equity investments is being withdrawn and such gains will be taxed at 10%. Scope of dividend distribution tax has also been expanded.
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
Aventus Partners Business Financial and Human Capital Outlook 2012-13MP Sriram
An annual forecast of business , financial and human capital trends that we foresee in india for the year 2012 -13 basis our analysis and understanding of the current economic and business environment.
The Union Budget 2014-15 document discusses several key points:
1. The Finance Minister Arun Jaitley presented the budget with the goals of promoting growth while maintaining fiscal prudence.
2. Key announcements included increasing FDI limits, introducing GST by the end of the year, providing tax benefits to renewable energy, and addressing power issues faced by industry.
3. The budget aimed to boost manufacturing, exports, infrastructure development, and focus on sectors like defense, insurance, housing, and renewable energy through various policy measures and incentives.
4. While the stock market initially declined, industry remained positive about the government's stated intent to promote growth, investment, and manufacturing, though implementation of reforms
Review Note - Union Budget & Investment Strategy - Jul'14jignesh shah
The document provides a summary and analysis of the Union Budget of India for 2014. It discusses the major announcements including a focus on infrastructure growth, fiscal consolidation, and measures to contain inflation. It analyzes the implications for various sectors and provides investment strategies. Execution will be critical to the success of the budget's goals of turning around economic growth, according to the document.
The document discusses expectations for the upcoming 2016 Indian budget across multiple sectors. Key points include:
- Providing tax relief and incentives for sectors like real estate, healthcare, renewable energy, and startups to encourage growth.
- Improving infrastructure and trade conditions by lowering import/export duties and simplifying regulations.
- Addressing education issues like increasing funding, improving accessibility of loans, and encouraging skill development.
- Continuing efforts to improve ease of doing business by reducing corporate taxes and simplifying laws.
- Providing clarity on implementing the Goods and Services Tax (GST) and reforming service tax policies.
Union Budget 2019: How it Impacts Businesses of all ScalesLikhil Sukumaran
The document summarizes key points from the Economic Survey of 2019 and the Union Budget of 2019. It discusses measures to provide liquidity support to non-banking financial companies (NBFCs), including allowing public sector banks to purchase high-rated NBFC assets and providing credit guarantees. It also outlines tax changes that lower corporate tax rates for small and medium enterprises. Concerns are raised about a potential slowdown in investment and manufacturing activity.
India SME Forum - Synopsis of Union Budget 29 Feb 2016. India SME Forum
The document summarizes key features of the Indian government's budget for 2016-2017. It outlines priorities like boosting economic growth, job creation, and improving infrastructure and social services. It allocates increased funding for agriculture, rural development, education, healthcare and other social sectors. It also focuses on reforms to improve ease of doing business, financial sector regulation, and public-private partnerships.
The document summarizes key aspects of Bangladesh's fiscal year 2016-17 budget, including:
- Total budget of Tk 3,40,605 crore, a 29% increase over the previous year.
- Major allocations include Tk 50,017 crore for education, Tk 39,951 crore for interest payments, and Tk 35,920 crore for transportation and communication.
- Tax revenue from the NBR contributes 60% of the budget, while non-tax revenue, foreign loans, and domestic financing make up the remaining sources of funds.
- Key expenditures include Tk 34,370 crore for education and technology and Tk 18,383 crore for defense services.
Challenges in India's General Budget 2017-18Shantanu Basu
The document discusses several challenges for India's upcoming 2017-18 budget. It notes that including railways estimates and abolishing the plan/non-plan distinction will impact the budget's complexion. It also cites declining manufacturing and commodity prices negatively impacting rail freight revenues. Other challenges include a deepening manufacturing crisis reducing tax revenues, rising public sector bank NPAs, and pending wage increases for public sector workers and the military. The large government debt and interest payments are also major constraints on public expenditure proposals for the new budget.
Ways2Capital is one of the leading research house across the globe. The company basically provides recommendations for stocks cash & F&O traded in NSE & BSE,commodities including bullions, metals and agro commodities traded in MCX & NCDEX.
Canada’s small- and medium-size enterprises
(SMEs) are collectively the largest employer in
Canada, employing about 55 per cent of
Canadians (based on Statistics Canada’s Survey
of Employment, Payrolls and Hours 2008).
When you take into account the fact that they
contribute 1.4 times the premiums their
employees do, this makes them the single
largest employer-stakeholder group in the EI
system today. SMEs employ Canadians in every
province and in every sector of the economy,
from the retail and service sectors to
manufacturing and primary industries. This
broad range of industries and employee
requirements make SME owners an excellent
judge of the efficacy of the EI system.
EI is becoming a more and more important
issue for SMEs. In fact, EI is one of the top
priorities for CFIB members across the nation.
This was highlighted in a survey conducted in
the first half of 2009, which found that 48 per
cent of CFIB members listed EI reform as a
priority for their business, behind only the
total tax burden and regulations and paper
burden, both of which are also directly related
to the EI system.
The document summarizes and analyzes India's Union Budget for 2015. Some key points:
- The budget aims to boost business and growth while providing some benefits across different sections of society. However, there was not much for the middle class.
- Infrastructure development is a key focus but more action is still needed. Corporate tax rates will be reduced to 25% over four years to make Indian businesses more competitive globally.
- On the indirect tax front, the introduction of GST was reaffirmed for April 2016 but draft GST legislation was not released for public feedback as expected. Excise and service tax rates were increased, making goods and services more expensive in the short term.
- Overall
CBIZ Commercial Real Estate Hot Topics Newsletter - June-July 2020CBIZ, Inc.
