The Commission has patted states on the back for largely meeting the fiscal consolidation targets set for them, while rapping the Centre on the knuckles for not being disciplined enough and amending the FRBM Act and Rules at its will.
With the absolute majority of this government, this might be India's only chance to bold and grassroots administrative reform
The government tabled the GST bill in the Lok Sabha in December and is hopeful to pass the landmark legislation in the budget session.
It is imperative that the entertainment tax be eliminated or at least the rate of tax be moderated.
According to majority of CEOs, the revenue deficit target for the coming year would be between 2.6–2.8 percent.
The only way out for the government will be widening the coverage of direct benefit transfer or DBT.
the Indian IT industry has pinned hopes on the Modi government to push reforms and policies that will bring stability to the sector and maximize growth.
The Govt must introduce rules to deem cash transactions above certain value illegal; charge a fee on large cash withdrawals with additional scrutiny; and announce tax rebate for businesses accepting electronic payments.
In a letter to all Chief Ministers, Modi said the states are free to change Centrally Sponsored Schemes and plan the course of their development.
A sell-off in stocks and debt could send the rupee tumbling, with some analysts predicting it could fall as low as 64-65 to the dollar, levels last seen when the currency was recovering from an all-time low of 68.85 struck on Aug. 28, 2013.
The finance minister in his maiden budget speech had announced the concept of universal KYC and a single demat account across asset classes.
The government could hasten the development of the nascent low-cost housing industry and specific satellite townships by providing tax incentives, says Edelweiss Housing Finance Limited president Anil Kothuri.
Though, the Government has aptly recognized skill development as an engine for economic growth, the industry expects that weighted tax break be extended to the IT/ITeS sector, to incentivise training and skill development.
Burdensome procedures and costs for BIS certifications which are duplication of efforts and in addition impacting timely market launches should also be done away with immediately.
What does the tourism industry expect from Budget 2015? HolidayIQ's Hari Nair says the ministry of tourism needs to do much more.
To begin with, the Modi government can set an example by making its own political funding details public
Focus on improving the tax-to-GDP ratio from current 10.6 percent levels, lowering the subsidy bill from over 2 percent of GDP and spending on creation of assets will help the government on its fiscal consolidation path
As the BJP-led ruling coalition at the Centre gets ready to present its first full-fledged Budget, analysts said the government is most likely to meet its ambitious 4.1 percent fiscal deficit target, helped by lower oil prices.
Despite strenuous efforts by the Modi government to keep lines of communication open to the opposition and help it passing crucial reform bills, the chances are the land acquisition law will be mangled out of shape before being passed.
The government is also keen to disinvest some stake from many public sector firms but there is no guarantee if it can mop up what it has expected from the market.
The cost of medication is not just high for serious illnesses but also for general ones.
Experts and officials said SIT's demand to firm up official protocols vis-a-vis sharing of information between various law enforcement agencies and making amendments in anti-money laundering laws and Income Tax Act could be considered for action in the Budget.
Modi's sobering down is a good signal; the next step should be to lower down the high expectation of the cheer-leading class. He must convince them that reforms cannot be shoved down the throats of people; shock therapy is fine in theory but in alert democracies like India it can unleash reactions in immeasurable ways.
A robust infrastructure is the engine to economic growth and the government is committed to infuse new vitality in sectors such as highways, ports and railways, President Pranab Mukherjee said on Monday.
On the whole we should be abstemious in expectations of the Budget being a ‘make or break’ one or one that can shake the economy
Madhavan Menon, Managing Director, Thomas Cook India lists what the travel sector needs from Budget 2015.
For the finance minister to balance fiscal consolidation and boosting growth, the government will have to initiate far reaching changes on the taxation front including ensuring a non-adversarial tax regime, steps towards GST and benefits on personal tax.
Wagle said his key pre-budget recommendations are prioritisation of key issues such as safety and infrastructure, infrastructure enhancement and rationalisation of taxes.