The government today expressed its commitment to introduce a uniform indirect tax structure across the country, Goods and Service Tax (GST), from the next fiscal after consultation with states.

Govt commits itself to GST next fiscal

Press Trust of India

Underlying the significance of flood control measures in wake of the havoc created by Kosi river in North Bihar last year, the government today effected a 44.48 per cent increase in budgetary allocations for flood control measures in the Union Budget.

Budget allocation for flood control measures up by 44.48%

The government today said that inflation would not remain in the negative territory for long and would rise to about 2-4 per cent by the end of the current fiscal.

Inflation to rise to around 2-4 % by March-end 2010

Hailing the Budget 2009-10 as &quot;growth oriented&quot;, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said there would be no need for another stimulus in the current fiscal.

Budget growth oriented, no further stimulus needed: Montek

Haryana Chief Minister Bhupinder Singh Hooda has hailed the first Budget of the new UPA government&nbsp; Presented by Union Finance Minister, Pranab Mukherjee for the financial year 2009-10 in the Parliament today and described it as a growth oriented and &quot;Aam Admi ka Budget&quot; which would benefit all sections of the society.

Haryana CM hails Union Budget

The Indian Chamber of Commerce and Industry today said the Budget was not growth oriented in the light of a 6.8 per cent projected fiscal deficit.

Budget not growth oriented: Indian chamber

The legal community is divided over the Finance Minister's decision to impose service tax on advisory, consultancy and technical services they provide to corporate houses.

Legal community divided over service tax on legal services

The government has to forgo a staggering Rs 4,18,095 crore as revenue, almost 69 per cent of aggregate tax collected during 2008-09, due to various tax exemptions and relief, including on income tax.

Revenue loss rises to about Rs 4 lakh cr on exemptions

Finance Minister Pranab Mukherjee today said disinvestment is &quot;a problematic area&quot;, however the government would take all measures that are needed to boost the economy.

Disinvestment is a problematic area: Pranab

Allocation for Jawaharlal Nehru National Urban Renewal Mission is being stepped up by 87 per cent to Rs 12, 887 crore. To improve the lot of the urban poor, the Budget allocated for housing and provision of basic amenities is being increased to Rs 3,973 crore. This includes the provision for Rajiv Awas Yojana, a new scheme announced by the President of India.

Budget: Nuts & Bolts

Business Standard

Personal income tax exemption limit has been increased for small and marginal taxpayers and senior citizens. The personal income tax exemption limit for senior citizens has gone up by Rs15,000, from Rs 2.25 lakh to Rs 2.40 lakh.

Budget in 2 minutes

Industry welcomes abolition of FBT, but rues proposal to raise MAT.

India Inc: Win some, lose some

The best part of Budget 2009 is that it has made it very clear that GST will come in April 2010 and it will be a dual GST. The other good part of the Budget is that it has left the duty of customs, excise and service tax untouched.

Sukumar Mukhopadhyay: Positive Budget with some negative backlog

The Economic Survey for 2008-09, published last week, raised my hopes that the finance minister would take full advantage of the opportunity offered to him to lay out an ambitious reform roadmap over the next five years. The one message that I took from the Survey was that the new UPA government was open to even some of the more radical reform ideas that have been floating around for a while, but never seemed to make it past the political filters. I did not realistically expect to see many of these in the Budget, but still felt that the speech would broadly endorse a series of reforms. But, going beyond that to the nitty-gritties of the revenue and expenditure announcements, I did not expect to see very much tinkering. The economic situation is simply too delicate to warrant bold gambles with either.

Subir Gokarn: Caution over aggression

Companies see opportunity in e-governance and smart card initiatives.

STPI tax holiday extended

Exemption from excise duty hike a big relief.

Mini booster injects cheer

Clarification on tax holiday for gas production paves way for NELP VIII revival.

Tax breaks and more

The removal of the trade curb &ndash;commodities transaction tax (CTT), has been a very welcome and encouraging move for the commodity exchanges in the sense that it would clear a lot of apprehensions regarding the costs involved in using the exchange platform. This move would probably stop the migration, if any, from the exchanges to the OTC markets which is largely unregulated and unorganised.

Welcome step

It was a positive Budget though it lacked vision.

My Budget: Ronnie Screwvala

I am happy the Fringe Benefit Tax has been scrapped, and that the allocation for infrastructure has been increased. Now that infrastructure will improve, organising business trips for buyers from abroad will become easier.

My Budget: Sunil Sethi

Measures do not tackle low sales; exports too largely untouched.

Demand may stay on slow track

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