This issue offers links to webinars and articles addressing COVID-19 issues like PPP forgiveness, specific tax considerations for the CRE sector, preparing for cybersecurity questions from your auditor, the P&C market outlook and associated insurance planning insights, keys for a smooth transition to the new normal, and two QOZ topics – one on IRS pandemic deadline relief and a guest article on the role OZ funds can play at both the community and national levels.
The document summarizes the key aspects of the Union Budget 2020-21 presented by the Finance Minister Nirmala Sitharaman, including structural reforms focused on governance, financial sector, agriculture, and infrastructure development, as well as expenditure estimates and tax proposals aimed at boosting the Indian economy and achieving the government's vision of an aspirational India. The budget aims to balance growth promotion with fiscal discipline through measured stimulus targeted at entrepreneurship, trust-building, and citizen prosperity.
The budget allocates funds across several key sectors of the Indian economy. It aims to double farmer incomes by 2022 by allocating Rs. 35,984 crore for agriculture and providing irrigation for 28.5 lakh hectares at a cost of Rs. 17,000 crore. It also increases allocations for rural development, social sectors like education and healthcare, and infrastructure development. While some taxes are increased on tobacco, luxury goods, and diesel vehicles, individual taxpayers below Rs. 5 lakh annual income and senior citizens receiving medical insurance of Rs. 130,000 will receive relief.
Tax world reacts to interim budget 2019Radhabajaj987
Who's who of India Tax world reacts to the Interim Budget 2019 presented by the acting FM
Dinesh Kanabar Ketan Dalal sudhir kapadia Gautam Mehra TP Oswal Uday Ved Rohit Jain SUNIL KAPADIA Amit Singhania Pankaj Vasani @Amit Maheshwari Sanjay Sanghvi Tejas Desai Milind S Kothari Rajendra Nayak
The document provides an overview of the key features of the Indian Union Budget for 2015-2016. It discusses the state of the Indian economy, challenges, and the government's plans and targets in areas such as fiscal policy, agriculture, infrastructure, financial markets, taxation, and social programs. The budget aims to achieve high economic growth of 8-8.5%, implement important reforms like GST and financial inclusion programs, boost investment in infrastructure, and address issues in sectors like agriculture, education and healthcare.
Economic stimulus package Breakdown - By Anshika SinghAnshikaSingh141
The coronavirus triggered lockdown and its ensuing series of extensions have disrupted more than 60 percent of economic activities in the country, posing a huge threat to the economy. The crisis was underway when the global economy was slowing down and India, in particular, had to deal with a poor health care system and an economy already under distress. Unemployment rate is estimated to be around 27 percent post lockdown and has resulted in nearly 12.2 crore people losing their jobs. In addition, a severe slump in consumer demand is expected to persist for the next few quarters. Almost 85 percent of India’s workforce is engaged in the informal sector – quite naturally the government is under stress to implement effective policy reforms to counter the downturn.
In response to the contraction in the economy, the Prime Minister has announced a second round of economic package that stands at roughly around 10 percent of the Gross Domestic Product. The USA and Japan have announced relief packages of 13 and 21 percent of their GDP respectively. In comparison, India has seemingly provided a substantial Rs 20 lakh crore stimulus- highlighting the concept of ‘self-reliance’ as a way forward to deal with the economy post the pandemic. The stimulus package includes previous steps taken by RBI such as moratorium on loan repayments, interest rate cut, etc. In the five tranches of the stimulus package, the Finance Minister has announced a slew of measures to address the structural issues of Indian economy. However, it is estimated that the immediate fiscal boost will be only around 1 percent of GDP and most of the fiscal and monetary policies will attract long term capital with medium run stabilization of the economy.
Decoding of the Economic Stimulus Package by Anshika SIngh
The document discusses expectations for the upcoming Indian budget. It provides context on the current strong economic growth outlook in India and top expectations. The key expectations are:
1) Focus on infrastructure development and asset monetization to fund infrastructure investments.
2) Stimulate MSMEs to create jobs and boost demand by addressing their challenges and improving access to credit.
3) Support disproportionately impacted sectors like travel and hospitality with revival plans and contingency measures for uncertainties.
The budget aims to balance stimulating growth while maintaining fiscal sustainability. It focuses on boosting investment in agriculture, infrastructure, and employment while reducing the fiscal deficit. Key areas include doubling farmers' incomes, increasing education and healthcare spending, expanding credit to MSMEs, and increasing infrastructure investment. The budget also cuts corporate taxes for MSMEs and introduces long-term capital gains tax. Markets reacted negatively to the higher than expected fiscal deficit and inflation risks from higher MSPs, but the impact is seen as incremental.
The document summarizes key points from India's 2013 budget. It discusses estimates of income and expenditures, the monthly budgeting process, and proposals to raise some taxes while providing tax breaks in other areas. Specifically, it is proposed to introduce a surcharge of around 10% on incomes over a certain threshold. Tax breaks may be increased for first-time equity investors. Additionally, duties may be raised on some diesel vehicles while being lowered on gold. Funding is also allocated for education, drinking water projects, and railroads.
Rsm india budget_2018_key_aspects_in_a_nutshellCA.Amit Sharma
The key aspects of the India Budget 2018 document are:
1. GDP growth is projected to be 6.75% in the current fiscal year and rise to 7-7.5% in 2018-19 due to major reforms. Inflation has hit a 6-year low of 3.3% in 2017-18.
2. For companies with revenues up to Rs. 250 crores, the corporate tax rate has been reduced to 25%. No change in personal income tax rates.
3. Exemption on long term capital gains from equity investments is being withdrawn and such gains will be taxed at 10%. Scope of dividend distribution tax has also been expanded.
Honourable Finance Minister Nirmala Sitharaman has presented her second Union Budget in the Parliament on 01 February 2020. This Budget focused on bringing a series of measures aimed at promoting investments in the country, creating a world class infrastructure and stimulating economic growth.
