Southern India Engineering Manufacturer's Association President KV Karthik in a press release said that "we are over-all happy with the 2021-2022 Budget."
Coimbatore: Southern India Engineering Manufacturer's Association President KV Karthik in a press release said that "we are over-all happy with the 2021-2022 Budget."
He further stated that "SIEMA thanks the government for accepting our recommendation to reduce the customs duty on some types of steel and stainless steel, revoking Anti Dumping Duty and CVD on steel products and exempting duty for steel scrap."
"We believe increasing allotment for Micro Irrigation, increased focus on Jal Jeevan Mission and the extension of deduction of Rs. 1.5 lakhs for affordable housing loans will help the pump industry.
We also welcome the various measures taken to increase tax compliance by reducing the time limit for re-opening assessments and increasing the tax audit limit from 5 crore to 10 crores.
While the allotment of Rs. 15,700 crore for MSME sector in the budget is appreciated, more details are needed to see how MSME's will benefit from this announcement."
SIEMA President KV Karthik then stated that "We are disappointed that the Government did not extend the moratorium of the ECLGS as it is still affecting indhstrialsy who are facing liquidity issues due to the raw material price increase.
Overall, we are happy with the Budget Announcements." He said.
He further stated that "SIEMA thanks the government for accepting our recommendation to reduce the customs duty on some types of steel and stainless steel, revoking Anti Dumping Duty and CVD on steel products and exempting duty for steel scrap."
"We believe increasing allotment for Micro Irrigation, increased focus on Jal Jeevan Mission and the extension of deduction of Rs. 1.5 lakhs for affordable housing loans will help the pump industry.
We also welcome the various measures taken to increase tax compliance by reducing the time limit for re-opening assessments and increasing the tax audit limit from 5 crore to 10 crores.
While the allotment of Rs. 15,700 crore for MSME sector in the budget is appreciated, more details are needed to see how MSME's will benefit from this announcement."
SIEMA President KV Karthik then stated that "We are disappointed that the Government did not extend the moratorium of the ECLGS as it is still affecting indhstrialsy who are facing liquidity issues due to the raw material price increase.
Overall, we are happy with the Budget Announcements." He said.