A live stream of the Budget is available here. Our notes, taken live, so subject to change: GST: Nothing yet: "The debate whether to introduce a Goods and Services Tax (GST) must now come to an end. We have discussed the issue for the past many years. Some States have been apprehensive about surrendering their taxation jurisdiction; others want to be adequately compensated. I have discussed the matter with the States both individually and collectively. I do hope we are able to find a solution in the course of this year and approve the legislative scheme which enables the introduction of GST. This will streamline the tax administration, avoid harassment of the business and result in higher revenue collection both for the Centre and the States. I assure all States that government will be more than fair in dealing with them." Retrospective tax: This government will not bring any change retrospectively which creates a fresh liability. A few cases have come up in courts. These cases are in different stages of pendancy. I would like to convey to the house, that we are committed to providing an investor friendly regime. Henceforth, all cases arising out of amendments of 2012, will be scrutinised by a high level CBDT committee. Also read: the Vodafone retrospective tax case. - FDI in Insurance is being increased to 49%. This will benefit companies like policybazaar.com, which was affected by the 26% limit for online aggregators. "The Insurance sector is investment starved. Several segments of the…
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Budget 2014-15 Live: The Digital Industry updates: Rs 10,00 Crore Startup fund, FDI In Insurance, E-commerce platforms
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