Budget puts India as key investment destination, says KPMG

Chennai:

KPMG in India said that the Union budget will help re-build investors
confidence in Indian economy and will help put India back on the
agenda as an investment destination for both foreign and domestic
investors.

Richard Rekhy, CEO, KPMG in India, said that Finance Minister has come
out with a pragmatic budget which is directionally focused at
achieving growth and keeping the fiscal prudence in mind.

The Focus is on ease of doing business in India and increased
infrastructure spend.  Measures like new bankruptcy legislation,
startup entrepreneur’s funds, GST rollout by financial year 2016,
deferral of GAAR will definitely support the cause of ease of doing
business in India.

Nabin Ballodia, partner – Tax, KPMG in India said with the mantra of
Minimum government Maximum governance, government has ushered ease of
doing business in full force  by simplifying tax procedures. These
include online central excise and service tax registration to be done
in two working days, domestic transfer pricing threshold limit
increased from 5 crore to 20 crore, Wealth-tax replaced with
additional surcharge of 2 per cent on super rich.

Parizad Sirwalla, leader global mobility services,Tax, KPMG hailed
steps taken in the direction of universal social security scheme by
launch of an insurance and pension schemes.

He said the super-rich will cough up more taxes as enhanced surcharge
of 2 per cent (income more than Rs 1.05 crore). This more than
compensates the loss of revenue to exchequer by abolishment of wealth
tax.