The Institute of Cost Accountants of India (ICAI) has welcomed and applauded the recommendations made in the Union Budget 2014-15, believing it will give a major thrust to reviving the economy, increase the pace of growth for both manufacturing and service sectors besides implementing proper measures to rationalize tax administration, reduce litigation and widen tax base.
In a release to the media, the ICAI said the budget proposals adequately cover economic initiatives, education, agriculture, industry, infrastructure, financial sector, banking and insurance sector, defence & internal security, culture & tourism, women and child empowerment and etc.
ICAI president Dr. Suresh Chandra Mohanty said the Union Budget 2014-15 focuses on higher growth, lower inflation, sustained level of external sector balance, provision of basic amenities and infrastructure development. Read: Budget 2014: A mixed bag for consumers
He also welcomed the proposal to constitute an Expenditure Management Commission to look into expenditure reforms, adding that it will rationalize allocation and spending of government expenditure ensuring its most productive use.
On the proposal to expedite the introduction of GST, Dr. Mohanty said it will streamline tax administration, avoid harassment of business and result in higher tax collection.
The government's decision to not to change tax retrospectively would create a fresh liability, which in turn would lead to a stable and predictable tax regime that would be investor friendly and stimulate FDI, he said.
The media release said that the entire CMA fraternity had been sharing their professional expertise with the Union Government and would continue to extend valuable support to facilitate much desired inclusive growth of the economy.