Union Budget 2021: Budget 2021 News Live: Fitch, S&P flag high fiscal deficit, slow consolidation

Economy


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The budget forecasts wider near-term deficits of 9.5% of GDP in FY21 and 6.8% in FY22 and a more gradual pace of consolidation than we had previously anticipated, reaching 4.5% only by FY26.

– Jeremy Zook, director, Asia-Pacific sovereigns, Fitch Ratings

Reduced GST on leasing would have helped in the market recovery, as per experts

Commercial real estate developers and co-working operators are disappointed by the government’s lack of support for the sector in the Budget announced on Monday.

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GoM to decide bare minimum PSUs in strategic sectors, said Tuhin Kanta Pandey, DIPAM secretary

The bare minimum presence of public sector enterprises (PSEs) in strategic sectors – announced by finance minister Nirmala Sitharaman in the budget – will be decided by a group of ministers after consulting ministries in each identified sector, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey told ET on Tuesday.

Decision to tax PF interest based on the principle of equity, said Ajay Bhushan Pandey, Revenue secretary

The decision to remove the tax exemption on provident fund contributions of ?2.5 lakh and above in the budget was based on the principle of equity, said revenue secretary Ajay Bhushan Pandey.

New central schemes added in rejig, allocation jumps 12.3%

The budget has increased the number of centrally sponsored schemes to 33 from 31 now, adding three new schemes while doing away with one old scheme and replacing one with a new scheme.

Goodwill depreciation out; companies face higher tax outgo

Many companies will have to fork out higher tax on past M&A deals while some may renegotiate valuations of ongoing and future transactions with the budget ending Corporate India’s age-old practice on ‘goodwill’ accounting.

Info-based assessments will help reduce harassment of taxpayers, said PC Mody, CBDT chairman

Assessing officers will be able to begin inquiry based on third party information from audit or agencies, rather than anonymous information, which will reduce harassment of taxpayers and lead to reduced litigation, Central Board of Direct Taxes (CBDT) chairman PC Mody told ET.



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