We bring you our analysis of Direct Tax proposals announced by the Hon'ble Finance Minister at her budget speech. Some of the key takeaways are highlighted below:
• 15% concessional tax regime for new domestic manufacturing companies will now be applicable to Power-generating companies as well;
• Alternative personal tax regime made available for Individual/ HUFs
• Abolition of Dividend Distribution Tax (DDT);
• Advance Pricing Agreement and Safe Harbour Rules to cover Income Attribution to a Permanent Establishment (PE);
• Thin Capitalization provisions liberalized and have been made inapplicable to a debt provided by PE of non-resident engaged in the business of banking in India;
• TDS on e-commerce transactions;
• TCS on overseas remittances under Liberalised Remittance Scheme (LRS), purchase of overseas tour packages and purchase of goods;
• Threshold of residency for citizens & PIOs visiting India reduced from 182 days to 120 days. Further, definition of ‘Not ordinarily resident’ is also narrowed;
• Donations to charitable institutions made to be pre-filled in IT return form to claim exemptions for donations easily. Further the Income Tax exemption approvals to Charitable Institutions is made subject to renewal every five years
Aventus Partners Business Financial and Human Capital Outlook 2012-13MP Sriram
An annual forecast of business , financial and human capital trends that we foresee in india for the year 2012 -13 basis our analysis and understanding of the current economic and business environment.
The Union Budget 2014-15 document discusses several key points:
1. The Finance Minister Arun Jaitley presented the budget with the goals of promoting growth while maintaining fiscal prudence.
2. Key announcements included increasing FDI limits, introducing GST by the end of the year, providing tax benefits to renewable energy, and addressing power issues faced by industry.
3. The budget aimed to boost manufacturing, exports, infrastructure development, and focus on sectors like defense, insurance, housing, and renewable energy through various policy measures and incentives.
4. While the stock market initially declined, industry remained positive about the government's stated intent to promote growth, investment, and manufacturing, though implementation of reforms
Review Note - Union Budget & Investment Strategy - Jul'14jignesh shah
The document provides a summary and analysis of the Union Budget of India for 2014. It discusses the major announcements including a focus on infrastructure growth, fiscal consolidation, and measures to contain inflation. It analyzes the implications for various sectors and provides investment strategies. Execution will be critical to the success of the budget's goals of turning around economic growth, according to the document.
The document discusses expectations for the upcoming 2016 Indian budget across multiple sectors. Key points include:
- Providing tax relief and incentives for sectors like real estate, healthcare, renewable energy, and startups to encourage growth.
- Improving infrastructure and trade conditions by lowering import/export duties and simplifying regulations.
- Addressing education issues like increasing funding, improving accessibility of loans, and encouraging skill development.
- Continuing efforts to improve ease of doing business by reducing corporate taxes and simplifying laws.
- Providing clarity on implementing the Goods and Services Tax (GST) and reforming service tax policies.
Union Budget 2019: How it Impacts Businesses of all ScalesLikhil Sukumaran
The document summarizes key points from the Economic Survey of 2019 and the Union Budget of 2019. It discusses measures to provide liquidity support to non-banking financial companies (NBFCs), including allowing public sector banks to purchase high-rated NBFC assets and providing credit guarantees. It also outlines tax changes that lower corporate tax rates for small and medium enterprises. Concerns are raised about a potential slowdown in investment and manufacturing activity.
India SME Forum - Synopsis of Union Budget 29 Feb 2016. India SME Forum
The document summarizes key features of the Indian government's budget for 2016-2017. It outlines priorities like boosting economic growth, job creation, and improving infrastructure and social services. It allocates increased funding for agriculture, rural development, education, healthcare and other social sectors. It also focuses on reforms to improve ease of doing business, financial sector regulation, and public-private partnerships.
The document summarizes key aspects of Bangladesh's fiscal year 2016-17 budget, including:
- Total budget of Tk 3,40,605 crore, a 29% increase over the previous year.
- Major allocations include Tk 50,017 crore for education, Tk 39,951 crore for interest payments, and Tk 35,920 crore for transportation and communication.
- Tax revenue from the NBR contributes 60% of the budget, while non-tax revenue, foreign loans, and domestic financing make up the remaining sources of funds.
- Key expenditures include Tk 34,370 crore for education and technology and Tk 18,383 crore for defense services.
Challenges in India's General Budget 2017-18Shantanu Basu
The document discusses several challenges for India's upcoming 2017-18 budget. It notes that including railways estimates and abolishing the plan/non-plan distinction will impact the budget's complexion. It also cites declining manufacturing and commodity prices negatively impacting rail freight revenues. Other challenges include a deepening manufacturing crisis reducing tax revenues, rising public sector bank NPAs, and pending wage increases for public sector workers and the military. The large government debt and interest payments are also major constraints on public expenditure proposals for the new budget.
Ways2Capital is one of the leading research house across the globe. The company basically provides recommendations for stocks cash & F&O traded in NSE & BSE,commodities including bullions, metals and agro commodities traded in MCX & NCDEX.
Canada’s small- and medium-size enterprises
(SMEs) are collectively the largest employer in
Canada, employing about 55 per cent of
Canadians (based on Statistics Canada’s Survey
of Employment, Payrolls and Hours 2008).
When you take into account the fact that they
contribute 1.4 times the premiums their
employees do, this makes them the single
largest employer-stakeholder group in the EI
system today. SMEs employ Canadians in every
province and in every sector of the economy,
from the retail and service sectors to
manufacturing and primary industries. This
broad range of industries and employee
requirements make SME owners an excellent
judge of the efficacy of the EI system.
