The Union Budget 2015-16 opened up on the last day of the
shortest month with a positive note by our Finance Minister Shri.ArunJaitley “I present this budget in an economic environment
which is far more positive than in the recent past”. On the economic front,
the Government has came out strongly against black money and benami
transactions and proposed to introducenew legislations with rigorous provisions
for prosecution, confiscation and higher penalties. GST, a new legislation
encompassing multiple indirect taxes – Central Excise, Service Tax and VAT has
been set to be made effective from 1st day of April 2016. CBDT, the
governing authority of direct taxes and CBEC, the governing authority of
Indirect taxes would exchange information seamlessly to identify evasion. The
yellow metal industry has been identified by the Finance Minister for bringing
down the trade deficit. Gold coins with Ashok Chakra, a gold monetization
scheme and Sovereign Gold Bond have been proposed. On the taxation front,
though there are few procedural relaxations and enhanced deductions,increase in
rates of tax, widening of taxation of certain services will bring in more
revenue to the government, with lesser interference in the business. This
Budget can in summary be termed as growth oriented budget with revenue in mind”
A detailed analysis on the taxation proposals is presented
for your valuable information.
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