Statement on the Budget from Mr. Nandan M. Nilekani, President, CEO and Managing Director, Infosys Technologies.
It is encouraging to see India on the growth path. At an overall level, the fiscal deficit is being reined with a lower growth in non-plan expenditure which is a very significant aspect of this budget. Government spending will not be a strain on public savings. The move to increase investment in the social sector is welcome. We are happy to note the enhanced focus on infrastructure spending and the National Urban Renewal Mission.

On the IT front, the budget has been neutral. However the proposed 8% duty on over the counter packaged software impedes IT penetration to the vast majority of the masses. The review of FBT by removing certain genuine business expenditure from its purview is welcome. However the larger administrative issue that the industry is apprehensive about on FBT has not been addressed.

I believe that PC could have reduced the service tax to 5% (which is what probably the GST will end up as!) and made it easy for the service sector to easily comply with. It has been very difficult to convince the clients to pay additonal 10.2% and now he has made it 12%. I wonder sometimes if he is trying kill service sector!!

the normal VAT rate is 12% on most products. Thus if we are going to a GST regime for a unified rate on goods & services currently services are right to be par on goods-hence 12% servce tax. Considering that the GST would be shared between state and centre i do not think that we would have a 5% GST-it may be either 12% or 15%.

I think it will be more like 16%, - pobably GST will be rationalized at that level. Expect the prices of things to rise over the next few years due to this, not just inflation. The move to a 16% Service Tax figure over a peiod of time had been annonced during last years budget, if I am not mistaken.

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