EVOKES MIXED RESPONSE IN JAMMU
Trade and Industry Unhappy Over 'No Extension In Income Tax Holiday'
GK NEWS NETWORK
Jammu, Mar 16: Union Budget presented today in Lok Sabha by the Finance Minister Pranab Mukherjee has evoked mixed reaction from different circles in Jammu.
President, Bari Brahmana Industries Association (BBIA) Anil Suri in a statement issued here today said: “In Union Budget, the Industrial sector of state has been totally ignored.”
He said the executive members of the association have shown resentment against the budget.
“Union government seems not interested in Industrial Sector of J&K which is already on the verge of closure due to number of reasons,” he said.
He said the government of India “has already diluted the Central Excise Duty benefits by reducing the refund of Central Excise.”
Suri said it was unfortunate that no further extension has been granted in Income Tax Holiday for Industry in J&K, which is going to expire on March 31.
“This will have negative effect on the fresh Industrial Investment and the existing unit holders may opt for closing down their units resulting in increase in unemployment,” he claimed.
Suri said the cost of the production of the existing units would increase due to enhancement in Excise Duty by 2 per cent from current 10 per cent to 12 and any further increase in the prices of fuel like Petrol, Diesel, LPG Gas will contribute to the additional cost of production. “This would make the products of State Industrial Units uncompetitive in the market.”
Vice President of Chamber of Commerce and Industry (CCI) Jammu Tara Chand Gupta said the Individual Income Tax Slab hike proposed by the Finance Minister is not up to the expectations, it should have been Rs 3 lakh given the prevalent inflation.
“The business community is already suffering because of inflation and the decreased purchasing power of people. The industrial sector and traders of Jammu had high hopes from the budget but FM has let them down.”
He said that forming negative list for services and providing subsidies at 2 percent of GDP is welcome steps, if implemented in letter and spirit.
Prominent Trade Union leader G L Chanda said that the increase of just Rs 20,000 in the income tax exemption slab “is a joke”.
“The least that the Union Finance Minister could have done was to increase the income tax exemption slab up to Rs 4 lakh,” he said.
He, however, expressed happiness that the funding for various schemes in the agricultural sector have been continued and the Finance Minister has proposed hike in agricultural spending by 18 percent. The agriculture would be benefited by these steps.
It is pertinent to mention here that the Centre has earmarked Rs 150 crore for the coming fiscal to woo industries in Jammu and Kashmir.
According to the budgetary proposals presented by the Finance Minister a sum of Rs 150 crore has been specifically allocated to the Ministry of Home Affairs (MHA) as Special Industry Initiative (SII) for Jammu and Kashmir.
Lastupdate on : Fri, 16 Mar 2012 21:30:00 Makkah time
Lastupdate on : Fri, 16 Mar 2012 18:30:00 GMT
Lastupdate on : Sat, 17 Mar 2012 00:00:00 IST
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