Here's what tax experts make of Jaitley's Budget 2015-16

Rohan Shah, Managing Partner, ELP told CNBC-TV18 that in the short-term the tax for Corporate India has gone up and the hike in service tax was also on cards.  According to him, the proposals made by the Finance Minister on black money are commendable and this is the first time a government has touched this topic in such great depth. The reaffirmation on the roll out of the goods and services tax (GST) from April 1, 2016 is also a positive. If direct tax is 25 percent and GST is 27, the government is moving in the right direction, he added.  India Inc's Vineet Agrawal who is the Group Head - Taxation, JSW Steel said the overall impact of the hike in different taxes will only be in short-term. However, as far as exemptions and deductions are concerned, these are cosmetic changes and such problems will continue until the government will make a proper commitment to deal with them.Adding to the discussion, Pranav Satya, Tax Partner, EY said he was hoping for a clearer road map as to what, how and when the proposals will be implemented. Senior tax counsel Dinesh Vyas also contributed to the discussion.

For entire discussion, watch accompanying videos.