The Budget beyond the economics - TOI Blogs
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‘Modi’s first Budget has failed the people’
The writer was Minister, Information and Broadcasting in
the UPA government
The Budget fails to address the structural issues that impede the
growth of the Indian economy. It is long on rhetoric and short on substance. By
getting into details of intent, the finance minister has sought to confuse
rather than impart clarity.
The foremost substantive issue is
that he has decided to junk the Direct Taxes Code, a legislation that would
have ushered in a new income tax code and on which substantive work had been
done for some time.
This was one step that would have
radically rationalised the Income Tax Act which is riddled with
exemptions and notifications that make it extremely difficult for a layperson
to understand it. Every provision has some exemption or notification attached
to it which takes away from the intent of the enactment. The finance minister has junked a significant macroeconomic reform for
no logical reason.
Even on the Goods and Services Tax, what
we have heard is vague indications that it will be rolled out next year.
No clarity has been imparted on how and why the BJP changed tack with regard to
a mega reform step like the GST, which they vehemently opposed for a decade,
even linking it to extraneous issues such as criminal charges against a
political leader.
Two steps back?
Deviating from the path
What about the common man?
Except for carrying forward the imaginative reforms
envisaged by the UPA and finding ways to help their benefactors, the
government has very little to offer to the common
man, the farmer and the women. (As told to Poornima Joshi)
cross refer prev. Blogs
http://vswaminathan-swamilook.blogspot.in/2014/10/service-tax-critique.html
AT News < (contributory)
Housing For All by 2020: Union Budget
<> Replete with posers, but no clue to/by whom addressed
/expected to be answered- e.g. "...PUBLIC INVESTMENT in infrastructure is
cited to be ₹70,000 crore but we are yet to hear about where it is going to
come from (?). (- does not the key word- PUBLIC itself provides the answer?!).
If were to care to think for a while, it will be readily
realized, such and like many posers addressed to none/ unintelligent
observations made post budget by journalists/columnists, simply to keep readers
amused or confused, just for the heck of it, do not but offend the uncommon
faculty common man alone is largely endowed with; a typical contempt of common
man, being habitually but nobly ignored.
<><> Many of the Budget proposals are noted to have been wronged outright
/whole sale by the writer. That is quite understandable; for, the fact that he “was
Minister, Information and Broadcasting in the UPA government” itself overbearingly
explains his loyalty to his past masters and for their policies. However, his
stating ,with tongue in cheek, that “the
foremost substantive issue is that he has decided to junk the Direct Taxes
Code, a legislation that would have ushered in a new income tax code and on
which substantive work had been done for some time” and, “this was one step
that would have radically rationalised the Income Tax Act”, to say the least, is
glaringly wanting in his courage of conviction. Also betrays his being blissfully
ignorant of what the eminent tax experts have had to say; in that, based on
their well reasoned/expertly analyzed opinion, the DTC , with its patent deficiencies
galore, could not be expected to be a right step towards rationalization or
simplification of the extant law.
Budget 2015: Home buyers will have to pay more
Some of the views are uniformly marked by an undertone of disappointment over the FM's budget proposals. The so-made-to- appear concern is about the likely impact on the realty sector. Coming, however, from the particular industry circle, having vested interests, the adverse reaction may not necessarily be taken to be out of their real concern, with intent of making any positive contribution / extending a helping hand to promote ‘economic growth’ (in its profound sense) as such, much less a healthy growth in any sense. Even so, what cannot be sidetracked is the adverse impact of the service tax increase, not being insignificant, brought to be borne by the consumers. More appalling and astounding is the fact that the men in power have consistently chosen to, and been persisting in widening the service tax net; and in doing so, have blatantly failed to give any thought to the most fundamental objection of all, being against the very levy / its propriety objected to in certain well-meaning circles on the ground of first principles. To be precise, the questioned fallacy lies in treating for the purpose, a ‘contract of sale’, as partly one of ‘deemed service’.
cross refer prev. Blogs
http://vswaminathan-swamilook.blogspot.in/2014/10/service-tax-critique.html
AT News < (contributory)
