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Union Budget brings
cheers to business
communities
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http://mycfo.in
Union Budget 2015 came as a pleasant surprise for the business
community. Loaded with several tax relief for corporate and start
ups, it can well be seen as a good step towards the agenda of ease
of doing business.
The budget is a representation of 2 Is, investment and
infrastructure. Finance minister had bounties on offer even for the
last man in the row; that would be MSMEs. The budget carries huge
thrust for SMEs and MSMEs as they will be able to access funds.
Lets have a quick look at some important tax sops, granted by the
FM.
It is seen as though the reduction of Corporate Tax will
positively affect the corporate sector, but in reality, its effect
is going to be neutral. Though, the budget speaks about reduction
of rates from 30% to 25%, that too over next 4 years, all the
exemptions now available to the corporate shall be done away with
in a phased manner.
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The current effective tax rate of 21% shall move up to 25%.
Reduction of Securities Transaction Act (STT) will boost
liquidity in the market as STT which is still seen as a tax over
and above income tax and can be set off only against the profit
from securities, any reduction in STT will help money flow
improve.
Entrepreneurs and aspiring entrepreneurs can cheer up aloud as
government has announced creation of MUDRA (Micro Units Development
Refinance Agency) through which start ups can access funds. Besides
this, Electronic Trade Receivable Discounting System will ensure a
healthy working capital cycle. This will set a tone for active
businesses from big and small companies. Entrepreneurs only need to
come up with a sustainable business model and government will take
care of them.
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Together, all of this makes this the best time to launch a
business. The budget certainly has a lot to offer from the ease of
business point of view. Definitely it is the right time to start
business. In fact, FM himself launched the e-Biz portal which
integrates 14 regulatory permissions at one go. More about the
writer:
Murali R, Vice President Delivery at MyCFO is a Cost Accountant
with 20 years of experience in the corporate field associated with
various industries viz., Telecom (Indus Towers), Oil & Gas
(Cairn Energy), IT Software (Cognizant Technologies), Sugar (Thiru
Arooran Sugars), Pharmaceutical & Engineering. His expertise
includes financial planning, budgeting, accounting, costing,
taxation, fund management, treasury, cost control, audit,
compliance, MIS reporting, ERP management & team development.
Has track record of setting up new teams
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and processes in synchronization with organizational goals and
objectives. Proficient in both US GAAP & IAS. Analytical,
problem solving and leadership qualities inherited by delivering
solutions in conjunction with business requirements. Murali has
good interpersonal skills allowing him to engage and get the best
out of teams that he leads. Source Link: http://bit.ly/1B41LlN
Website: http://mycfo.in/
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