Thane, Mar 1 (UNI) General Secretary of the Thane Small Scale Industries Association Mrs Sujata Soparkar has called the Union budget as "Overall uninspiring".
In a press release issued here, she stated,''the budget announced by the Finance Minister dilutes the process of reforms and there is no impetus for growth. What the SMEs need is a freedom from bureaucratic clutches and time on there hands to apply their minds to innovation.'' On the positive side as far as the small scale enterprises are concerned, the excise exemption limit has been hiked from Rs 1 crore to Rs 1.5 crore per annum and the service tax exemption limit has increased from Rs 4 lakhs to Rs 8 lakhs per annum which is very meager if you consider the inflation rate, she added.
The surcharge on income tax for SMEs is done away with but there is no change in the FBT. We were expecting the FBT to go for the SMEs as it is very cumbersome to comply with and unnecessarily increases the paper work, she said.
The personal income tax exemption limit has increased by Rs 10000 which will save Rs 1000 in income tax for every one but the education cess has increased from 2 per cent to 3 per cent which will lead to more money going out of the pocket of common man if you consider the various services he has to pay for.
The peak custom duty levels have been brought down to 10 per cent which will help bring down the prices of some items but nothing to combat the inflation. The excise duty on some food products, plywood and non electrical water purifiers has been reduced which will make these things cheaper.
The continuation of the technology up gradation scheme and allocation for priority sector lending is a step in the right direction and will help the small scale sector to compete globally.
UNI
In a press release issued here, she stated,''the budget announced by the Finance Minister dilutes the process of reforms and there is no impetus for growth. What the SMEs need is a freedom from bureaucratic clutches and time on there hands to apply their minds to innovation.'' On the positive side as far as the small scale enterprises are concerned, the excise exemption limit has been hiked from Rs 1 crore to Rs 1.5 crore per annum and the service tax exemption limit has increased from Rs 4 lakhs to Rs 8 lakhs per annum which is very meager if you consider the inflation rate, she added.
The surcharge on income tax for SMEs is done away with but there is no change in the FBT. We were expecting the FBT to go for the SMEs as it is very cumbersome to comply with and unnecessarily increases the paper work, she said.
The personal income tax exemption limit has increased by Rs 10000 which will save Rs 1000 in income tax for every one but the education cess has increased from 2 per cent to 3 per cent which will lead to more money going out of the pocket of common man if you consider the various services he has to pay for.
The peak custom duty levels have been brought down to 10 per cent which will help bring down the prices of some items but nothing to combat the inflation. The excise duty on some food products, plywood and non electrical water purifiers has been reduced which will make these things cheaper.
The continuation of the technology up gradation scheme and allocation for priority sector lending is a step in the right direction and will help the small scale sector to compete globally.
UNI
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