The announcement in Union Budget 2015-16 that the much awaited GST will be introduced on April 1, 2016, will rejuvenate the industry.
KPMG India COO - tax & head of indirect tax Sachin Menon feels, "devolution of 62% of the tax revenue to the states (including state taxes) is giant leap towards empowering states with additional funds to lead local developments.
I wish this opportunity could have been leveraged by the FM to address the states revenue concern on introduction of GST, so that it could have taken out resistance to GST, if any."
KPMG India head of government services Nilaya Varma said: "Although possibly controversial and against economist expectations, the pushing out of meeting the fiscal deficit target by a year shows pragmatism in bringing in additional public investments for infrastructure development, compensating (for) lack of private investment and showing seriousness on improving overall infrastructure."
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