EI is becoming a more and more important
issue for SMEs. In fact, EI is one of the top
priorities for CFIB members across the nation.
This was highlighted in a survey conducted in
the first half of 2009, which found that 48 per
cent of CFIB members listed EI reform as a
priority for their business, behind only the
total tax burden and regulations and paper
burden, both of which are also directly related
to the EI system.
The document summarizes and analyzes India's Union Budget for 2015. Some key points:
- The budget aims to boost business and growth while providing some benefits across different sections of society. However, there was not much for the middle class.
- Infrastructure development is a key focus but more action is still needed. Corporate tax rates will be reduced to 25% over four years to make Indian businesses more competitive globally.
- On the indirect tax front, the introduction of GST was reaffirmed for April 2016 but draft GST legislation was not released for public feedback as expected. Excise and service tax rates were increased, making goods and services more expensive in the short term.
- Overall
CBIZ Commercial Real Estate Hot Topics Newsletter - June-July 2020CBIZ, Inc.
This issue offers links to webinars and articles addressing COVID-19 issues like PPP forgiveness, specific tax considerations for the CRE sector, preparing for cybersecurity questions from your auditor, the P&C market outlook and associated insurance planning insights, keys for a smooth transition to the new normal, and two QOZ topics – one on IRS pandemic deadline relief and a guest article on the role OZ funds can play at both the community and national levels.
The document summarizes the key aspects of the Union Budget 2020-21 presented by the Finance Minister Nirmala Sitharaman, including structural reforms focused on governance, financial sector, agriculture, and infrastructure development, as well as expenditure estimates and tax proposals aimed at boosting the Indian economy and achieving the government's vision of an aspirational India. The budget aims to balance growth promotion with fiscal discipline through measured stimulus targeted at entrepreneurship, trust-building, and citizen prosperity.
The budget allocates funds across several key sectors of the Indian economy. It aims to double farmer incomes by 2022 by allocating Rs. 35,984 crore for agriculture and providing irrigation for 28.5 lakh hectares at a cost of Rs. 17,000 crore. It also increases allocations for rural development, social sectors like education and healthcare, and infrastructure development. While some taxes are increased on tobacco, luxury goods, and diesel vehicles, individual taxpayers below Rs. 5 lakh annual income and senior citizens receiving medical insurance of Rs. 130,000 will receive relief.
Tax world reacts to interim budget 2019Radhabajaj987
Who's who of India Tax world reacts to the Interim Budget 2019 presented by the acting FM
Dinesh Kanabar Ketan Dalal sudhir kapadia Gautam Mehra TP Oswal Uday Ved Rohit Jain SUNIL KAPADIA Amit Singhania Pankaj Vasani @Amit Maheshwari Sanjay Sanghvi Tejas Desai Milind S Kothari Rajendra Nayak
The document provides an overview of the key features of the Indian Union Budget for 2015-2016. It discusses the state of the Indian economy, challenges, and the government's plans and targets in areas such as fiscal policy, agriculture, infrastructure, financial markets, taxation, and social programs. The budget aims to achieve high economic growth of 8-8.5%, implement important reforms like GST and financial inclusion programs, boost investment in infrastructure, and address issues in sectors like agriculture, education and healthcare.
Economic stimulus package Breakdown - By Anshika SinghAnshikaSingh141
The coronavirus triggered lockdown and its ensuing series of extensions have disrupted more than 60 percent of economic activities in the country, posing a huge threat to the economy. The crisis was underway when the global economy was slowing down and India, in particular, had to deal with a poor health care system and an economy already under distress. Unemployment rate is estimated to be around 27 percent post lockdown and has resulted in nearly 12.2 crore people losing their jobs. In addition, a severe slump in consumer demand is expected to persist for the next few quarters. Almost 85 percent of India’s workforce is engaged in the informal sector – quite naturally the government is under stress to implement effective policy reforms to counter the downturn.
In response to the contraction in the economy, the Prime Minister has announced a second round of economic package that stands at roughly around 10 percent of the Gross Domestic Product. The USA and Japan have announced relief packages of 13 and 21 percent of their GDP respectively. In comparison, India has seemingly provided a substantial Rs 20 lakh crore stimulus- highlighting the concept of ‘self-reliance’ as a way forward to deal with the economy post the pandemic. The stimulus package includes previous steps taken by RBI such as moratorium on loan repayments, interest rate cut, etc. In the five tranches of the stimulus package, the Finance Minister has announced a slew of measures to address the structural issues of Indian economy. However, it is estimated that the immediate fiscal boost will be only around 1 percent of GDP and most of the fiscal and monetary policies will attract long term capital with medium run stabilization of the economy.
Decoding of the Economic Stimulus Package by Anshika SIngh
The document discusses expectations for the upcoming Indian budget. It provides context on the current strong economic growth outlook in India and top expectations. The key expectations are:
1) Focus on infrastructure development and asset monetization to fund infrastructure investments.
2) Stimulate MSMEs to create jobs and boost demand by addressing their challenges and improving access to credit.
3) Support disproportionately impacted sectors like travel and hospitality with revival plans and contingency measures for uncertainties.
Coronavirus Financial Assistance ProgramsMark Gottlieb
[Attorneys of All Disciplines] Under The Caption - "Must Be Shared" - Download our PowerPoint Presentation discussing the various Coronavirus Financial Assistance Programs. Many of you are also eligible. Call us if you need further assistance.
[퐀퐭퐭퐨퐫퐧퐞퐲퐬 퐨퐟 퐀퐥퐥 퐃퐢퐬퐜퐢퐩퐥퐢퐧퐞퐬] 퐔퐧퐝퐞퐫 퐓퐡퐞 퐂퐚퐩퐭퐢퐨퐧 - "퐌퐮퐬퐭 퐁퐞 퐒퐡퐚퐫퐞퐝"- Download our PowerPoint Presentation discussing the various Coronavirus Financial Assistance Programs. Many of you are eligible. Call us if you need further assistance.
