X-Fin, the finance association of XIMB, in partnership with the World Trade Centre, Bhubaneswar, hosted the 4th annual Budget conclave, at Xavier Institute of Management, Bhubaneswar.
An array of speakers were lined up to discuss and deliberate on the topic of ‘Union budget 2019 and GST implications’ in an interactive session with the students. The line-up of speakers included CA Tarun Agarwala, Chairman, Indirect Tax Committee, Utkal Chamber of Commerce and Industry, Odisha, who analysed the Budget implications on taxes. Prof Satya Narayan Misra, IES, Dean KIIT School of Management, discussed the implications of the Budget on the Indian economy and CMA Shiba Prasad Padhi, Partner, SAPSJ & Associates, spoke about the implications of the Goods & Service Tax regime with respect to the cost. The panel was moderated by Dilip Satapathy, resident editor, Business Times , Bhubaneswar.
Satapathy, who spoke on the Interim Budget breaking conventions, said “For the first time, a 10-year vision has been given by the Finance Minister.” He spoke at length on the universal basic income scheme and the pension scheme.
The first panelist CA Tarun Agarwala explained taxation nuances before delving into the implications the budget has had on it. “The Budget consists of only direct tax proposals and custom tax proposals,” he said. He also shared his analysis of the housing sector amendments. He spoke about sectors such as MSME which try to draw out more people into the organised sector. He emphasised the need to distinguish deduction from the exemption of income.
The next speaker, Satya Narayan Misra, spoke on India's growth and the employment sector. He said, although there is an 8 per cent growth, there is no job creation. He recalled his time at the Finance Ministry in the 1970s and stated he was privileged to attend a similar session back with politician Subramanian Swamy from whom he drew inferences. According to him, GST is the greatest fiscal reform the country has seen till now. He emphasised how the population cannot be a scapegoat for fiscal prudence and the plight of the middle class will affect the economy.
CMA Shiba Prasad Padhi, who spoke next, gave a brief on the GST, before analysing the impact of the Interim Budget on the new taxation system. He also explained the various aspects of the GST, its origin and its impact on the economy. He mentioned how this budget plans for a revenue collection of ₹27 lakh crore from which approximately ₹17 lakh crore comes from just taxes. The talks were followed by a Q&A session.