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'Union Budget is progressive & growth-oriented' – SRTEPC Chairman

06
Jul '09
The Union Budget for 2009-10 is progressive, growth-oriented and in the right direction,” said Shri Ganesh Kumar Gupta, Chairman of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC).

The Budget has exempted Service tax on “Commission paid to foreign agents” and “Transport of goods through road,” which according to Shri Gupta is a big relief for the exporters.

He also welcomed the decision to abolish the Fringe Benefit Tax (FBT) on business tours abroad, which he said was one of the long-standing demands of the exporting community.

Other initiatives, such as the extension of the interest rate subvention of 2% on pre-shipment credit from September 30, 2009 to March 31, 2010 and the extension of the adjustment assistance scheme to provide enhanced ECGC cover at 95% up to March 31, 2010 would provide the necessary relief to the exporters, who are badly hit by the global slowdown.

On the increase in the allocation for Market Development Assistance Scheme to Rs. 124 crore, the Chairman of SRTEPC said: “Although this is a welcome step, the amount is grossly inadequate considering the requirements.”

The Synthetic & Rayon Textiles Export Promotion Council


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