On 24th Jan 2017, the second round table conference on Budget 2017 was held in which students of RNB Global University participated from various streams.
The conference was led by Dr. Nitin Pathak (Associate Professor Finance), Mr. Rajiv Gupta and Mr. Kshitiz Jangir (Assistant Professor, Finance).
It was a brain-storming session and arguments were made for practical possibilities and implementation of recommendation expressed keeping in view the current economic scenario of international and domestic developments, economic slowdown, GST, demonetisation etc.
Students, the future Entrepreneurs believed that the Government will take adequate measures for ease of doing business, encouraging foreign entities to partner them and expand the business in both export and import terms.
Recommendations were made under topics such as Corporate and Education, Citizens, Administration, Real Estate and Industry, MSME covered by General Budget alongwith recommendations for Railway Budget.
A) General Budget
(i) Corporate and Education
- Reservation of one percent in expenditure of CSR collection for promotion of Education, especially in education deprived regions.
- Reduction of Corporate Tax by 1% for all class of companies in line with the announced phased reduction of Corporate Tax from 30% to 25%.
(ii) Citizens
- First time house buyer may be given Income Tax Incentive for about 5 years.
- Enhancing Standard deduction from 2.5 lacs to 4 lacs individual tax payers & HUF (less than 60 years old).
- Additional tax Exemptions to all senior citizens who don’t have any other income other than rent, dividend and interest.
(iii) Administration
- Digitization of all land records – Linking with Aadhar or in Demat Account.
- Extending deadline of GST implementation till provisional registration and other formal requirement of dealers are streamlined for smooth implementation of GST.
(iv) Real Estate and Industry
- Industrial status may be considered to Real Estate Sector (Will help recognition as a priority sector, especially by RBI.
(v) MSME
- To advertise and promote the benefits of MSME which government is providing.
- Relaxation of Tax Audit, licensing, certification for MSME sector.
B) Railway Budget
- Focus on improvement of food quality of catering service provided in pantry in railways.
- Need for Comprehensive PPP policy in railways for upkeep of railway tracks to avoid accidents.
- Incentive to NGO who work for railways cleanliness on there on expenditure.
The recommendations thus obtained have been forwarded to the office of Shri Arjun Ram Meghwal, Hon’ble Union Minister of State in Finance and Corporate Affairs, Government of India, New Delhi.
The students expressed their eagerness to view the live telecast of Budget-2017 to escalate their understanding on Budget.