Expert Analysis of the Union Budget 06-07 28th Feb, 2006 The Union Budget for the year 2006 -07 was presented by Mr. P. Chidambaram on the 28th of February 2006. The Students at GNIMS were given the opportunity to present their analysis of the budget on the 3rd of March’06. On the 6th of March’06, experts from the field of Finance and Economics were invited to the campus for a session of expert analysis of the Budget. This event was held at the Auditorium of Khalsa College. The Event began at 10 am, with a opening speech given by Ms. Bhakti Harchekar and presentation of bouquets to our panel consisting of Mr. Nihar Jambusaria, Mr. Manish Gadia and Mr. Ravinder Purohit , Mr. Nihar Jambusaria was then invited to present his analysis of the Union Budget. Mr. Nihar Jambusaria is a practicing Chartered Accountant. He also heads the department of Accountancy and Financial Management at D.T.S.S College of Commerce, Malad. Mr. Jambusaria has presented various papers on direct taxes at various Chartered Accountants seminars and Bankers Training College. At the Discussion, Mr. Jambusaria threw light on the implications of the budget on Direct and Indirect Taxation. He quoted a few sections of the Income Tax Act and other acts that would be the most impacted by the revision and changes conferred upon in the budget. He also explained various terms such as STT and GST which were recently introduced. Through the Q&A session, he solved the doubts and queries of the students present there. Next, we had Mr. Manish Gadia, who spoke about the implications of the Budget on the Service Sector. Mr. Gadia is a Chartered Accountant, a partner in the well known firm, ‘M/S GMI & Co. Chartered Accountants’. Mr. Gadia practices in the field of Taxation with a specialization in Service Tax, Income Tax and Auditing. His insight on the service sector and his in-depth analysis of the budget help the students understand how service tax can impact the common man. He spoke about the various schemes, the changes and its impression on us. While quoting the theoretical aspect of the subject, Mr. Gadia also expressed his views on the practical side. The last speaker of the day was Mr. Ravindra Purohit. He is presently working with Hindustan Construction Company Ltd. (HCC) as economic advisor. He is postgraduate of the premier Jawaharlal Nehru University, New Delhi. He was Principal of Tolani College. He moved to the head of TATA Group as a senior economist to take up more challenging career as corporate economist. He has also prepared over 70 reports on variety of topics & contributed to en-number of journals and periodicals. Mr. Purohit covered a ‘Critical Analysis’ of budget comprising of all the sectors beginning from the analysis of various direct taxes on the income, various other indirect tax analysis and then critical analysis of the economic conditions & forecast of the country. The program ended with the small ceremony of presenting the certificates to the winners of the ‘BUDGET-06-07 PRESENTATION’ held on Saturday 3rd March 2006. The winning team members were:1) Aditya Vinod 2) Seelam Hemlata 3) Sindhu Rajan 4) Suniti Venugopalan 5) Sneha Venkatraman.