Union Budget 2014

From left to right: Mr. Shrinivas Pandit, Secretary, Kolhapur Investors' Association, Mr. Rajesh Oswal, President, Kolhapur Investors' Association, CA. Chetan Oswal, F.C.A, C.F.P, Dr. V. B. Kakade, Head of the Economic Department, Shivaji University, Kolhapur, Mr. Manish Zanvar, vice President, Kolhapur Investors' Association, Mr. Sumedh Gupte, Business Standard, Mr. Ravindra Rathod, Director, Kolhapur Investors' Association at Business Standard Smart Business held in Kolhapur on 20th July 2014, in association with Kolhapur Investors' Association.

Business Standard in association with Kolhapur Investors' Association conducted a seminar on "Union Budget 2014". Secretary, Mr. Shrinivas Pandit, welcomed & introduced the guests. President, Mr. Rajesh Oswal, greeted the guests by giving bouquets & in the end Vice President, Mr. Manish Zanvar, gave vote of thanks to the distinguished guests. In this seminar, Joint Secretary, Mr. Suresh Patel, Treasurer, Mr. Sunil Shah, Joint Treasurer, Mr. Rajesh Shah, Mr. Ravindra Rathod, Mr. Mahavir Kapse, Mr. Ravindra Sabnis & many other investors from Kolhapur were present.

Dr. V. B. Kakade, Head of the Economic Department, Shivaji University, Kolhapur, principal speaker, while speaking on the Union Budget of 2014, said, “The budget of 2014-15 showcases measures that provide encouragement for foreign investments, look to improve the basic infrastructural facilities & concentrate on improving the general financial conditions. However it has no clear directives for the implementation of GST and the DTC system. Also the focus should have been on 4-5 crore initiatives instead of planning for more than 30 policies. The allocation of funds for the building of a statue comes as a surprise when we have a big fiscal deficit to be filled up. The budget has displayed lethargy towards administrative policies and hence appears to be mere eyewash. ”

Speaker, CA. Chetan Oswal while expressing his views on the tax angle of the budget said, “The benefits extended in the Direct taxes to the common man are definitely a motivating factor. The increase of Rs. 50,000/- in the capping of the taxpayers’ and senior citizens taxation brackets, in pockets like home loan interest amount, investments under section 80C, will additionally burden the exchequer by approximately Rs. 22,000/- crores. However, this is expected to increase the spending power of the common man and allow that extra income to increase the demands and subsequently increase the savings. While expanding the horizons of the Service tax, a new provision has been added and now penalty shall be levied on those defaulting or delaying the payment.”

The seminar was acclaimed by one and all from the audience that were present for the seminar.