Budget proposals to achieve growth, create employment and on tax reforms here have evoked mixed reactions from industry associations, homemakers and people at large.
“There has been a general increase of reforms in tax structures and introduction of GST (Goods and Services Tax) and DTC (Direct Tax Code) during the year. Green energy generation (10 years tax holidays) and household electronic goods (reduction in duties) and food processing industries have been relieved by reduction of excise duties,” said Binod Dash, Vice President of Utkal Chamber Of Commerce and Industry in a statement.
“The Union budget has broadly indicated a direction for a road map with thrust on a lot of reformatory measures, and also it encourages consumption and manufacturing, so that these sectors in the economy will become more active,” Mr. Dash pointed out.
The Confederation of Indian Industries, Odisha, welcomed the budget terming it as well-directed and medium term.
“The promise of maintaining a stable and predictable tax regime will boost investors’ confidence, which had taken a hit due to issues such as the retrospective changes in tax laws. The creation of a high-level committee by the CBDT to scrutinise all cases arising out of past amendments is a welcome move,” CII, Odisha said.
It hoped the mission to build multi-skill capacity was much needed and should be rolled out speedily
“The government endeavour to have housing for all by 2022 by extending additional tax incentive on home loanswill boost housing sector,” said D. S. Tripathy, national joint secretary of Confederation of Real Estate Developers' Associations of India (CREDAI) here on Thursday.
However, the proposal to increase income tax exemption limit from Rs. 2 lakh to Rs. 2.5 lakh and investment limit under Section 80C of the Income-tax Act from Rs. 1 lakh to Rs. 1.5 lakh failed to excite salaried class.
“During the past decade, salaries of people in both public and private sector were revised upwardly. We were expecting tax exemption limit of at least Rs. 3 lakh, whereas the media hyped it to Rs. 5 lakh. An increase of mere Rs. 50,000 has disappointed us,” said Subrat Kumar Sahu, who works in a software company.
Sarojini Samal, a homemaker, said, “The government has not announced any visible steps to bring down inflation. We were hoping that after the NDA government came to power, there will be relief from the rising prices of essential commodities.
This Budget is nothing new from previous ones.”
