My Budget: J J Valaya

What is the best thing about the Budget?
They have rationalised tax rates to some extent, and this will reduce the tax burden. The limitation of the subsidy pool shows a serious attempt to reduce fiscal deficit. With the GST likely to be introduced from August, it will finally replace various taxes and simplify the indirect tax structure.

What is the worst thing about the Budget?
Despite inflationary pressures, there is an increase in service tax and other taxes, which was not required at this moment. Certain infrastructure sectors such as roads and power — which have been ignored — need dramatic improvement.

Will the Budget revive the economy or does it lack boldness?
I don't think there is going to be any major revival. Simple token changes without any significant structural changes are not the need of the hour.

If you were the Finance Minister, what would you have done?
Concrete changes should have been made, rather than simply increasing the tax. Direct taxes should have been decreased to enable better compliance, leading to enhanced collections. From the perspective of luxury, the government needs to look at branded clothes as non-elitist and accept their aspirational value as paramount with Indians becoming richer.

J J Valaya, Fashion designer