Modern Exchange organises seminar on India Budget

MUSCAT: Modern Exchange Company organised a seminar on Indian Budget at Al Falaj Hotel, Grand Hall recently. The impact of Budget India 2017 was unravelled in the presence of the chief guest, Indra Mani Pandey, Ambassador of India to Oman.

Homi Phiroze Ranina an eminent legal luminary and chartered accountant was the keynote speaker. He discussed his experience and thoughts on the overall trends and implications of the Union Budget 2017 that impacted India, says a press release.

Ranina said that the Finance Minister has not announced any date for implementation of the Goods and Services Tax. It is, therefore, expected that this tax will be introduced between July and September this year depending upon tying up of the loose ends and reaching a consensus on outstanding issues among members of the GST Council.

The information Technology system is almost ready and it is likely to be tested in the coming months. All efforts are being made to implement e-assessment so as to remove the human contact between assesses and tax officers.

Phillip Koshy, GM, MEC said, “The seminar was well attended given the new budget spiced up with the message Transform India. Our objective was to create an opportunity for all our NRIs in Oman to understand the implications of the 2017 Budget and how India is poised to become the world’s fastest growing major economy in 2017, with recent developments, various initiatives, policies and fiscal measures deployed to make India a strong and a formidable nation and India’s attractiveness as the No. 1 investment destination globally. We extend our gratitude to Homi Ranina, the key note speaker who shared his insights and impact of the Indian Budget 2017.”