Union Budget 2011

This year budget promised / set road map for 4 major legislations.

1. Direct tax code - to be implemented from April 2012
2. GST - Draft bill to be prepared. Constitutional Amendments to be placed in Parliment during this budget session
3. New Companis bill to be introduced in this session of Parliment
4. Standards of Weights and Measures Act to be replaced with Legal Metrology Act

 This is positive development albeit with its own delays. All the four are landmark legislations and will significantly impact the way corporates carry on their business.