This is how Tally CFO decodes Budget 2017

Sathya PramodChief Financial Officer, Tally Solutions

The best thing Mr. Jaitley has done is he has not tinkered too much, especially with indirect taxes and has gone with the flow which have made the markets buoyant. Overall, the economy is going in the right direction with a fiscal deficit of 3.2%. In terms of investment, the removal of FIPB and making the procedure simpler will attract foreign investments and facilitate ease of business. From a GST adoption standpoint, it is music to the ears to hear that the GST council has finalized most of the recommendations made to it and the states and centre are aligned. Also, not changing the indirect tax rates at this juncture is a clear indication that GST is all set for 1st July. The introduction of GST will further strengthen India's push for better economic growth.
Further to this, the seriousness of the government and the tax administration on compliance, whereby, the time limit for completion of assessments has been reduced from 21 months to 18 months which will subsequently be reduced to 12 months (FY 18-19) is noteworthy. For industries, the carry forward provision of MAT credit to 15 years and the reduction in corporate taxes to 25% from the existing 30% for MSMEs is a welcome move and will give a fillip to this segment. The Digital India mission is also live with the FM going on record to say that India is on the cusp of a digital revolution. This along with the various schemes that were announced in relation to making this revolution a success speak volumes about the commitment of the government towards this campaign.