Session on Analysis of Union Budget 2019-20 organized by FICCI
Jaipur: FICCI Rajasthan State Council in association with Jaipur Branch of CIRC (Central Indian Regional Council), The Institute of Chartered Accountants of India, today organized a session on Analysis of Union Budget 2019-20. With the objective of addressing industry concerns and queries on the Union Budget 2019-20 announcements, the session enlightened the participants about the impact of budget and taxation on the industry. Mr. Mr. P.K. Singh, Principal Commissioner, CGST & Central Excise, Jaipur, Government of India was the Chief Guest for the session. Booklet on Chief Findings of Union Budget 2019 was also released during the programme.
Explaining the highlights of budget provisions, Mr. P.K. Singh, Principal Commissioner, CGST & Central Excise, Jaipur, Government of India said tjat various steps have been taken by the Government to address and improve financial system. Sharing highlights of Union Budget, He briefed on Legacy Dispute Resolution Scheme 2019 along with its advantages and limitations. In addition to this, he also updated audience about provisions related to CGST ie National Appellate Authority of Advance ruling to erase confusion, linking registration with Aadhar to curb malpractices etc. He stated firmly, “ The Department and Government are committed to bring transparency and introducing ease of doing business in addition to this, the Department also wants to curb unnecessary litigations, only things required is that the amount of tax which is supposed to be submitted to Government must be submitted”.
Provisions related to Direct Taxes in Union Budget 2019-20 were explained by Mr. Rajeev Sogani, Founder and Managing Partner, R Sogani & Associates through his presentation. He explained how the announcement of International Finance Service Center, Additional Tax on Buy back of Listed Company Shares, Extending of Minimum Public Shareholding in Listed Company from 25% - 35% and establishing of social stock exchange will help the economy in big way. He also shared limitations on various budget provisions.
Addressing the gathering, Mr. Ujjval Sharma, Senior Partner, M/s Pankaj Malik & Co explained various provisions related to indirect taxes in the Budget 2019-20. He shared how “Legacy Dispute Resolution Scheme – 2019 (SABKA VIKAS) would be revolutionary. He said that almost 90% of disputes can be resolved from this provision. He also explained various relief measures in the said scheme. Mr. Ujjval also briefed on various provisions of budget including amendments in Goods and Service Tax Returns; New Return Systems – Sahas, Sugam & Normal; E-Invoices, Free Software and other initiatives.
Mr. Rajneesh Singhvi, Chairman, FICCI, Rajasthan MSME Sub-Committee & Director, SME Consulting Pvt Ltd. welcomed all the delegates in the session.
In the end, Mr. Lokesh Kasat, Chairman, Jaipur Branch of CIRC, The Institute of Chartered Accountants of India proposed a vote of thanks. More than 100 industry members and professionals participated in the session today.