Budget 2015: Key Areas 'a Reform Oriented Government Should Focus'

Sectors that need higher priority are highways, ports, roads, railways and airports in smaller cities. Another key point is to lower the tax rates but increase the tax base in order to widen the revenue collection. Additional revenues can be collected from non-fiscal resources such as divestments.

Goods and Services tax is expected to enhance the revenue collection and reduce the significant costs. A mechanism to bring various indirect taxes under GST must be laid out.

A clear and detailed roadmap must be created on various tax laws in India today. Several tax laws in India are subject to multiple interpretations made by the taxpayer and the tax department, of which at least a few need to be addressed at the earliest; For examplethe rule on taxability of offshore transactions resulting in an indirect transfer of assets in India, which has created many confusions lately. Also deferment of General Anti-Avoidance Rules (GAAR) till the tax regime stabilizes would be helpful.

The government needs to stand up to the test of the time by turning vision into action.  Citing the tragic fall of BJP in Delhi, this budget is going to be widely judged.

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