Coimbatore: The Indian Chamber of Commerce and Industry, Coimbatore has welcomed the interim budget presented by the Union Minister for Finance, Piyush Goyal.
Coimbatore: The Indian Chamber of Commerce and Industry, Coimbatore has welcomed the interim budget presented by the Union Minister for Finance, Piyush Goyal.
A release from ICCI, Coimbatore stated that they welcomed the Interim Budget presented today by the Union Minister for Finance, Shri Piyush Goyal which focuses on two major relief packages to farmers and general public tax payers.
The Chamber also welcomed the following proposals:
Individual tax payers having annual income up to Rs.5 Lakhs will get full tax rebate - no tax up to Rs.5 lakhs measure. This will benefit 3 crore middle class tax payers. Simplification of direct tax system will benefit tax payers.
Increase in gratuity limit from Rs.10 lakhs to Rs.30 lakhs
Increase in Standard Reduction from Rs.40,000 to Rs.50,000
Mega pension scheme for unorganized workers whose salary is below Rs.15,000.
Simplification of Direct Tax System will benefit tax payers.
Increase in TDS threshold limit from Rs.10,000 to Rs.40,000
Farmers who have up to two hectares of land, direct income support of Rs.6,000 every year will be transferred directly to bank accounts of beneficiary farmers in three instalments. Around 12 crore farmers will benefit from this scheme.
Increasing the allocation of SC and ST development fund to 25 percent.
Doubling of farmers' income and free LPG connections to 8 crore families. Mudra loan facilities.
Raising of ESI eligibility cover from Rs.15,000 to Rs.21,000. Solar installation at 10 times of last year.
Ease of business for film industry by single window clearance for shooting of films.
Businesses with less than Rs.5 crores annual turnover, comprising over 90 percent of GST payers will be allowed to file quarterly returns.
Government also abolished import duties on 36 capital goods and special incentives were given to small businesses.
Announcement for setting up of Rashtriya Kamdhenu Aayog to enhance productivity of cows.
The Finance Minister did not concede too much on the fiscal consolidation goals, since fiscal deficit for 2018-2019 was seen at 3.4 percent of GDP.
As regards Railways, there is no announcement for Coimbatore. The Coimbatore Rameshwaram Express has been converted from meter gauge to broad gauge. But service to this train is limited. Coimbatore, being the second largest city, Tirunelveli the 7th, Tuticorin the 8th, Thanjavur the 9th and Dindigul the 10th, there is no train facility from Coimbatore to these destinations. Ministry of Railways should consider this in future.
Our Chamber has been representing for Industrial Corridor to Coimbatore but there is no mention in the Budget.
This is a very populist Budget which will help farmers and, middle and lower class income groups.