Calling the budget, a ‘growth-oriented and excellent one’, office-bearers of the Tamil Nadu Chamber of Commerce and Industry said that the Union budget was a responsive one which addressed a cross section of taxpayers, industries and farmers.
“The thrust of the budget on reviving investment activity which will benefit the growth momentum will help the ‘Make in India’ flagship scheme of the Prime Minister. The implementation of GST from April 2016 is eagerly expected by the trade and industry bodies as it will encompass a host of indirect taxes,” read a press statement from President N. Jegatheesan and Senior President S. Rethinavelu.
They also said that the additional Rs.70,000 crore investment in infrastructural development would augur well for industrial growth and public welfare proposals which included construction of toilets, houses and solar power projects, schools and accidental risk insurance cover of Rs.2 lakh were appreciated.
“While the reduction of corporate tax from 30 per cent to 25 per cent would provide relief and a competitive edge for domestic industries, the non-reduction of maximum income tax rate for individual which is currently at 30 per cent is disappointing,” they said.
“The trade and industry is also concerned about the hike in service tax rate from 12.36 per cent to 14 per cent which should have been re-fixed at 12.5 per cent as central excise duty,” they added.
The trade body also appreciated the ‘On arrival visa’ facility which is to be raised from 43 countries to 150 countries in stages across airports in the country, which will provide impetus to the growth of the tourism sector.
