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Vikas Agarwal, President of Indian Chamber of Commerce and Industry said that the reduction in MAT rates to 15 per cent and surcharge to 7 per cent for cooperative societies is a welcome especially for a state like Kerala where there many of them operating in the rubber, spice and other agri sectors.
From the state government’s point of view, additional borrowings to the tune of ₹1 lakh crore to spend on infrastructure spending within the state will also boost job creation. The extension of tax incentives for an additional year for startups and manufacturing industries will provide some relief, he said.
The enhancement of ELCGS scheme outlay from ₹50,000 crore to ₹5 lakh crore may look like a 10 fold increase. However it remains to be seen whether it will suffice for the MSME segment, which has been the most affected in the last two years, he added.
The introduction of 30 per cent flat tax on transfer of any virtual digital asset legitimizes its existence and also is a fair rate considering that it is primarily a speculative asset and thereby taxed accordingly. The implementation however will remain a challenge, considering the decentralized nature of most crypto assets, he said.
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