Industry & Economy
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Budget
Simplification of service tax procedures hailed
Our Bureau
Bangalore
,
Feb. 3
THE e-filing of customs documents and extension of the 8-digit classification to central excise will go a long way in reducing disputes over classification and interpretation, according to Ms Indra Prem Menon, President of the Greater Mysore Chamber of Industry.
She welcomed the plan to simplify service tax procedures and a single return and registration for service tax-payers.
The other `feel good' points in the Budget, are the move to reduce fiscal deficit below 4.8 per cent and the distinct rural bias that will help the agri sector, she said.
Mr B.S. Arun Kumar, President of the Federation of Karnataka Chambers of Commerce & Industry, wondered how new job opportunities could be created in the absence of any new concrete proposal.
Concessions to farmers and small industries would address some of their problems. He listed the lower farm interest rates, easier security norms on farm loans, and extension of kisan credit card benefits, farm fund and the cattle development board as welcome features. He said the reduction of 2003-04 fiscal deficit to 4.8 per cent of the GDP as "the most important evidence of a sound economy — something which the Indian economy has been struggling to achieve for many years."
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