The Union Finance Minister Shri Arun Jaitley tabled the Economic Survey 2016-17 today, the first day of the Budget Session of the Parliament. The Economic Survey says that the adverse impact of demonetisation on GDP growth will be transitional and the economy will recover with remonetisation. The Survey states that once the cash supply is replenished, which is likely to be achieved by end of March 2017, the economy would revert to normal. The GDP growth in 2017-18, as per the survey, is projected to be in the range of 6¾-7½ percent.
The Survey suggests a few measures to maximise long-term benefits and minimise short-term costs. One, fast remonetisation and early elimination of withdrawal limits. This would reduce GDP growth deceleration and cash hoarding. Two, continued impetus to digitalisation while ensuring that this transition is gradual and inclusive, and appropriately balances the costs and benefits of cash versus digitalisation. Three, following up demonetisation by bringing land and real estate into the GST. Four, reducing tax rates and stamp duties.
This is an analysis and brief overview document on the Survey
India Economic Survey 2017 by Edelman IndiaAklanta Kalita
The Union Finance Minister Shri Arun Jaitley tabled the Economic Survey 2016-17 today, the first day of the Budget Session of the Parliament. The Economic Survey says that the adverse impact of demonetisation on GDP growth will be transitional and the economy will recover with remonetisation. The Survey states that once the cash supply is replenished, which is likely to be achieved by end of March 2017, the economy would revert to normal. The GDP growth in 2017-18, as per the survey, is projected to be in the range of 6¾-7½ percent.
The Survey suggests a few measures to maximise long-term benefits and minimise short-term costs. One, fast remonetisation and early elimination of withdrawal limits. This would reduce GDP growth deceleration and cash hoarding. Two, continued impetus to digitalisation while ensuring that this transition is gradual and inclusive, and appropriately balances the costs and benefits of cash versus digitalisation. Three, following up demonetisation by bringing land and real estate into the GST. Four, reducing tax rates and stamp duties.
The Union Budget 2015 proposed several key reforms including:
(a) Reducing the corporate tax rate to 25% over the next four years while withdrawing exemptions, (b) Introducing a goods and services tax (GST) planned for April 2016, and (c) Enacting a new bankruptcy code and financial sector reforms such as a public debt management agency. The budget also aimed to boost investment, ease business regulations, and increase spending on infrastructure and social programs through measures like setting up a national investment fund. However, the budget faced some criticism for not providing enough relief for individuals and leaving many still wanting more substantial reforms.
The document summarizes the findings of a survey conducted by PwC of over 200 business leaders in Sri Lanka on their priorities and requirements in response to the COVID-19 pandemic. In the immediate term, business leaders' top priorities included introducing a smart lockdown instead of curfew, low-cost working capital financing guaranteed by the government, and reforms to labor laws to allow downsizing and salary reductions. In the medium term, priorities included reforms to labor laws to support more flexible work arrangements, reforms to loss-making state-owned enterprises, and tax concessions to encourage investment. The survey provided insights into how different industries are thinking, and key takeaways for focusing economic recovery efforts.
Accretive SDU communique - Tax Contours of India Budget 2016-17Vishnu Bagri
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising and additional tax on high-value dividends. It also provides an overview of tax incentives for sectors like housing, startups, and manufacturing to promote various initiatives.
Union Budget 2012-13 aimed to boost growth while reducing the fiscal deficit. Key measures included increasing indirect tax rates to pave way for GST, introducing GAAR to curb tax avoidance, and relaxing ECB norms to support infrastructure and other sectors. However, the proposed retrospective amendment to tax indirect transfer of Indian assets could face legal challenges and impact investment. Overall the budget focused on fiscal consolidation and growth, but timely implementation will determine its effectiveness.
The Government of India announced a ₹20 trillion economic stimulus package in May 2020 to address the economic impacts of the COVID-19 pandemic. The package, which amounts to 10% of India's GDP, includes spending measures, loans and loan guarantees. It was announced in 5 tranches by Finance Minister Nirmala Sitharaman focused on different economic sectors such as agriculture, public health, and MSMEs. However, the large amount of debt taken on by businesses during the pandemic could increase non-performing assets for banks if demand is not restored after COVID-19. The government needs to closely monitor implementation and take steps to reduce NPAs to prevent problems in the financial system like rising loan rates and inflation.
The Finance Minister presented the Union Budget on 1st February 2017. This is our analysis of the implications of the budget on the Indian Economy and the Markets. We have also shared the stocks that will be the Budget Winners & Losers. We hope you enjoy going through our analysis.
The document summarizes key points from India's Union Budget for 2013-2014. It notes that the economy has slowed and the key challenges are returning to 8% growth, reducing fiscal and current account deficits, and controlling inflation. The budget aims to boost inclusive development through increased allocation to social sectors. It outlines a new fiscal consolidation path and encourages foreign investment. The budget prioritizes job creation and education/skills training for youth while increasing allocations for scheduled castes, tribes, women and children.
Government Initiatives to Support Businesses During Covid-19Net Stripes
With the Covid-19 pandemic battering the global economy, the Government’s decision to provide financial assistance through a stimulus package and grants is a wave of relief among small and medium sized business owners, but how do they actually work for us? https://bit.ly/2WlQ1II
The budget summary provides an overview of the key highlights of the Union Budget 2020-21. The central themes are enhancing consumer spending, farm incomes, and continuing infrastructure investment while keeping the fiscal deficit below 3.8% of GDP. Key areas of focus are agriculture and rural development, industry and infrastructure, and social welfare. The budget aims to boost investment through a 12% increase in planned expenditure while maintaining fiscal discipline. It also focuses on simplifying the personal income tax structure, boosting financial and MSME sectors, and supporting startups.
