the Institute of Chartered Accountants of India Nagpur Branch organised a programme on Union Budget-2019, wherein expert chartered accountants from the city expressed their views and shared their reading between the lines on the Budget. While expressing his views on the direct taxes proposals, CA Kapil Bahri said, the Government has realised the precarious condition of the economy and to accumulate funds for schemes it had resorted to sell stakes in PSU’s as well as going for PPP Model to create avenues. He discussed the provisions for direct tax in detail while specially mentioning about higher surcharges of 3 per cent / 7 per cent on individuals earning income above Rs 2 crore. A TDS by banks at 2 per cent on cash withdrawals above Rs 1 crore from bank account during the year highlights the Government intentions to press for digital payments.
Specific TDS provisions U/S 94IA, 94LA and newly inserted sections 94M and 94N were also discussed at length. CA Milind Patel shedding light on indirect taxes said, recommendations and decisions of GST Council has been ratified in the current Budget. He informed the gathering that Commissioner has been given powers in the Budget to extend due dates recommended by GST Council. Finance Minister while starting her deliberation on tax proposals has complemented, thanked and appreciated the tax payers. The country was expecting a road map for next five years as the current Government had got a clear mandate. Budget has brought clarity in respect of interest on net payment of GST rather than gross payment of GST. Threshold limit increased from Rs 20 lakh to Rs 40 lakh for supply of goods.
Much awaited Composition Scheme for service provider cum manufacturer/ trader has been covered by the FM in the Budget. While expressing his view on ‘Impact on Capital Market’ Anuj Badjate, said, markets always react on announcements. He said, Government initiatives are linked like moving from capitalist to socialist i.e. taking from rich to serve social schemes. Increasing public shareholding from 25 per cent to 35 per cent in listed companies may have negative impact on the market. While speaking on ‘Trade & Industry Perspective’, CA Sandeep Dhodapkar emphasised that it was the first Budget of NDA Government in second innings and a five year roadmap should have been laid. There is a clear message for penal provisions in case of financial indiscipline and non compliance. However the issue of creation of job opportunities was found missing, he said.
“There are problems in real estate, aviation, auto and almost in most of the industries though we have ranked up in ease of doing business index on a global front,” he said. While expressing his views on the economy CA Samir Bakre pointed out that Indian economy is targeted to move from a USD 3 trillion economy to USD 5 trilion economy. “People of our country have reposed faith with an expectation for delivery. But for achieving the big target, our economy needs to grow at least 9 to 10 per cent.” Bakre highlighted the issue of growing NPA’s and absence of liquidity in market. He said, major economies in world are in problem at this stage still Government steps to revive banking sector along with NBFC sector is remarkable. CA Abhijit Kelkar, RCM said, CAs play a crucial role in implementation of Budget proposals. Earlier Chairman CA Suren Duragkar said welcomed Government initiative of Pradhan Mantri Karmyogi Mandhan Scheme for traders and shopkeepers having annual turnover of up to Rs 1.50 crore. Views were also expressed by Past President of ICAI, CA Jaydeep Shah and Member of Committee on Management Accounting, ICAI, New Delhi CA Julfesh Shah. CA Sandeep Jotwani, Past Chairmen Nagpur Branch co-ordinated the programme while CA Saket Bagdia, Secretary of Nagpur Branch proposed the vote of thanks. Prominently present on the occasion were CA Kirit Kalyani, CA Sanjay M Agrawal, CA Jiten Saglani, CA Akshay Gulhane, CA Swapnil Ghate, CA R S Temurnikar and others.