Eye on budget: Nirmala Sitharaman will present interim budget, people need facilities and strong system
[ad_1]
The interim budget is to be presented by the central government on February 1. However, this will be an interim budget, which will be completely election based. The government will not make any big announcements in this. But, even during this time, people of different areas are expecting relief from the government. This time too, businessmen, industrialists and common people are making similar expectations.
They say that the government should take care of everyone and strengthen every facility and system. If the government wants, it can make the new taxation system of income tax attractive. The standard deduction can be expanded to include salary classes. At the same time, people of the hotel industry are also hopeful of many types of discounts and concessions.
There will be a development oriented budget
The interim budget of the central government will be development oriented. There will be a budget for overall development. Since there is no big budget this time, there will definitely be a change in the tax structure, we definitely have hope. The government has been focusing on infrastructure and its results have been visible and will continue to be so in future also.
Ujjwal Chakraborty, Chairman, CII
development will gain momentum
The Centre’s interim budget will give impetus to the country’s development. At present the government has taken many steps regarding infrastructure development. It is expected that it will gain more momentum in the coming days and the country will move towards developed India. We have hope for a developing budget.
SK Behera, Industrialist
There should be a system of easy financial management for small industries.
Interim budget is important for small scale industries from economic and political point of view. Indian economy is at fifth position and the government wants to bring it to third position. India’s five trillion economy is not possible without the help of small scale industries. For the industries that have gone through the Corona period, there should be such a budget in which there is easy and simple financial management and FMA one, two and three should be removed from small scale industries.
Rupesh Katriyar, President, Entrepreneurs Organization ISRO
Social security should be announced
The government should announce social security for entrepreneurs in the interim budget. Separate banking arrangements should be made for industries. Loans should be available to industries at low interest rates. The policies made for industries should be simplified. Income tax exemption increased. Industries are based on natural gas. This should be included in GST. Prices will come down. There is 18 percent GST on iron, it should be reduced to 12 percent.
-Vijay Anand Moonka, President, Singhbhum Chamber of Commerce
Tax free interest limit may increase
This is the last budget to be presented before the general elections. In such a situation, all sections have high expectations from the budget. According to Section 80TTA of the Income Tax Act 1961, if a person below 60 years of age, a member of a Hindu Undivided Family, earns interest from the amount kept in a savings account in co-operative societies or post offices, then the interest received for a period of one year An amount up to Rs 10,000 has been kept tax free.
Prabhat Kumar Singh, Head of Department, Department of Statistics, Jamshedpur Co-operative College
Incentives for retail trade and small industries
The business class is waiting for the interim budget. It is expected that as per the vision and priorities of the Prime Minister, strong policies will be announced in the interim budget for growth in sectors of the economy including retail trade and small scale industries. Retail trade is also expected to be promoted through tax reforms or incentives. Traders hope that such steps will be taken which will help in promoting consumer spending and creating a positive environment to promote business activities.
Suresh Sonthalia, National Secretary, CAT
It is necessary to simplify the TDS process
Taxpayers hope that in this budget the Finance Minister will take steps to simplify the TDS process. As per the current rules, if the value of the property is Rs 50 lakh or more and the owner of the property is an Indian, then one per cent is required to be deposited as TDS. If the seller of the property is an NRI, the process of complying with TDS becomes quite complicated. In case of NRI, TDS deduction is at higher rate.
Dr. Antara Kumari, Head of Department, Department of Economics, Jamshedpur Co-operative College
The interests of hoteliers should be protected
The hotel industry, which is expanding rapidly, is hopeful of many types of discounts and concessions as government pressure reduces. This most important link of the tourism sector needs special provision. The burden of government revenue on the hotel industry is increasing. Tax pressure has increased significantly in the last five-six years. At present we have to compete with world class groups in this field. Therefore, the government will also have to protect the interests of small hoteliers. There is a need to reduce GST on hotel rooms.
Ravish Ranjan, President, Jamshedpur Hotel and Restaurant Association
Medical college
The government needs to present the budget keeping in mind the poor in the health sector. There is no connectivity with hospitals in many places in the country. There is a need to pay attention to this. There is a need to work towards ensuring that people get health facilities in every village. There is a need to create new infrastructure to stop the diseases spreading in the country.
Dr. Santosh Gupta, Vice President, IMA, Jamshedpur Branch
Need to expand standard deduction
The interim budget will be completely an election budget. The government will not make any big announcements in this. The full budget will come in July. Still, announcements can be made by the government in the railway sector. If the government wants, it can make the new taxation system of income tax attractive. The standard deduction can be expanded to include salary classes. It is most important to open a portal for correction and amendment in GST returns. Reducing the GST rate on cement from 28 percent to 18 percent will be beneficial for the common people.
CA Manish Kedia, Tax Specialist, Income Tax Department
Bring petrol, diesel and alcohol under GST
Like every year, salaried taxpayers expect the Central Government to announce measures in the budget to reduce the income tax burden on the common man. Ranging from increasing the basic income tax exemption limit to standard exemption. At present, gifts received from non-relatives remain tax exempt only if the annual qualifying value of such gifts does not exceed Rs 50,000. If gifts received in a financial year exceed Rs 50 thousand, then its combined value is taxed. The time has come to bring petrol, diesel and liquor under the GST system.
Rajeev Aggarwal, Advocate, State GST
Government should arrange market for small scale industries
There should be provision for a stable market for small scale industries in the interim budget. Also, a provision should be made in the budget to create a clean industrial environment by removing unnecessary rules and regulations related to the industry, so that a sense of security can be created among the entrepreneurs and they can further strengthen this sector which provides the most employment after agriculture.
Inder Aggarwal, President, Entrepreneurs Organization Asia
Scheme to encourage entrepreneurs should be started
The Central Government should make provision for a scheme to encourage entrepreneurs in the interim budget. A new scheme of economic cooperation should be made for new entrepreneurs by removing the shortcomings of the present system regarding closed and sick small scale industries, so that they can move forward in this direction.
Santosh Singh, President, Entrepreneurs Organization SIA
Government facilities should be provided to small entrepreneurs
Small entrepreneurs are not getting as much benefit as they should from the government. The government needs to pay more attention especially to small entrepreneurs. Financial support should be provided from the bank. Small entrepreneurs are getting a lot of support in other states. The same kind of support should be provided here also.
Gyanchandra Jaiswal, District President, Laghu Udyog Bharti
[ad_2]
Source link
