Indian Chamber of Commerce and Industry (ICCI) here has welcomed on Saturday the announcement in the budget that (Direct Taxes Code) bill would be enacted after examining report submitted by the Parliamentary Standing Committee.

It has also welcomed announcement on drafting of model legislation for the Centre and State GST (Goods and Service Tax) in accordance with the States. D.R. Kodeeswaran, secretary, ICCI, said that the Chamber also welcomed the move to allocate Rs.5, 000 crore for India Opportunities Venture fund. The target fixed for agricultural credit, raised from Rs.1 lakh crore to Rs.5.75 lakh crore, in 2012-13 was a progressive move ahead. But the Chamber expressed dismay over the proposal to raise service tax rates from 10 per cent to 12 per cent and from five per cent to six per cent.