Kolkata, Mar 1 (UNI) The Union Budget for the coming fiscal (2007-08) has rightly addressed the issues of inflation control and uplifting weaker sections, experts at a seminar felt here today.
Speaking at the symposium on ''The Union Budget 2007-08,'' at the Merchants' Chamber of Commerce(MCC), former MCC president and Life Insurance Corporation of India(LIC) Director Amitav Kothari said the budget has properly allocated substantial resources for improvement of education, healthcare, family welfare and employment generation.
''The sharp focus on these sectors is in consonance with the UPA government's commitment to the National Common Minimum Programme.
But it is also desirable from long-term viewpoint,'' Mr Kothari observed.
He said a welcome feature of the budget was providing a large increase in resource-allocation for the farm sector by way of credit, development schemes for pulses, seeds, irrigation facilities, water resources and fertilisers.
Ernst&Young India Private Limited Director Rahul Roy said the cuts in custom duties on edible oil and reduction in excise duties on petrol and diesel would boost up supplies and reduce cost of consumer products.
Mr Roy also welcomed the proposals to create a Dedicated Fund for infrastructure development, cut in excise duty on plywood and withdrawal of income tax surcharge for the small and medium enterprises.
Earlier, in his welcome address, Chamber president Santosh Saraf asked why the divident distribution tax has been raised from 12.5 per cent to 15 per cent for companies and 25 per cent for mutual funds.
"It is also not clear why the works contracts, which involve an element of value added tax at the execution level, has been brought under the service tax in the budget,'' Mr Saraf maintained.
UNI
Speaking at the symposium on ''The Union Budget 2007-08,'' at the Merchants' Chamber of Commerce(MCC), former MCC president and Life Insurance Corporation of India(LIC) Director Amitav Kothari said the budget has properly allocated substantial resources for improvement of education, healthcare, family welfare and employment generation.
''The sharp focus on these sectors is in consonance with the UPA government's commitment to the National Common Minimum Programme.
But it is also desirable from long-term viewpoint,'' Mr Kothari observed.
He said a welcome feature of the budget was providing a large increase in resource-allocation for the farm sector by way of credit, development schemes for pulses, seeds, irrigation facilities, water resources and fertilisers.
Ernst&Young India Private Limited Director Rahul Roy said the cuts in custom duties on edible oil and reduction in excise duties on petrol and diesel would boost up supplies and reduce cost of consumer products.
Mr Roy also welcomed the proposals to create a Dedicated Fund for infrastructure development, cut in excise duty on plywood and withdrawal of income tax surcharge for the small and medium enterprises.
Earlier, in his welcome address, Chamber president Santosh Saraf asked why the divident distribution tax has been raised from 12.5 per cent to 15 per cent for companies and 25 per cent for mutual funds.
"It is also not clear why the works contracts, which involve an element of value added tax at the execution level, has been brought under the service tax in the budget,'' Mr Saraf maintained.
UNI
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