In
his speech in the Vidhan Sabha, the FM emphasised the need to
contain inflation. This is widely accepted as the need of the
hour. Basic needs of agriculture and infrastructure building
have been taken care of, which is instrumental for the
development of the Economy.
Increase in allocation in irrigation, fishery and forest
department is a welcome step. The FM has assured that there
would be reform in the public distribution system. However,
the agenda has to be implemented with utmost care in order to
derive fruitful result.
The
FM has presented an industry-friendly budget with continued
emphasis on land reforms and the much-needed thrust on
infrastructure development, irrigation, agriculture &
horticulture, education, small-scale industries and employment
generation, accrording to the Bharat Chamber of Commerce. The
proposal for reduction of VAT from 12.5% to 4% on some
industrial raw materials will boost industrial development in
the state. However, this should have covered all the
industrial raw materials, according to a chamber release.
Streamlining
the process of VAT registration, revival of the scheme under
self-declaration for those who have not registered themselves
under VAT and laying stress on e-governance of tax
administration are welcome. The proposal for bringing Central
sales tax related disputes under the Settlement Commission
would make it easier to settle those under Central sales tax,
the release said.
The
West Bengal Garment Manufacturers & Dealers Association
president, CM Ladha, said: "Asim Dasgupta deserves
appreciation for presenting a pragmatic Budget with an
emphasis on industrial promotion, infrastructure and
education. Thrust given on development of small industries by
allocating a substantial outlay along with reduction of tax on
certain industrial raw materials used in small and medium
enterprises will ensure balanced growth with higher employment
generation."
Bengal
National Chamber of Commerce & Industry president KK
Navada complimented Dasgupta for reduction of tax on
industrial raw materials, withdrawal of tax for certain
categories of footware manufacturing, etc. The reduction of
tax on shoes costing within Rs 750, tailoring items, kerosene
stove, road roller to the rate of 4% and withdrawal of tax on
camphor and few other items are indeed laudable steps. The
proposal of reduction of luxury tax on hotel rooms from 10% to
5%, increase of the tariff limit for exemption from payment of
luxury tax from Rs 500 to Rs 1000 per day will boost the
growth of the hospitality industry.
The
Federation of West Bengal Trade Associations chairman, Mahesh
Kumar Singhania, welcomed the state Budget for announcing a
few measures simplifying some rules and procedures of tax
administration, including formation of the Consultative
Committee, streamlining refund procedure, extension of audit
report limit up to Rs 1 crore, relief from submission of
purchase statement and assurance for simplification of Way
Bill and 'C' form issuance procedure, among others....
