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‘Nothing in the Budget for Goa to cheer about’
The increase in Minimum Alternative Tax from 10 per cent to 15 cent was discouraging.
Our Bureau
Panaji, July 8 Mr Cesar Menezes, President of Goa Chamber of Commerce and Industry (GCCI), on Monday, complimented the Union Finance Minister, Mr Pranab Mukherjee, for coming out with a Budget that will stimulate inclusive growth.
Mr Menezes said the GCCI welcomes the removal of fringe benefit tax, which was a major irritant.
However, the increase in MAT (Minimum Alternative Tax) from 10 per cent to 15 cent was discouraging, despite the fact that the period for carry forward has been increased from seven to 10 years.
Mr Menezes lamented that there is nothing in the Budget for Goa to cheer about. Though Goa ranks very high as an international tourist destination, there is hardly any tourism infrastructure.
The chamber had requested the Finance Minister to extend the benefit under Section 80ID (currently available to the entire district for setting up hotels being heritage areas) to cover all related activities that are covered under the broad definition of tourism infrastructure such as amusement parks, water sports, marinas etc.
“We had also requested tax exemptions under Section 80 IB to industries coming up in the five backward taluks of Goa,” he said.
Mr Atul Nayak, President of Goa State Industries Association, a body representing small and medium enterprises, welcomed the decision of the Finance Minister to rid the small businesses below the Rs 40 lakh turnover of the hassles of Income Tax filing.
He also welcomed the provision to exempt certain exports from the service tax.
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