Safyr Utilis is pleased to provide you with our analysis of the tax measures announced in the budget speech delivered by the Honorable Pravind Jugnauth, Minister of Finance and Economic Development on 29 July 2016.
The document summarizes the key tax changes from Mauritius' 2016-2017 national budget. Some highlights include:
- Increasing personal income tax exemption thresholds and limits on interest and tuition fee deductions.
- Introducing a 5-year tax holiday for asset/fund managers with over $100 million assets under management and foreign ultra-high net worth individuals investing over $25 million.
- Exempting seafarers' income from tax and expanding real estate tax exemptions/refunds to boost the property sector.
- Increasing duties on sugar, spirits and tobacco while removing duties/VAT on various items and introducing new environmental levies.
- Providing temporary tax holidays for global
The document summarizes the incentives offered by the Singapore government during COVID-19, including two stimulus packages totaling $52.4 billion. The Unity Budget provided $4 billion in short-term support for businesses, including wage subsidies, tax rebates, and SME loans. The larger Resilience Budget provided $48.4 billion, including expanded loan programs, support for aviation, tourism, and F&B sectors, cash payments for lower-income individuals, and training subsidies for self-employed workers. It also outlined tax deferrals and property tax rebates for businesses.
This document provides an overview and analysis of the Indian economy based on GST implementation. It discusses key points:
1) GST unifies India's tax system, reducing compliance costs and boosting competitiveness. Several reforms including GST, bankruptcy code and bank recapitalization aim to spur growth.
2) An analysis of early GST data shows a large increase in taxpayers, especially small businesses. It also indicates India's internal trade and formal non-farm jobs are larger than estimated.
3) Moving forward, fully implementing GST and other reforms could help India achieve its growth potential if global conditions remain supportive and oil prices stabilize.
CBIZ Manufacturing & Distribution Hot Topics June-July 2020 NewsletterCBIZ, Inc.
This document provides a summary of issues impacting the manufacturing and distribution sector in light of the COVID-19 pandemic. It discusses 4 key ways for companies in this sector to prepare for the post-COVID environment:
1) Take advantage of tax relief provisions to decrease tax liabilities and potentially gain refunds.
2) Monitor key performance indicators more closely to identify financial impacts and opportunities for adjustment.
3) Manage insurance expectations as business interruption claims will not apply but liability risks may increase.
4) Be prepared for an overall hardening of the property and casualty insurance market with potential double-digit premium increases due to various factors including COVID-19 losses and economic impacts. Close review of risk
Similar to Stimulus Package Proposal for Entrepreneurs - April 2020 (20)
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Stimulus Package Proposal for Entrepreneurs - April 2020
1. MGM and Company
Chartered Accountants
Proposed To:
The Hon. Finance Minister
Ministry of Finance,
Government of India,
North Block,
New Delhi – 110001.
Authored By:
CA Mangesh Katariya
CA Krishna Kabra
CA Anurag Innani
CS Amruta Bapat
CA Kadambari Shelke
STIMULUS PACKAGE
PROPOSAL FOR
ENTREPENEURS
2. STIMULUS PACKAGE PROPOSAL FOR ENTREPRENEURS
MGM AND COMPANY, CHARTERED ACCOUNTANTS 2
INTRODUCTION
COVID-19 has been one of the biggest humanitarian challenge the world has faced in recent times. We
are blessed to have visionary leader, PM Shri Narendra ji Modi, whose pro-active steps have been
appreciated across the globe in our fight against this pandemic.
Along with an unprecedented human toll, COVID-19 has also triggered a deep economic crisis. To
understand probable economic ramifications due to COVID-19, MGM took survey of 400+
entrepreneurs from diverse industries and geographical areas. 1
The distress situation in trade and commerce is primarily due to loss of revenue and ever-increasing
burden of fixed costs. This dip in economic output will hurt everyone from casual workers to top
industrialist. The ongoing disruptions can be substantiated with the fact that various agencies, both
global and domestic, have downgraded our GDP growth.2
However, we are optimistic that our agrarian economy with a robust internal consumption dynamic
will continue to grow from strength-to-strength. Hon. Governor of Reserve Bank of India has also
highlighted in his speech that India’s GDP growth estimates are amongst the highest in G-20 nations.3
With China already facing severe fallout due to the pandemic, the world is moving to a new order
whereby all major global corporations are looking to broad base their manufacturing and supply chains
which offers vast opportunity for our dynamic entrepreneurs.
MSMEs have always been the backbone of the Indian economy. The importance of around 65 million
MSMEs, which account for about 120 million jobs and 30% of the country's economic output, can be
established with the fact that it contributes 49% to the exports and 45% to the manufacturing sector
and also responsible for around 30% of total employment generation in India.4
With Corporate tax rates for manufacturing entities already at an all-time low of 15%5 there is
enormous potential to attract global manufacturing industries in India. With stable policy regime, India
is certainly poised to become the world’s manufacturing hub from electronics to automobiles to
pharmaceuticals. We humbly submit that not to increase any taxes or compliance burden in such
challenging times.
Your goodself has already announced relaxations/ extensions of various statutory deadlines including
GST on 24th March, 2020 to assuage the entrepreneurs. Additionally, the package of INR 1.7 lakhs crores
viz. “Pradhan Mantri Garib Kalyan Yojana” was also announced on 26th March, 2020 to mitigate the
hardships of poor and needy. Reserve Bank of India also joined forces with the Government and
announced various Regulatory Package on 17th April 2020 and on 27th March 2020 thereby rescheduling
EMIs, relaxing NPA classification norms and lowering the Repo Rate among many other reliefs.6
We humbly propose the following few novel initiatives to support our Indian entrepreneurs emerge as
global leaders and further boost the economy and other government initiatives like MAKE IN INDIA.
