The industry has had some time now since the Budget to digest the fine print. So does India Inc believe the Budget does enough to support growth?

In CNBC-TV18’s Budget Townhall, a slew of industry captains quizzed the key architects of the Budget.

On the services sector tax rate

PC Mody, Chairman of CBDT said, “So far as the issue of extending the benefit of 15 percent to the services sector, I think this was not the correct moment to consider this issue since we were not considering any change in the tax rates or any extension of the new rates to the new sectors at this given point of time.”

On dispute resolution

He said, “So far as the DRC is concerned, the question was raised as to why only limited to a certain level, certain threshold and why not to higher-end also. Broadly I can say that when we considered the nature of disputes, the quantum of disputes in the category which we have now worked out, we found that our majority of the disputes are in the lower end constituting almost about 50-60 percent of disputes in that category. So, we thought that this is one segment which is not having an alternative dispute resolution mechanism available to them. So let us first extend this benefit to them and depending upon the experience which we gather, we will see whether it requires any changes or whether it can be extended further upwards or not.”

Watch the video for more

Stay tuned with all the live action and updates with our Budget 2021 Live blog.

For full coverage on Budget 2021, click here

(Edited by : Abhishek Jha)

First Published:Feb 2, 2021 6:47 PM IST