In an interview with CNBC-TV18's Neelkanth Mishra, MD & India Eq Strategist at Credit Suisse gave his take on Arun Jaitley's Union Budget and his outlook on the road ahead.
Businessmen had hoped for some relief and no increased cost from Budget this year.
As Finance Minister Arun Jaitley came down strongly on cryptocurrency in his Budget 2018 speech, here is what lies in store.
Announcements made in the Budget for micro, small and medium enterprises (MSMEs) such as cut in corporate tax will help boost growth of this important sector, according to top company officials in this segment.
For stock market followers, most people have focused on the impact of the re-introduction of long term capital gains (LTCG) tax.
GOI has decided to introduce a 10% tax on long term capital gains on equities and equity oriented mutual funds exceeding INR 1 lakh.
The structural changes in accessing KYC and assessing the credit will provide greater benefits to the sector.
"It is a pro-farmer budget, very much focused on developing the entire farm sector. We are certain that we will be able to transform agriculture in a big way. We will be able to achieve very good growth," Pattanayak told PTI.
"Budget 2018 has widened the scope of the taxable presence of non-residents by moving from a ‘physical presence’ dominated nexus approach to a ‘significant economic presence’ nexus approach."
IIFL announced a restructuring of its business into three listed entities. In an interview with CNBC-TV18, Prabodh Agrawal, Group CFO of IIFL discussed this as well as shared his views on the impact of long-term capital gains (LTCG) tax on the market.
More than long term capital gains (LTCG) tax of 10 percent that reintroduced in the Budget, introduction of a tax on distributed income by equity oriented mutual fund at the rate of 10 percent bothered investors much, experts suggest.
"India has a serious challenge in terms of compliances. India has a serious challenge in term of increasing the tax base and therefore if you analyse the sum total of my last 4-5 budgets that I have presented, systematically to the smaller taxpayer I have given relief almost in every Budget," he said.
"This was an election year and a populist Budget was definitely on the anvil, especially after the recent fiasco in the Gujarat elections. The markets seem to be artificially held up, for now, wait and watch might be the best approach to adopt at this juncture," says Nikhil Kamath, Co-founder and Head of Trading, Zerodha.
Defence Minister Nirmala Sitharaman on Thursday stated that the first defence corridor will be built starting from Tamil Nadu, linking Chennai and Bengaluru.
The government will target fiscal deficit as an operational target and will ensure that the fiscal deficit is 3.0 percent of GDP by 2020-21, clearly a more realistic glide path.
Finance minister Arun Jaitley earmarked a whopping Rs 5.97 trillion on Thursday to fund India's infrastructural needs, even as he said the country needs Rs 50 trillion to cope with the requirement
With the introduction of LTCG tax and NIL tax on selling of equities till March 2018, investors are selling their holding to save 10 percent LTCG tax.
Finance Minister Arun Jaitley today said the world's biggest health cover plan announced in the Budget will be cashless and not a reimbursement scheme, and promised more funds if required depending on the rollout later next financial year.
The saffron party, in an editorial in its mouthpiece 'Saamana', also said Finance Minister Arun Jaitley had had merely repackaged old schemes as new in his budget presentation yesterday.
In an interview with CNBC-TV18, Thomas Rookmaaker, Director, Asia-Pacific Sovereign Ratings at Fitch Ratings shared his views on the Budget 2018 and gave his outlook on the road ahead.
The finance minister touched key points during the open house session, including the LTCG tax, the healthcare scheme and the personal income tax slabs.
The BSE midcap index tanked 2.79 percent intraday on Friday crashing over 482 points aided by stocks including GMR Infra which tanked 10.55 percent followed by Vakrangee which fell 10 percent.
As per the CMIE data, during the first 9 months of FY18, new investment proposals of the government and the private sector dipped by 53 percent and 56 percent, respectively, on a year on year basis.
In an interview with CNBC-TV18, Sridhar Sivaram, Investment Director of Enam Holdings gave his take on Arun Jaitley's Union Budget 2018 and his outlook on the road ahead.
Exchange platforms dealing in controversial cryptocurrencies like Bitcoins today asserted that it's "business as usual" hours after Finance Minister Arun Jaitley declared such instruments as illegal.