Post Budget Interactive Session in Kolkata
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.