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Budget disappoints industry - Gujarat Chamber of Commerce & Industry

Mar '07
Gujarat Chamber of Commerce and Industry (GCCI) while reacting to the Central budget put forth in the Parliament stated the budget has a strong social focus and not much in store for industry as such in particular. It would be a challenge to the Finance Minister to sustain the growth impulses in the economy given that there are no significant positive policy announcements for propelling the economic boom.

Reacting to the indirect tax budget proposals GCCI has welcomed the reduction in Peak rate of custom duty from existing 12,5% to 10%. The textile industry will get a boost with the reduction in custom duty manmade fibre from the current 10% to 7.5% as also the extension of TUFs scheme will greatly help the textile industry is its efforts towards modernisation.

Increasing the exemption limit for small service provider from the present Rs.4 lacs to Rs.8 lacs will greatly benefit the small service provider. The revenue loss of Rs.8 crores on account of increasing the exemption limit will be more or less offset due to inclusion new services in the net.

Levy of 5% concessional custom duty for research and development covering all institution and exempting new drugs meant from clinical trial from service tax will give boost to the pharma industry. Reduction in ad valerom duty on petrol and diesel from 8% to 6% will help in containing inflationary trends. However keeping in view the high cost of economy and current inflationary trends the exemption limit for SSI should have been substantially increased.

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