3. STIMULUS PACKAGE PROPOSAL FOR ENTREPRENEURS
MGM AND COMPANY, CHARTERED ACCOUNTANTS 3
A] PROPOSED MEASURES TO GIVE EFFECTIVE STIMULUS PACKAGE
Our proposals are predominantly reliant upon the taxpayers’ historical data, which will ensures support
to wealth creators in these testing time. We propose that option should be given to the entrepreneurs
to choose any one of the following proposal suitable to their requirements:
OPTION 1: Short-Term COVID-19 Loans at Special Rates of Interest;
With no or negligible revenue during lockdown, most enterprises are struggling to cover their Fixed
Costs viz. Employee Costs, Borrowing Costs and Leasehold expenses. Our Survey Results states that
around 55%1 entrepreneurs will be able to overcome the situation if they are provided with a short-
term loan over and above existing Drawing Powers and Eligibility Criteria from financial institutions.
To mitigate the above scenario, we propose that a Government-Backed Credit Facility (similar to
CGTMSE) should be established. The eligibility of the entrepreneur should be based on the following
norms in order to ensure maximum benefit of the said scheme:
S. No. Eligibility Criteria Eligibility Norms
1 3 Years’ Average of Gross Annual Tax Paid by taxpayer
(as per Audited Income Tax/ Indirect Tax Reports)
Government Guarantee should
not exceed this criterion.
2 Fixed Costs Coverage Ratio for preceding Financial Year
{
𝑬𝒂𝒓𝒏𝒊𝒏𝒈𝒔 𝑩𝒆𝒇𝒐𝒓𝒆 𝑰𝒏𝒕. 𝒂𝒏𝒅 𝑻𝒂𝒙 + 𝑭𝒊𝒙𝒆𝒅 𝑪𝒐𝒔𝒕𝒔 𝑩𝒆𝒇𝒐𝒓𝒆 𝑰𝒏𝒕. 𝒂𝒏𝒅 𝑻𝒂𝒙
𝑭𝒊𝒙𝒆𝒅 𝑪𝒐𝒔𝒕𝒔 𝑩𝒆𝒇𝒐𝒓𝒆 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕 𝒂𝒏𝒅 𝑻𝒂𝒙 + 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕
}
This will help Government and
banks to identify sound & stable
business entities.
3
Quick Ratio as on 31st March, 2020
{
𝑪𝒂𝒔𝒉 + 𝑺𝒉𝒐𝒓𝒕 𝑻𝒆𝒓𝒎 𝑴𝒂𝒓𝒌𝒆𝒕𝒂𝒃𝒍𝒆 𝑺𝒆𝒄𝒖𝒓𝒊𝒕𝒊𝒆𝒔 + 𝑨𝒄𝒄𝒐𝒖𝒏𝒕𝒔 𝑹𝒆𝒄𝒆𝒊𝒗𝒂𝒃𝒍𝒆
𝑪𝒖𝒓𝒓𝒆𝒏𝒕 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔
}
Entities with Quick Ratio > 1
should not be eligible for this
scheme to ensure effective
utilization.
We further propose that such loan tenure should not exceed 2 years with interest rate not exceeding
9% p.a. (to be classified as Priority Sector Loans). We strongly believe that this proposal will be a win-
win situation for all the stake holders.
a) Entrepreneurs: Additional Eligibility will ensure timely payments of fixed commitments and reduce
employee layovers in long-term. Further, it would also stem their belief on Government and will
encourage correct and timely payments of taxes.
b) Banks: Robust business opportunity with Government-Backing will enhance quality of their assets.
This will also ensure much-needed liquidity in the economy.
c) Government: Likeliness of loan-default will be minimum as Guarantee is associated with taxpayers’
history. Liquidity boost will reduce economic distress and create additional employment
opportunities. Such beneficial scheme will encourage many non-taxpayers to pay their taxes on a
timely basis. Recovery in case of default should be as strict as tax recovery.
4. STIMULUS PACKAGE PROPOSAL FOR ENTREPRENEURS
MGM AND COMPANY, CHARTERED ACCOUNTANTS 4
OPTION 2: Deferral of Payment of Taxation for 6-12 months for taxpayers for Small &
Medium Organisations
Envisaging the difficulties of taxpayers, your goodself has already announced the GST payment deferral
of 15 days for large taxpayers and of 2 months for MSMEs.6 These relaxations are being appreciated by
the entrepreneurs; however, we wish to highlight the fact that most of the businesses will have
negligible turnover due to lockdown and these deferrals will not solve their Operating Cash Cycle gap.
We would like to emphasise on the fact that economic impact of COVID-19 outbreak would stretch for
another 6 to 9 months post lifting of lockdown as revenue and cash-inflow will continue to remain
strained with people avoiding spending on non-essential items in order to preserve their cash reserves
for anticipated emergencies.
Considering the situation, we propose that deferring the tax payments by 6 -12 months this would ease
burden on their Operating Cash Cycle. Various State Governments have already implemented the
similar Tax Deferral Model in earlier tax regimes for promoting industrial units in backward areas.
The aforesaid scheme will help the entrepreneurs to sail through the COVID-19 storm and would
further augment the trust of taxpayers in Government.
OPTION 3: Discounting of Tax rates in case of upfront payment of taxes to help
Government managing its cash-flow
Above-mentioned Option 2 proposal would lead to gap in treasury operations of the government and
also discourage those taxpayers who are capable of paying their taxes well-in-time. To counter such
scenario, we propose to allow discounting on upfront payment of Taxes.
