India Budget 2009 - Challenging Agenda

The Union Budget 2009 comes in the backdrop of an economic growth of 6.7% in 2008-09 with manufacturing and services sector continuing to be the engines of growth in these challenging times. In taxation proposals, while an increase in minimum exemption limits on personal tax (including abolition of surchage on personal income-tax) is a step in the right direction, there has been no change on corporate tax. Abolition of Fringe Benefit Tax has been a welcome step. Proposal to table the Direct Tax Code for public comments and implementation of GST regime from April 2010 would have a far reaching positive impact on the Indian tax system. Introduction of Dispute Resolution Cell and proposed safe harbour rules are other important forward looking steps to mitigate tax litigation. 

PwC India analysis on Budget 2009, including various sector specific snapshots are available here.

The PwC India Budget Booklet 2009 (PDF Download - 2.2 5MB)

Telecom
Entertainment and Media
IT & ITES
Housing and Construction
Oil & Gas
Power
Roads
Shipping
Ports
Retail & Consumer, Logistics Industry
Automobile Sector
Metal & Mining Sector
Pharma & Healtcare