Harshavardhan Neotia, Chairman of Kolkata-based Ambuja Neotia Group, said the Union Budget was a “balanced” one.

Neotia also lauded the Finance Ministry’s proposal to improve tax compliance in the service tax segment.

“It is a balanced and good budget.  The emphasis on spurring growth through investment allowance and the commitment to reign in the fiscal deficit are positive moves. The effort to widen the tax base and to improve tax compliance by an amnesty scheme for service tax payers is also welcome. He has appropriately spared the common man of additional tax burden whilst subjecting the super rich and luxury goods to additional tax,” he said.