This scheme would not only help the government to meet their revenue targets but also augment the
belief of taxpayers in Government’s efforts to revive the economy with all possible means viz. support
to all sections of taxpayers irrespective of their current ability to pay taxes.
The discounting of Taxes should be done at rate of 9% p.a. which is same as the concession rate of
interest on delay payment of GST as declared by your goodself on 24th March 2020.
Illustrative:
Suppose A is liable to pay GST of Rs. 100/- for a particular month. As per Option 2, his extended due
date for payment of his tax liability will be after a period of One Year. As per Option 3, his effective tax
liability after discounting factor of 9% p.a. will be Rs 91.74/- (Rs. 100/ (100+9%)) as against actual tax
liability of Rs. 100/-.
5. STIMULUS PACKAGE PROPOSAL FOR ENTREPRENEURS
MGM AND COMPANY, CHARTERED ACCOUNTANTS 5
B] PROPOSAL TO RAISE FUNDS FOR CREATING US$5-TRILLION ECONOMY
WITH WORLD CLASS INFRASTRUCTURE & ALL-ROUND ECONOMIC
DEVELOPMENT:
Major reforms in India usually happens in crisis, in 1991 we liberalised the economy and now again we
need to take unprecedented strides to reform. We will need to take extraordinary steps to enable GDP
to grow annually at 10-12% p.a. and achieve our Hon. Prime Minister’s dream of US$5 Trillion economy.
GOLD AMNESTY SCHEME
Indians love investing in gold it is estimated by World Gold Council that Indian household may have
accumulated not less than 25,000 tonnes of gold; making us the largest gold holder of the world.
Estimated market value of personal gold holding will be above US$1.6075 Trillion. The value of this
holding is roughly about 40% of India's nominal gross domestic product (GDP) 7
.
Much of this gold holding is unaccounted; gold lying idle does not add any value to the economy hence
we propose the following Gold Amnesty Scheme:
The Government should introduce Gold Amnesty Scheme whereby final opportunities should be given
to all persons (including politicians and public servants) to declare their unaccounted Gold Bullions and
Jewellery. Gold Bullion must be deposited with the government for a period of 5 years. Government
should levy nominal penalty at the rate of 10% to make the holding legitimate.
Persons holding Gold Jewellery must make a pay tax at rate of 30% and also pay a nominal penalty of
10% to make their holding legitimate. Government must give an undertaking that all declarants get
immunity from prosecution and no action will be taken against the declarants.
Since the gold bullion would be deposited with the government for a period of 5 years the declarants
should be allowed to monetize an amount of around 20% to generate cash flow for paying penalty and
other personal needs.
The above proposal will have following advantages:
a) Government: The gold reserve of the country would increase which will enable the government to
print more currency and thereby increase circulation of money in the market which would address
the declining consumption of the country and there by pushing the economy from bleak of
recession towards the progression. Further, it would also increase the tax base of the country which
would lead to generate higher taxes in future years there by help in reducing the taxation rate.
b) Individuals: It would be golden opportunity for the individual for converting all their Black money
to legitimate earnings.
6. STIMULUS PACKAGE PROPOSAL FOR ENTREPRENEURS
MGM AND COMPANY, CHARTERED ACCOUNTANTS 6
FOREIGN CURRENCY DECLARATION
Further, as per one study in March 2018, it was revealed that the amount of Indian black money
currently present in Swiss and other offshore banks is estimated to be ₹300 lakh Crore or US$1500
billion.8 Our government is doing its best to bring back those money by signing memorandums with
such safe havens for Automatic Exchange of Information. We propose that instead of traditional
practice of unearthing the black money the Government should provide a one final opportunity to
legitimatise their holdings. We propose following scheme with two options:
a) To pay taxes at the rate of 30% and pay nominal penalty of 10% or,
b) To deposit these foreign exchanges with the Government for a period of 5 years along with levy of
nominal penalty of 10%. Since the foreign exchange would be deposited with the government for a
period of 5 years the declarants should be allowed to monetize an amount of around 20% to
generate cash flow to paying penalty and other personal needs.
The greatest advantage of this scheme is that since individuals would gain immunity from prosecution
provisions, it would encourage them to come forward and declare their unaccounted money.
Hon. Madam the Government priorities of strengthening the economy, national security, national
identity, rising quality of life and social security, implementing the reforms in education and science
and health care will require money and hence the above proposal should be looked at as a positive
step for the economic revival and development. This will definitely encourage FDI in India which in turn
help in attaining highest rank in the global list of “Ease of doing business”.
REFERENCES:
1. Results on the basis of Independent Survey carried by our team MGM.
2. Revision in GDP growth estimates by various Organisations and Rating Agencies. International Monetary
Fund revised GDP growth estimates from 4.2% to 1.9%, Moody’s from 5.3% to 2.5%, CRISIL from 5.2% to
3.5% among many others.
3. Excerpts from Hon. RBI Governor Statement dated 17th April, 2020.
4. Employment News: Volume-42, 19-25 January 2019 Editorial Articles on MSME Sector by Dr Ranjeet Mehta.
5. Income Tax Rate applicable for domestic manufacturing companies fulfilling the conditions as per Section
115BAB of the Income Tax Act, 1961.
6. Excerpts from announcements by Government and RBI as published on PIB and RBI website respectively.
7. Estimates as released by World Gold Council. https://www.businesstoday.in/current/economy-
politics/indian-households-have-stocked-up-to-25000-tonnes-of-gold-world-gold-
council/story/348598.html
8. "Bring back black money from abroad: Jethmalani". Economic Times. 9 March 2018. Retrieved 13 June 2018.