Calcutta Chamber of Commerce welcomes the budget proposals in so far as it will give boost to Farmers, infrastructure, Health, Education, Women, MSMEs, Youth &Start-ups in the form of budgetary allocations and other fiscal benefits. The Focus of the Budget is on job creation and productivity improvement, to generate employment opportunities for the country’s youth.
There is clear direction for the economy. The estimated Fiscal Deficit is much lower at 4.9%, which is welcome move of the Budget.
The different policies that are announced for the development of various sectors and the enhanced allocation have given the roadmap for making India – Viksit Bharat by 2047. It is expected the budget proposals will bring urbanization, infrastructural development, employment and skill set development which will accelerate the economy. There is increased allocation on infrastructure,women, youth, farmers and poor, which will make multiplier effect, help in employment generation and growth as well.
In order to stimulate and support MSMEs, the budget has announced credit guarantee scheme, self-guarantee scheme, credit support during stressed period, mudra loan, which are commendable. To wind up LLP, procedures have been simplified which are welcome step in the budget. To digitalize urban land reforms, new schemes have been introduced. The Chamber hails the move.
There are procedural changes in Direct and Indirect Taxes. TheBudgethas placed significant emphasis on providing certainty in tax laws, which is crucial for fostering a stable and predictable business environment.
GST will be further rationalized and simplified. The FM has announced that comprehensive tax regime will be announced after review. In direct tax, reassessment has been simplified. New Vivad Se Vishwas scheme will be announced soon. Appeals have been revised. Transfer pricing assessment have been simplified. Abolishing of Angel Tax will benefit the Startups.
The Concession in new tax regime is welcome and will benefit the tax payers. Digitalization of rectification will be beneficial for the assesses provided it is implemented in correct spirit. Introduction of Vivad Se Vishwas scheme is welcome. The proposal of speedier disposal of Pendency of first appeal is laudable.
I, on behalf of the Chamber thank the Finance Minister for bringing various measures. The vision of this government is to make India a very strong nation in different dimensions.
