Amidst speculations doing rounds for over a month on social media, TV news channels and newspapers, Hon’ble Finance Minister Arun Jaitley disclosed the Union Budget for the fiscal year 2015-2016 on 28th February 2015. As promised, the budget has covered all sectors which needed reform measures. It is certainly going to revive the economy by boosting up business interests in domestic as well as international markets.
Among some major tax reforms is abolition of Wealth Tax, rationalization of Corporate Tax from 30% to 25% over the next four years and a 2% increase in the service tax, summing it up to 14%. The budget, viewed under varying glasses, appears to be promising and progressive to some but not so welcoming to others. Nevertheless, we can hope for a growth trajectory on its way for Indian economy in the recent future.