Post Bud­get In­ter­ac­tive Ses­sion in Kolkata

FICCI Business Digest - - In The States -

FICCI West Ben­gal State Coun­cil in as­so­ci­a­tion with Ernst & Young (EY) or­ga­nized a post bud­get in­ter­ac­tive ses­sion on Fe­bru­ary 2, 2017 in Kolkata to gain deeper in­sights on bud­get an­nounce­ments.

The high­light of the ses­sion was a panel dis­cus­sion where em­i­nent panelists com­pris­ing pol­i­cy­mak­ers, CEOs, MDs, CFOs and tax ex­perts de­lib­er­ated on im­pli­ca­tions of Union Bud­get 2017-18 on key sec­tors. The panel dis­cus­sion was mod­er­ated by Har­ish Agar­wal, Part­ner, EY.

B.K Mal­lick, Com­mis­sioner of Cen­tral Ex­cise, Kolkata II, IV, Dur­ga­pur Com­mis­sion­er­ate, out­lined the ad­van­tages of GST in terms of boost­ing growth, en­sur­ing bet­ter tax com­pli­ances, in­di­rect tax sim­pli­fi­ca­tion and greater trans­parency.

Sushil Mo­hta, Man­ag­ing Di­rec­tor, Mer­lin Group, men­tioned that ex­ten­sion of in­fra­struc­ture sec­tor sta­tus to the af­ford­able hous­ing seg­ment will be a game changer. This will help af­ford­able home de­vel­op­ers' ac­cess cheaper loans and in­crease sup­ply. Un­der profit-linked in­come tax de­duc­tion, car­pet area in­stead of built up area will be con­sid­ered which will fur­ther pro­mote af­ford­able hous­ing sec­tor.

Kaushik Ban­er­jee, Pres­i­dent & CEO, As­set Fi­nance, Magma Fin­corp Ltd, said that the bud­get has been very pos­i­tive for fi­nan­cial ser­vice sec­tor. The bud­get fo­cused on ru­ral sec­tor, af­ford­able hous­ing, MSMEs and in­fra­struc­ture sec­tor – all four core ar­eas of NBFCs.

Pallav Gupta, Head-Tax­a­tion, ITC Ltd, said the Union Bud­get has been over­all non-con­tro­ver­sial and clean. Ease of do­ing busi­ness in In­dia is im­prov­ing and in the next two years will ob­serve sig­nif­i­cant progress.

Arvind Gupta, In­di­rect Tax Head, Tata Steel Ltd, said as the stage is set for GST roll out, there is a need to ad­dress the en­tire ecosys­tem to be well pre­pared for GST.

Joy­deep Bhat­tacharya, COO, TCG Dig­i­tal So­lu­tions Pvt. Ltd, wel­comed the bud­getary push to­wards adop­tion of dig­i­tal­iza­tion. Bhat­tacharya pointed out that the as­so­ci­ated cy­ber se­cu­rity risks need to be looked at as the sur­face area for cy­ber-at­tacks is in­creas­ing enor­mously.

Tax ex­perts from EY pre­sented Bud­get anal­y­sis from tax per­spec­tive. Di­nesh Agar­wal, Part­ner, EY, high­lighted key changes in the tax rates for in­di­vid­u­als and cor­po­rates, changes in tax pro­vi­sions which would boost real es­tate sec­tor, clar­i­fi­ca­tion is­sued on non­tax­a­bil­ity of in­di­rect trans­fer of as­sets in the hands of For­eign Port­fo­lio In­vestors which should help in flow of funds to In­dian mar­kets. Parik­shit Datta, Part­ner, EY, spoke of the changes with re­gard to in­ter­est pay­ment by an In­dian com­pany or PE of for­eign com­pany in In­dia to­wards debt is­sued/guar­an­teed by a non­res­i­dent as­so­ci­ated en­ter­prises which will be de­ductible only up to 30% of EBIDTA. Avisekh Jaiswal, Se­nior Tax Pro­fes­sional, EY, pre­sented the in­di­rect tax amend­ments pro­posed in the Union Bud­get 2017.

Mousumi Ghose, Se­nior Di­rec­tor, FICCI, high­lighted the key mea­sures taken in the bud­get which were wel­comed by the in­dus­try.

L to R: Parik­shit Datta, Part­ner, EY; Avisekh Jaiswal, Sr Tax Pro­fes­sional, EY; Di­nesh Agar­wal, Part­ner, EY; Mousumi Ghose, Sr Di­rec­tor, FICCI; Pallav Gupta, Head-Tax­a­tion, ITC; Har­ish Agar­wal, Part­ner, EY; Sushil Mo­hta, Man­ag­ing Di­rec­tor, Mer­lin Group; B.K Mal­lick, Com­mis­sioner of Cen­tral Ex­cise, Kolkata II, IV, Dur­ga­pur Com­mis­sion­er­ate; Kaushik Ban­er­jee, Pres­i­dent & CEO, As­set Fi­nance, Magma Fin­corp; Arvind Gupta, In­di­rect Tax Head, Tata Steel and Joy­deep Bhat­tacharya, COO, TCG Dig­i­tal So­lu­tions.

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