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Balanced Budget: Chambers
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Hike in Central excise exemption for SSI welcomed
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`The reductions in the Customs duty for edible oil will adversely affect the economy of the State.'
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Kochi
Feb. 28
The trade and industry, which does not seem to be enthused by the Union Budget, have described it as a balanced one.
Mr E.S. Jose, President of the Kerala Chamber of Commerce and Industry, said that though the Budget had given preference to the agricultural sector and farm workers, it had not given adequate consideration to check the price hike except the proposal for exempting essential commodities from future trade.
Domestic Trade
He said that said that the hike in Central excise exemption for SSI from Rs 1 crore to Rs 1.5 crore is a welcome step. Similarly the concession in the Central excise and Custom duties will be helpful for the domestic trade. The subsidies announced for the fertilisers will be helpful for FACT. However, the reductions in the Customs duty for edible oil will adversely affect the economy of the State.
Mr K. Retnam, President of the Indian Chamber of Commerce and Industry, said that the budget allocation of Rs 22.50 crore for the modernisation and technology upgradation of coir industry needed to be suitably enhanced to have the desired result.
The decision to place similar mechanism like tea fund for rejuvenating coffee, rubber, spices, cashew etc will be of particular benefit to Kerala provided there is a realistic fund allocation, he said.
Exemption Limits
Mr Jose Dominic, President of the Cochin Chamber of Commerce, said the Chamber was disappointed that the personal income tax payers have only been given a marginal Rs 10,000 increase in threshold tax exemption limits, while at the same time foisting an additional 1 per cent education cess on them. With rising prices and high inflation, taxpayers were expecting increased exemption limits, he said.
Mr Dominic also welcomed the cut in peak Customs duty on non-agro produce and the reduction of import duty on specified machinery and medical items. While the Chamber hails the cuts in excise duty on certain items, we are of the view that the reductions should have been made across the board like what has been done in the case of instant food mixes, he said.
The Government's renewed focus on certain sectors like agriculture, infrastructure - particularly power and roads - IT, e-governance, textiles, R&D etc is most welcome, he said.
The Kerala State Small Industries Association welcomed the budget saying that the hike in Central excise exemption for SSI from Rs 1 crore to Rs 1.5 crore and the concession given to plywood, chemical plastic, PVC pipes would help the development of the SSI industry.
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