Business Daily from THE HINDU group of publications
Monday, Mar 03, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Mar 03, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Budget Focus on growth in industry 
The Union Budget presented by the Finance Minister is indeed a welcome budget with focus on growth in industry at large and infrastructure in particular. The drivers of economic growth indicate a strong and growing economy of the country. The proposal to reduce the project import custom duty rates from 7.5 per cent to 5 per cent will benefit the industry at large. While the withdrawal of exemption of additional custom duty of four per cent, commonly known as SAD, on certai n power projects is likely to provide a level playing field for companies like BHEL. Meanwhile, the excise duty reduction from 16 per cent to 14 per cent is likely to reduce the overall project costs for various infrastructure projects and is likely to benefit the consumers. Also,the reduction in CST from 3 per cent to 2 per cent and the preparation of a roadmap for goods and services tax for introduction of GST from April 2010 is in the right direction. For a company like BHEL, with high volume of inter-state purchases, the reduction in CST will help in reducing costs. Another welcome step is the withdrawal of banking and cash transaction tax. Mr C.S. Verma, Director-Finance, BHEL. More Stories on : Budget
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