CCCI welcomes new tax exemption limit

The response of the business community in Kozhikode to the Centre’s Interim Budget presented on Friday was mixed.

The Calicut Chamber of Commerce and Industry (CCCI) welcomed the proposal to raise the income tax exemption limit from ₹2.5 lakh to ₹5 lakh and the plan to complete the income tax refund process within a day. However, it wondered whether other big schemes announced in the interim budget could be implemented.

The Union Budget had ignored small traders and Non-Resident Indians, said CCCI president Subair Kolakkadan.

The Kerala Vyapari Vyavasayi Ekopana Samiti (KVVES) president T. Nazirudeen said the proposal to raise the tax slab would given an impetus to trade and commerce.

The proposals to raise the ESI wage limit and hike the gratuity ceiling would also stimulate economic growth in the country.

However, he said nothing specific was mentioned for Kerala in the railway sector though the budget had set aside ₹1.56 lakh crore for the Railways. Overall, the budget appeared to be appreciable but doubts remained about the execution of various schemes, he added.

The Confederation of All India Rail Users Association said the budget would be beneficial to individual tax payers. But it was unfortunate that the proposals announced at the fag end of the government tenure would be implemented the next fiscal, it said.

The Confederation of Residents Welfare Associations Kerala (CoRWA) has flayed the budget for ignoring the needs of Malabar, especially in the railway sector.

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Printable version | Jun 3, 2020 7:04:56 PM | https://www.thehindu.com/news/cities/kozhikode/ccci-welcomes-new-tax-exemption-limit/article26156759.ece

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