Rohan Shah, Managing Partner, Economic Laws Practice, in an interview on CNBC-TV18 gave his views on how he read the budget presented by finance minister Pranab Mukherjee for financial year 2011-12.
Below is a verbatim transcript. For the complete interview watch the accompanying video. Q: There is plenty of fodder for the tax experts. Do think that this is a bit of a relief for tax payers in terms of no increase in the tax levels, surcharge actually being brought down or do you think that corporate India is going to worry more about the increase in MAT and about the other tinkering in the CENVAT? A: To my mind all of these that you mentioned for individuals were welcome. In a way, there was a slightly higher expectation than where we got to. So while a step has been taken there might be some disappointment. On both DTC and GST, this was in a way a sort of incubation budget, you are moving to these and are you showing the right signs. In relation to those here, enough is said in affirmation. One-two things which are still going to be troublesome is as we get into the detailing, you will find for example in CENVAT, there was a provision called Rule 6(5) which secured certain credits against services which were commonly used. There was a clear viewpoint that these were necessary because you couldnDiscover 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!
