Confederation of Indian Industry (CII) Jharkhand organized an in-depth session on Budget Analysis and GST Clarification, providing an invaluable platform for industry stakeholders to discuss the recent budgetary allocations and GST reforms. The event aimed to offer clarity on new policies, helping businesses understand their implications and strategize for economic growth and fiscal efficiency.
The session dissected the budgetary announcements, offering nuanced insights into their impact on various industries. It served as a crucial forum for businesses to gain clarity on new tax provisions, ensuring they are well-prepared to navigate the evolving fiscal landscape. Detailed insights were provided into leveraging new policies to remain competitive and resilient in a dynamic economic environment.
Ritu Raj Sinha, Vice Chairman of CII Jharkhand State Council and Managing Director of Tata Steel UISL, commended the Union Budget 2024-25 for its comprehensive approach. "The Union Budget for 2024-25 has something for everyone, balancing the diverse needs of MSMEs, heavy industries, and agriculture. It sets a solid foundation for sustainable growth and prosperity," he said.
Ranjot Singh, Chairman of CII Jharkhand State Council and Managing Director of Emdet Jamshedpur Pvt Ltd, highlighted the budget's significance in shaping the Indian economy. "The budget is a milestone propelling India towards becoming a developed nation. It supports MSMEs and generates employment, particularly through internships for 1 crore youth in the top 500 companies over the next five years," he stated.
Arun Prakash, Convenor of the CII Jharkhand Economic Affairs, Finance & Taxation Panel, and Senior General Manager (Finance) at Tata Cummins Pvt Ltd, expressed pride in India's economic journey. "India's progress to the 5th largest economy is remarkable, and we aspire to become the 3rd largest. Key factors like reducing fiscal deficit, enhancing tax collections, and infrastructure development are central to our sustained growth," he noted.
Avisekh Jaiswal, Partner in Indirect Tax at Ernst & Young, provided a comprehensive briefing on the Union Budget, emphasizing the critical role of GST in revenue generation. "The average GST collection stands at INR 1.81 crore and is projected to increase by 15% soon, bolstering our fiscal strength," he explained.
Chetan Mehta, Partner in Direct Tax at Ernst & Young, shed light on the new corporate tax regime, noting that two-thirds of individuals have opted for the new personal income tax regime. He praised the 2024 'Vivad se Vishwas' transformation scheme for its potential to resolve tax disputes efficiently, promoting a more amicable tax environment.
Jayesh Taunk, Mentor of the CII Jharkhand Economic Affairs, Finance & Taxation Panel, remarked, "The Union Budget outlines the government's financial planning and policy directions, reflecting its commitment to fostering economic growth and social progress."
The session underscored the importance of understanding and leveraging budgetary policies and GST reforms, ensuring businesses in Jharkhand are well-equipped to thrive in the evolving economic landscape.
