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THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI) WELCOMES THE UNION BUDGET 2012-13

“Government is progressing towards the implementation of the Direct Taxes Code (DTC) Bill and Goods & Service Tax. Moving towards the new tax reforms government has introduced the concept of negative list of services and simplified procedural aspect of indirect taxes. To reduce the tax litigation and eliminate the tax evasion, certain stringent steps are proposed in the budget. The proposed provisions on Advance Pricing Agreements would bring certainty to the foreign investors”.– CS NESAR AHMAD, President, ICSI

“Simplification of process of issuing Initial Public Offers (IPOs) and lowering of cost would improve the investment climate in the country. Moreover, IPO equity offer of Rs 10 crore and above to be made in addition to existing mechanism electronically is a step ahead”.– CS N K Jain, Secretary & CEO, ICSI

The ICSI welcomes the Union Budget 2012-13 focussing on inclusive growth of the economy. Budget identifies five objectives to be addressed effectively in the ensuing fiscal year. They include focus on domestic demand driven growth recovery; create conditions for rapid revival of high growth in private investment; governance, and transparency and address the problem of black money and corruption in public life. The India’s GDP growth in 2012-13 is expected to be 7.6 per cent as compared to India’s GDP which is estimated to grow at 6.9 per cent.

Financial health of Public Sector Banks and Financial Institutions is committed to be protected in the budget. Further, for strengthening investment environment, efforts are proposed to arrive at a broad-based consensus in respect of decision to allow FDI in multi-brand retail up to 51 per cent. The subvention scheme of interest has been continued to give relief to the agriculture sector as well as to the housing sector. The main concerns of the economy are adequately dealt in the budget such as corruption, black money etc.

The Government also proposes certain initiatives towards e-governance such as issue of Resident Identity Cards bearing UID- Aadhaar numbers. Rajiv Gandhi equity Savings Scheme is proposed to encourage flow of savings in financial instruments and improve the depth of domestic capital market. Simplification of process of issuing Initial Public Offers (IPOs) and lowering of cost would improve the investment climate in the country. Moreover, IPO equity offer of Rs 10 crore and above to be made in addition to existing mechanism electronically is a step ahead.

Government is progressing towards the implementation of the Direct Taxes Code (DTC) Bill and Goods & Service Tax. Moving towards the new tax reforms government has introduced the concept of negative list of services and simplified procedural aspect of indirect taxes. To reduce the tax litigation and eliminate the tax evasion, certain stringent steps are proposed in the budget. The proposed provisions on Advance Pricing Agreements would bring certainty to the foreign investors.



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