In an interview to CNBC-TV18, RS Sandilya President, SIAM , spoke about his reading of the market and Union Budget 2013-14.
Below is a verbatim transcript: Q: The industry has been embracing itself now for the possibility of a higher excise rate. If you look at what Parthasarathi Shome has said, if you look at what the economic survey yesterday said that the design of the 2008 stimulus package seems to have been fraud because it boosted consumption not investment, it boosted inflation and not investment. In that context is the sector ready now for an excise hike or do you think the fact that it has seen the slowest growth in over a decade we are not going to see him move on that front just yet? Sandilya: My own expectation is that it should not be increasing any taxes whatsoever. Yes, it is not been very comfortable period but he should look at widening the tax base rather than increasing the rate, that is the hope that he does not increase it. However, I won't be surprised if he does it because with the goods and service tax (GST) coming in there is certain amount of rationalisations expected. However, from that context he may hike a little bit but I hope he doesn’t.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
