Budget to spur growth, says I-T expert

Tribune News Service

Chandigarh, March 3

Phased reduction of the Corporate Tax to 25% in the next four years will lead to higher investments into the economy leading to higher economic growth and creation of more jobs, said Pradeep R Sethi, Principal Chief Commissioner —Income Tax, North West Region, at a session on ‘Union Budget: Insights and Analysis’ organised by CII Northern Region in association with KPMG today.

The focus of the session was to provide an in-depth analysis of the Union Budget vis-a-vis the policy initiatives, taxation aspects and the industry perspective on the Budget.

Sethi said the Union Budget 2015-16 has reiterated the Government’s commitment to provide a non-adversarial tax regime which is transparent, predictable and spurs growth in the economy. Focus of the tax administration is to broad base the tax base through non-intrusive measures, he added.

The announcement of steps like Bill for a comprehensive new law to deal with black money parked abroad and Benami Transactions (Prohibition) Bill will curb domestic black money, he said.