XIM, Bhubaneswar Hosts Arthashastra 2010 to Discuss Future of Indian Economy after Budget 2010

XIM, Bhubaneswar Hosts Arthashastra 2010 to Discuss Future of Indian Economy after Budget 2010

Already facing a direct subsidy burden of Rs. 1 Lac Crore, the government, according to him, was treading the wrong path, with subsidies creating no new assets, no self reliance and spurring no improvement. On the other hand, investment, did all of the above, as well as create employment opportunities.

Shri A. K. Sabat, an eminent CA affiliated with various reputed firms, came down heavily on the Finance Minister for introducing tax slabs affecting only a small part of the tax-paying public, while ironically promoting the intention of it 'spurring demand', for announcing increased tax collections of Rs. 20,000 Cr, which would have been higher if the Tax slabs had remained unchanged, for critically hurting the 'aam aadmi' on several fronts by introducing taxes on frivolous items, but not punishing scamsters accused of cheating the exchequer of thousands of crores of rupees, and for introducing service tax on goods by rail which the railway minister had left untouched, while the public is buried under double digit price rise. On the reforms front, he vehemently opposed the Direct Tax Code, which also includes the change from profit based MAT to asset based GAT, and the continued rollover of the proposed universal Goods and Services Tax.

The insightful session was brought to close with the vote of thanks by Prof. S. K. Padhi and mementos were presented to the speakers.

Concluded.

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Contributed By-
Kalpesh Kela,
Coordinator, IlluminatiX,
Media & PR Cell,
Xavier Institute of Management, Bhubaneswar.

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