Implications of Union Budget 2019-20

Implications of Union Budget 2019-20

WTC Jaipur organized a session on Implications of Union Budget 2019-20 and Tips on Goods and Service Tax (GST) Audit for exporter and manufacturing fraternity of Jaipur on July 13, 2019.
Chief Guest Mr. M.K. Meena, Director in Charge, MSME DI, Jaipur termed the budget as a growth enabler and said the budget is aimed at boosting investment at a time when it is needed the most in the economy. Mr. Meena also shared various MSME schemes to help and encourage exports from the state.

Prof. Rajeev Jain, Dean, Faculty of Management Studies, JECRC University, Jaipur remarked, “The budget strikes a perfect balance between addressing the objective of inclusive growth and laying the foundation for a $5-trillion economy such as through committed focus on affordable housing, necessary push to infrastructure, making it easy for FDI’s to invest at a higher rate by sinking their risk, enabling the MSME’s, easing tangle tax for start-up’s, easing of local sourcing norms for single brand retailers and much more.”

Mr. Ramesh Mittal-Director, National Institute for Agricultural Marketing said “As a major employment generator, agriculture sector has got the necessary impetus from the Finance Minister Ms. Nirmala Sitharaman in present budget.” He said the proposed Budget 2019-20 has historic allocation for the Ministry of Agriculture and Farmers’ Welfare: Rs 1,30,485 crore —the highest-ever.

C.A. Pulkit Khandelwal, subject matter expert began with decoding the budget and said the key highlights are “the intention of government to transform rural lives, New Jal Shakti Mantralaya to ensure Har Ghar Jal, enhancing ease of direct and indirect taxation, strengthening, connectivity Infrastructure, Gandhipedia to sensitize society, India’s soft power -Harnessing India’s space abilities.”

On corporates Mr. Khandelwal explained “All companies having annual turnover up to Rs. 400 crore (earlier Rs. 250 crores) are now subjected to 25% corporate tax. This will cover 99.3% of the companies and hence, now only 0.7% of companies will remain outside this rate. This will enable greater inflow of cash at company’s hand.”

Adding further, he said Sabka Vishwas Legacy Dispute Resolution Scheme is a masterstroke, this has been proposed for quick closure of service tax and excise related litigations. The proposed Scheme covers past disputes of taxes which have got subsumed in GST namely Central Excise, Service Tax and Cesses. The intent is to collect the best possible amount of disputed taxes and free the tax payer from the burden of litigation. In continuation Mr. Pulkit and other experts from the panel took several questions from the audience.

Mr. Navneet Agarwal -Asst Director- WTC Jaipur Proposed Vote of thanks

(in the pic: left to right): Mr. Navneet Agarwal – Asst. Director – WTC Jaipur, Mr. Dinesh Soni- Asst. Director – MSME Jaipur, Mr. Ramesh Mittal-Director, National Institute for Agricultural Marketing, Mr. M.K. Meena, Director in Charge, MSME DI, Jaipur, Prof. Rajeev Jain, Dean, Faculty of Management Studies, JECRC University, Jaipur, Mr. D.K. Agarwal- Regional Head, NSIC Jaipur, Mr. C.A. Pulkit Khandelwal, Mr. Manoj D. Meshram Head -Training, ILD Jaipur.

Mr. CA Pulkit taking questions from the audience

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