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Budget fails to offer reasons for celebration - Mandhana Industries
03 Mar '08
2 min read
After Union budget 2008-09 presented by Mr P Chidambaram on February 29, Fibre2fashion took the initiative to contact Mr Manish Mandhana, Managing Director, Mandhana Industries Limited, for what he thought about the budget.
In this regard, Mandhana Industries Head said, “FM was very magnanimous to the farmers by allowing waiver for loans granted to farmers burdening the exchequer with Rs60,000 Crore.
The Budget did not provide much expected relief to the exporter's community of Textile sector, which is one of the largest employment generating sectors in India.
The increase in TUFS subsidy from Rs911 crore to Rs1,090 crore can hardly be termed as relief package looking at the outstanding claims pending with banks.
The Budget remained silent on the much expected relief to the exporters in Income Tax, Fringe Benefit Tax or service tax. The FM did not even attempt to address the issue of service tax on commercial & industrial property rent.”
Further Mr Mandhana stressed saying, “The FM did not consider reducing the custom duty on machinery citing the 9.8 percent rupee appreciation against dollar and he did not either consider providing suitable relief package to lessen the impact of rupee appreciation on the export sector.
“While the FM was elated quoting huge collection of corporate tax in the last fiscal year breaking all the previous records, but still not find it to be a strong ground to reduce the corporate tax. In totality benefits have been bestowed upon the individual tax-payers only.
In this regard, Mandhana Industries Head said, “FM was very magnanimous to the farmers by allowing waiver for loans granted to farmers burdening the exchequer with Rs60,000 Crore.
The Budget did not provide much expected relief to the exporter's community of Textile sector, which is one of the largest employment generating sectors in India.
The increase in TUFS subsidy from Rs911 crore to Rs1,090 crore can hardly be termed as relief package looking at the outstanding claims pending with banks.
The Budget remained silent on the much expected relief to the exporters in Income Tax, Fringe Benefit Tax or service tax. The FM did not even attempt to address the issue of service tax on commercial & industrial property rent.”
Further Mr Mandhana stressed saying, “The FM did not consider reducing the custom duty on machinery citing the 9.8 percent rupee appreciation against dollar and he did not either consider providing suitable relief package to lessen the impact of rupee appreciation on the export sector.
“While the FM was elated quoting huge collection of corporate tax in the last fiscal year breaking all the previous records, but still not find it to be a strong ground to reduce the corporate tax. In totality benefits have been bestowed upon the individual tax-payers only.
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