Visakhapatnam

Tax cut to MSMEs, exemption to Amaravati farmers hailed

VISAKHAPATNAM: Union Finance Minister Arun Jaitley needs to be commended for providing a significant 5% tax cut to the Micro, Small and Medium Enterprises (MSMEs) and giving an exemption from capital gains tax to farmers who parted with their fertile lands for construction of Andhra Pradesh’s capital Amaravati, says G. Sambasiva Rao, president-elect the AP Chambers of Commerce and Industry Federation (APCCIF).

He was speaking at a meeting organised by the federation on the Union Budget here on Thursday.

The Finance Minister should take enough care in rolling out the Goods and Services Tax (GST) to avoid dual control — that of the State Government and the Union Government. Otherwise, the trade and industry would suffer, he added.

B.P. Sachin Kumar, a chartered accountant, said that the budget was pragmatic and pro-poor, and the Finance Minister had given some tax relief to all taxpayers, though he had not increased the basic exemption limit to ₹4 lakh or ₹5 lakh as widely anticipated. He said that demonetisation was the right move.

A. Sarveswara Rao, another chartered accountant and advocate, said that the Finance Minister had left the indirect taxes largely alone, in view of the impending roll-out of the GST later this year. He had made certain positive amendments with regard to the settlement commission.

V. Srinivas, chartered accountant, said the scrapping of FIPB dwas justified.

Federation vice-president K. Kumar Raja and vice-chairman M. Sudhir spoke.


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Printable version | Jun 24, 2021 1:04:54 PM | https://www.thehindu.com/news/cities/Visakhapatnam/Tax-cut-to-MSMEs-exemption-to-Amaravati-farmers-hailed/article17148327.ece

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