â€œThe Union Budget is a comprehensive and progressive economic document which ensures the development of each and every sector in a structured way and provides ease of doing business to traders, ensuring robust growth in health sector and services and above all becomes an effective document. Several new announcements including an extension of ECGL scheme with 5 lac crore rupees, linkage of PLI scheme to various sectors will not only benefit the small manufacturing units but will also leverage the trading sector since the manufacturing goods and consumable income will come to economy and therefore will meet the current challenges of financial liquidity in the trading sectorâ€ said B.C.Bhartia, National President and Praveen Khandelwal, Secretary-General of the Confederation of All India Traders (CAIT) in a joint statement.
Bhartia and Khandelwal appreciated the talent of Union Finance Minister Smt. Nirmala Sitharaman, who against heavy odds and domestic & global challenges, has emerged victorious in setting out the future agenda of defined growth of the Indian economy as envisaged by Prime Minister Shri Narendra Modi, in a most impressive way and she deserves 8 out of 10 numbers from the business community of the Country.
However, we regretted that nothing concrete announcement has been made regarding simplification & rationalization of GST tax structure which is far away from “one market-one tax” principle and no announcement for traders to place them at par with corporate sector in terms of Income Tax tax, has highly disappointed the business community. However, the budget is a visionary budget as well as it has taken Digital rupee and crypto currency on the priority of the Government, realizing their greater need among the younger generation. Digitalizing 2 lakh Anganwadi and digital banking will connect the rural areas in a greater manner.
â€œIn totality, the Government has come out with a best possible budget under the backdrop of COVID pandemic. We congratulate Prime Minister Narendra Modi and Finance Minister Nirmala Sithraman for providing the Country a definite roadmap for a robust and well defined growth of India in futureâ€ said both trade leaders.
Budget to Accelerate Development–CA Julfesh ShahÂ
Budget 2022 can prove to be a spurt in the development of the country. The announcement of extension of an additional 50 thousand crores in the emergency credit line brought in Corona for MSMEs till March 2023 will be a great support & positive for MSMEs.
FM while placing great emphasis on CAPEX, an increase of 35% will lead to dynamic growth and investment. Promotion of funding for start-ups and agro start-ups will also be encouraging. The maximum capping of 15% on surcharge reducing on Long Term Capital Gains will give relief to the taxpayers.
The announcement of a new policy for SEZs and exports is a welcome step which will attract large global investors to invest in India. The announcement for Green Bonds, Digital Currency, Venture Capital Funding,Costlier unblended fuel is also very positive for respective sectors. The provision of updated returns within 2 years will give opportunity to the taxpayers and lead to reduction in litigations.There is a slight disappointment in not increasing the income tax deduction limit for housing loan interest from 2 lakhs, although PMAY extended till 2023.