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An energetic and enterprising budget: Indian Chamber of Commerce and Industry
Simplification of process demanded for loans sought by micro units
COIMBATORE: The Union Budget has proposed increase in excise duty for pumpsets from 4 per cent to 5 per cent.
President of Southern India Engineering Manufacturers' Association R.R. Ranghanathen has said in a release that the announcement was disappointing for the pumpset industry here as it would increase the difference in selling price of pumpsets made by the organised and unorganised sectors.
It would hit the branded pumpset manufacturers. Further, there was no increase in central excise exemption limit to a minimum of Rs. 2 crore for small-scale industries.
The association, however, welcomed announcements related to allocation of Rs. 5,000 crore to Small Industries Development Bank of India (SIDBI) for micro and small industries, self-assessment scheme for imports, and enhancement in spending for rural housing.
President of the Indian Chamber of Commerce and Industry, Coimbatore, M. Krishnan, said, “This is an energetic and enterprising budget”. It has proposed investment in infrastructure and initiatives to develop the agricultural and rural sectors. “The announcements motivate the industry.” It has created a platform for the introduction of the Goods and Services Tax.
President of the Coimbatore District Small Industries Association M. Kandhaswami has said in a release that the association welcomed that the decision to continue the Service Tax rate at 10 per cent and not to increase it, allocation of Rs. 500 crore for skill development, and simplification of process for Income Tax refund. However, it was disappointing that the IT slab was not revised, and the Income Tax exemption limit for companies had not been increased.
President of the Tamilnadu Association of Cottage and Micro Enterprises J. James has said that the association welcomed the move to increase the Income Tax exemption slab for individuals.
The association sought simplification of process for micro units to obtain loans from SIDBI and banks.
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