KIIT School of Management, organized another event on Post- Budget discussion under the Theme-“Decoding Budget 2020” on 17th January, 2020. The program was coordinated by Prof. Shikta Singh, KSOM. The Chief Speakers of the Discussion were Mr. Prakash Chandra Das, Former Director, SAIL and Mr. Shiba Prasad Padhi, CMA, SAPSJ & Associates.
The event commenced with the address by Prof. Shikta Singh who initiated her discussion differentiating the expectation which was raised in the Pre-Budget discussion held at KSOM, on 31st January, 2020 and the reality. She mentioned Budget 2020 to be a mixed bag of glories and pitfalls. The positive things which it had was in the form of 100% exemption for sovereign wealth fund in infrastructure and other notified sector, Abolition of DDT, its sticking to FRBM’s goals and Relief of Tax Burden- A double edged sword.
Prof. S.N. Misra, Dean, KSOM, set the context of the theme. He mentioned about the three prominent theme dedicated to Ease of Living viz. Aspirational India, Economic Development for all and A Caring Society. He also highlighted on issues related to tracking the various macroeconomic indicators for achieving the target of 5 trillion economy.
Mr. Prakash Chandra Das gave his insights as to how the Budget is laid out and what are the prerequisites of a Budget in his keynote address “In the Making of Budget”. He also spoke on the sectoral allocation and its implications. The intent of the Budget was to boost income and purchasing power.
Mr. Shiba Prasad Padhi placed his views on the various issues of Taxation as raised in the Budget. As far as the financial sector is concerned, Corporate Tax Reduction has boosted investor sentiment in the midst of a severe slowdown. After this cut base corporate tax rate in India has become competitive and should help to boost investment. He explained the implications of the new tax regime and the benefits of sticking to the older one. He also mentioned about the revenue deficit due to low tax collection and to accommodate the revenue shortfall, we expect expenditure to be scaled back.