Dinesh Kanabar, CEO, Dhruva Advisors –
“Big Infra spend seems to be the thrust of the Budget. This was the industry ask and seems to be what the Budget is all about!!”
“Amendments to IBC process to enhance resolution process efficiency including cross border resolutions will be very interesting.”
“A bill to amend SEZ to be tabled to make states as Partner on developing manufacturing and services hub. This will help the PLI Scheme becoming effective”
Mehul Bheda, Partner, Dhruva Advisors
“Concessional rate of 15% tax for dividends from foreign subsidiaries withdrawn. Indian corporates with large profitable overseas operations will be negatively impacted, unless they onwards pass on those dividends to their own shareholders.”
Niraj Bagri, Partner, Dhruva Advisors.
“The Budget is never short on the excitement. The devil lies in the details. Enabling provisions introduced in GST laws to limit the amount of input tax credit that can be used to pay output tax liability! This provision is similar to erstwhile service tax laws wherein 20% of the output tax liability was required to be paid in cash. This will be a huge setback to the value added system. It seems perhaps that the government are looking to augment the cash collection of GST to meet the increased expenditure demands.”
