INDIA BUDGET 2015: REFORMIST, BUT NOT TRANSFORMIST
The Indian Finance Minister, Arun Jaitley announced the 2015
Union Budget today. The Modi-led Government has taken policy
measures that are bold, decisive and pragmatic- clearly, a major
step in the right direction for achieving a projected 8.5% growth
rate in 2015-16 and leaping towards the hallowed two digit growth
rate in the near future.
A slew of regulatory and fiscal measures proposed in the Budget
seek to improve India's investment and business environment.
Major reliefs include phased reduction in corporate tax rates,
deferral of General Anti Avoidance Rules (GAAR) and grandfathering
of existing structures, pass-through status for alternate
investment funds, extension of lower withholding tax rate for
interest on non-convertible debentures (NCDs), and relief against
minimum alternative tax (MAT) for foreign portfolio investors
(FPIs) and more clarity on taxation of overseas indirect transfers.
The proposal
