The finance minister has presented an excellent budget directed towards both economic growth as well as social development. The highlights of the budget to my mind are: A clear indication to move towards a national goods and service tax in the future.
Such a tax would make almost all consumer goods less expensive and thus create stronger demand. Such a reform would also lead to much lower indirect tax evasion and thus go a long way towards solving the nation’s fiscal deficit problem. The proposal to allow the taxpayer to choose his or her savings mechanism in a neutral manner will, to my mind, divert a large amount of money towards the stock markets and would help spread the equity culture in the country.
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