Union Finance Minister Arun Jaitley needs to be commended for effecting a significant tax cut of 5 per cent to MSMEs and giving an exemption from capital gains tax to farmers who have given their fertile lands for the construction of the new capital of Andhra Pradesh, Amaravati, according to the AP Chambers of Commerce and Industry Federation.

G. Sambasiva Rao, the president-elect of the federation, expressed the view at a seminar on the Union Budget here on Thursday. He said, however, that the Union Finance Minister should take enough care in rolling out GST to avoid dual control- that of both the State Government and the Union Government. Otherwise, the trade and industry would suffer.

B.P Sachin Kumar, chartered accountant, said the Budget was pragmatic and pro-poor and the Finance Minister had given some tax relief to all income tax payers, though he had not increased the basic exemption limit as widely anticipated. He said demonetisation was the right move.

A. Sarveswara Rao, another chartered accountant and advocate, said the Finance Minister had let the indirect taxes largely alone, in view of the impending rollout of the GST later this year. He had made certain positive amendments with regard to settlement commission.

V. Srinivas, CA, said the scrapping of the Foreign Investment Promotion Board was justified.

K. Kumar Raja, the vice-president of the federation, also spoke.

sarma.rs@thehindu.co.in

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