India – February 21, 2014 – “The interim Union budget-2014-2015 ahead of the Loksabha elections is hinged on development of few economic growth areas but the IT sector lacks substantial representation. It highlights the government’s efforts towards industrial and manufacturing sector growth with the creation of industrial corridors in key geographical locations; and promoting Aadhar as a tool of empowerment by issuing 57 crore unique Numbers. In a bid to trigger domestic manufacturing, the government will drop excise duties on mobile handsets to six per cent which is a welcome move. However, double taxation of software remains status-quo and we would have liked to see removal of dual levies of VAT and service tax on software. Additionally, two of India’s biggest and long-pending tax reform initiatives—the Direct Taxes Code (DTC) and the Goods and Services Tax (GST) still awaits roll-out .” – Jagdish Mahapatra, Managing Director, McAfee – India and SAARC.
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