Published on : Mar 02, 2015
It is evident from the numerous changes that India’s annual budget, announced by the country’s finance minister Mr Arun Jaitley, aims at compiling a rather progressive and positive financial blueprint in order to put the vast Indian economy on the path of rapid growth.
Looking to drive a beneficial environment for the economy, the Indian Budget is largely going to favor the consumer durable industry.
Market and budgetary analysts believe that the country’s most ambitious venture ‘Make in India’ is one of the primary factors that will ensure growth as well as investment opportunities, together with a plethora of employment creations. The announcement of the Budget in India is sure to help the nation in gaining the title of a global manufacturing centre by the year 2022.
With the simplification of the tax regime in India, stakeholders will be able to make the most of the investment friendly environment. Mr Jaitley further added that India hopes to become a manufacturing “powerhouse” and this year’s budget is a fine example of the various steps the country has been making in this regard.
If you look at the uniform Goods and Service Tax (GST) that will come into effect from April 01, 2016, the implementation of this norm will prove to be highly encouraging to the economy and also create a conducive environment for companies across major consumer durable sectors. Over and above this, the step will reduce the overall incidence of taxes by doing away with the cascading effect of taxations on goods as well as services.
Keeping in mind the country’s ‘Make in India’ mission, finance minister Mr Jaitley announced the diminution of customs duty on raw materials, certain inputs, components, and intermediates in a total of 22 items such as Organic (OLED) Tv, Magnetron, LED/ LCD Tv, and components used in the manufacturing of tablet computers.