Hyderabad, February 4, 2025- The Federation of Telangana Chambers of Commerce and Industry (FTCCI), the 1108 years old trade, commerce and industry body, one of the most vibrant regional chambers in India organised a Post Budget Review on Monday night at Federation House in Red Hills
Smt. VenuMadhavi Muppala, Partner at Ernst & Young LLP, Hyderabad spoke on Direct Tax Proposals
Sri Amit Kumar Fitkariwal, Partner at Deloitte Touche Tohmatsu India Pvt Ltd, Hyderabad spoke about Indirect Tax Proposals
Smt. Pallavi Paul, Technical Director at BSR & Co. LLP talked about Finance and economic perspective
Suresh Kumar Singhal, President, FTCCI; Sudhir V S, Chairman, Direct Taxes Committee FTCCI and Mohammed Irshad Ahmed Chairman, GST & Customs Committee, FTCCI gave their initial remarks
Suresh Kumar Singhal said the budget serves as a financial blueprint for the coming fiscal year, forecasting economic conditions and aligning the Government of India’s spending with its policy objectives etc and more. Budget affects everyone, more so the industry. It is customary to get it reviewed by experts each year for the benefit of the industry, said Suresh Kumar Singhal.
Several of our proposals and recommendations including revision of IT for Individuals were considered by the Finance Minister, said Singha.
There were a lot of changes in the direct taxes proposed by the Finance Minister in the budget.
The Government is working on a lot of reforms. Earlier they introduced Bharatiya Nyaya Samhita, replacking Bharatiya Danda Sanhita. The present Income Tax Act was enacted in the year 1961 Similar to the Bharatiya Nyaya Samhita now we can expect the new tax bill that is said to be simpler and clearer compared to the present Income Tax Act said VS Sudhir.
Mohammed Irshad Ahmed said that there was not much discussion about GST in the just proposed Income Tax as the GST Council meets a couple of times every year. There were a few changes introduced in Customs Law. It has to be seen how the revenue target of 28L crore would be achieved after losing 1 lakh crore on income tax reliefs. It is expected that the targeted revenue would be achieved through an increase in the base or volume he said.