ICAI says Budget 2014-15 will revive economy, increase growth.
In a release to the media, the ICAI said the budget proposals adequately
cover economic initiatives, education, agriculture, industry, infrastructure, financial sector, banking and insurance sector, defence and internal security, culture and tourism, women and child empowerment and etc.
ICAI president Dr. Suresh Chandra Mohanty said the Union Budget 2014-15 focuses on higher growth, lower inflation, sustained level of external sector balance, provision of basic amenities and infrastructure development.
He also welcomed the proposal to constitute an Expenditure Management Commission to look into expenditure reforms, adding that it will rationalize allocation and spending of government expenditure ensuring its most productive use.
On the proposal to expedite the introduction of GST, Dr. Mohanty said it will streamline tax administration, avoid harassment of business and result in higher tax collection.
The government's decision to not to change tax retrospectively would create a fresh liability, which in turn would lead to a stable and predictable tax regime that would be investor friendly and stimulate FDI, he said.
The media release said that the entire CMA fraternity had been sharing their professional expertise with the Union Government and would continue to extend valuable support to facilitate much desired inclusive growth of the economy. ( ANI )
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|Publication:||Asian News International|
|Date:||Jul 11, 2014|
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