Budget 2009-2010
Moon B Shin
Managing Director, LG Electronics India
The Union Budget 2009-10 is a very progressive budget in terms of focus on public- private sector partnership & infrastructure development.
The government has stood by its plans in the positive development of the overall economy with a thrust on the rural development.
E The Announcement of Goods and Service Tax (GST) with effect from 01.04.2010 will bring about a phase change on the tax equitably between manufacturing and services and will accelerate Economic Growth and Competitiveness.
E The decrease in custom duty on LCD Panels from 10% to 5% will enhance market for LCD TVs.
E On direct tax side, key announcement is the abolishment of Fringe benefit Tax. It will lead to decrease in operational cost which will further impact pricing of the products positively.
E Allowability of expenditure on In House R&D @ 150% to all manufacturing entities will encourage the technology development in India and will reduce the import of know-how.
E The extension of tax holiday to export oriented units will boost exports and economic growth.
Overall, I foresee an improvement in the macro-economic condition of the country as this union budget proposes to boost agriculture, rural industry, education & infrastructure
Vineet Sharma
Hanmer MS&L|Member of PUBLICIS GROUPE)
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