Chennai:
Madras Chamber of Commerce and Industry (MCCI) on Wednesday said that
the Budget presented by the Finance Minister Arun Jaitley, may not be
a Big bang budget, but a balanced and growth oriented budget.
The Chamber also expressed happiness that some of the recommendations
submitted by the Chamber have been considered in the Budget.
Welcoming the importance given to improve Tax Administration which
would reduce uncertainty and litigation, the chamber’s president T
Shivaraman said the single window clearance concept for EXIM trade is
a progressive step in line with the Tax Administrative reforms.
The chamber welcomed thrust on Industrial corridors including a few
new ones for Tamil Nadu and said the proposal to relook and strengthen
special economic zones would help in boosting manufacturing growth.
However, it expressed concern over the silence observed in the area of
corporate laws. “While the corporate are sailing through difficult
times with regard to labour issues, export and import loss, increase
in compliances, no reduction in the Corporate tax comes as a
disappointment,” MCCI said.
Shivaraman said the salary exemptions provided in the budget is not at
the expected levels. On the whole, the budget’s intent to improve
fiscal discipline, rationalize taxation and subsidies and focus on
infrastructure and manufacturing besides the social sector, are to be
welcomed. Achieving the targets set would depend on proper
implementation, he added.
Madras Chamber of Commerce and Industry (MCCI) on Wednesday said that
the Budget presented by the Finance Minister Arun Jaitley, may not be
a Big bang budget, but a balanced and growth oriented budget.
The Chamber also expressed happiness that some of the recommendations
submitted by the Chamber have been considered in the Budget.
Welcoming the importance given to improve Tax Administration which
would reduce uncertainty and litigation, the chamber’s president T
Shivaraman said the single window clearance concept for EXIM trade is
a progressive step in line with the Tax Administrative reforms.
The chamber welcomed thrust on Industrial corridors including a few
new ones for Tamil Nadu and said the proposal to relook and strengthen
special economic zones would help in boosting manufacturing growth.
However, it expressed concern over the silence observed in the area of
corporate laws. “While the corporate are sailing through difficult
times with regard to labour issues, export and import loss, increase
in compliances, no reduction in the Corporate tax comes as a
disappointment,” MCCI said.
Shivaraman said the salary exemptions provided in the budget is not at
the expected levels. On the whole, the budget’s intent to improve
fiscal discipline, rationalize taxation and subsidies and focus on
infrastructure and manufacturing besides the social sector, are to be
welcomed. Achieving the targets set would depend on proper
implementation, he added.
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