Budget Reactions

Source: The Hitavada      Date: 02 Feb 2019 10:06:25


 

Slew of incentives were announced by Piyush Goyal, Finance Minister (FM) in the Interim Budget on Friday. The Hitavada took reactions of trade, industry and professionals.

CA Samir Bakre:

The Budget is growth-oriented. Several steps have been taken to provide relief to middle class and farmers. GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers. Most items of daily use for poor and middle class are now in the 0%-5% tax bracket. FM has announced a sanction of Rs 15.56 lakh loan amounting Rs 7.23 lakh crore under the MUDRA scheme. One lakh villages to go digital over next five years.

Rahul Upganlawar, Secretary General of VED:

FM announcement of no tax on income up to Rs 5 lakh income, farmer income support scheme of Rs 6,000 per year, interest subvention scheme for farm loan takers will be a great relief for middle class and farmers. Govt has assured income support scheme for small and marginal farmers under which every farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal installments. This will benefit crores of small and marginal farmers.

Nitin Lonkar, President of BMA:

FM has certainly an eye on coming general election and in line with it he has presented the Budget. There is no new assistance schemes or packages for growth of MSMEs. Infrastructure spending is significant by way of road construction, port development and solar energy promotion. Raising of I-T is welcome but the loss of revenue due to it and the means to recover it from other avenues is not clear.

Dipen Agrawal, President of CAMIT:

It is a pre-election populist Budget by all means. FM has acknowledged the contribution of taxpayers in nation building this gesture is appreciated by one and all. Through this Interim Budget, Government has tried to showcase its report card of last four and half years. FM has fulfilled the long pending demand of individual taxpayers for increasing the threshold limit of I-T to Rs 5 lakh. There is nothing for MSME and small traders.

CA Milind Kanade, Secretary of BMA:

FM has highlighted achievements of NDA Government on various sectors. As expected FM doled out popular announcements. In my opinion rural economy would be boosted by providing income support scheme to small farmers and real-estate sector would be benefitted by the proposal of no deemed rental income on second self occupied house property, exemption from long-term Capital Gain Tax on purchase of two residential units.

CA Kailash Jogani, Past President of NCCL:

The Interim Budget has prioritised populism and the major move is to appease voters in general and the farmers , middle class & rural India in particular. The target to get fiscal deficit down to 3 percent by 2020-21 seems to be a question. Even to meet the targeted fiscal deficit for 2019-20 would be very difficult as no new policies to increase revenues were announced, while number of expenditure measures and social sector commitments were announced that will increase outlays and may put pressure on Government’s ability to meet its said fiscal deficit targets.

CA Satish Sarda:

First time there is something to cheer for the middle class. Raising the rebate in I-T upto Rs 12,500/-, non deduction of TDS on interest earned up to Rs 40000/Rs 50000 on bank, post office deposits, increase in standard deduction from Rs 40,000 to Rs 50,000 , fast processing of returns etc. will bring some happiness for middle class.

CA Mahesh Rathi, Past Chairman of ICAI, Nagpur Branc:

NaMo Government intents to uplift and strengthen farmers, workers and lower middle class along with roadmap for Vision 2030. Minimum pension of Rs 3,000 for worker having salary up to Rs 15,000 is a good step. The 2% interest subvention for farmers pursuing animal husbandry and separate department for fisheries are positive steps.

CA. Ashish B. Mukim, President of BJP, Economic & CA Cell Nagpur:

Budget has taken care of agriculturist, poor people, middle class and every class of society. Rs 12 crore agriculturist will get Rs 6,000 yearly. Pension scheme of Rs 3,000 per month for 10 crores lower income earner has been started. There is more allocation on health care, education, food, electricity, cooking gas and rural housing etc..

Mahesh Sadhwani: Vice-President of CREDAI, Maharashtra:

It has given exemption of tax on second self-occupied house. Ceiling limit of TDS under section 194A has been increased from Rs 10,000 to Rs 40,000. Under Section 194I has been increased from Rs 1,80,000 to Rs 2,40,000. Capital tax benefit u/s 54 has been increased from investment in one residential house to two residential houses. Benefit under section 80IB has been increased for one year. Benefit has been given to unsold inventory.

Mayank Shukla, Chairman of COSIA, Vidarbha Chapter:

The Interim Budget-2019, commonly seen as ‘Election Budget’ is rather a progressive Budget a beginning towards ‘Achchhe Din’. Number of starting new welfare schemes, enhancement in fund allocations to existing welfare schemes and relief in tax structure can be attributed to increase in revenue collection and tax base and plucking the drains in the system.

CA. Umang Agrawal, Chairman of ICAI, Nagpur Branch:

Interim Budget is an annual report wherein the Government tried to highlight the achievements of four and half year. It can be term as a pro-election, pro-middle-class and pro-tax payers Budget.

FM has carefully designed the Budget speech for making the common man of the country happy which was evident through the number of times thanks was being given to the taxpayers as a feel good factor.

B C Bhartia, National President of CAIT:

Interim Budget though seems to be overall good has utterly neglected the trading community and it has highly disappointed 7 crore traders of the country who were hoping very high from the Budget.

Every other section of the economy has been given relief except the trading community which is the backbone of the economy. The Interim Budget makes us to feel that trading community is like an unwanted community in the country.

CA Julfesh Shah, Member of PR & CSR Committee of ICAI, New Delhi:

Many populist measures were announced to please the people from all sectors. Major thrust was given to boost the agriculture, special package for farmers, infrastructure, real estate & fiscal measures. The rebate upto Rs 5 lakh of the income will give relief to many taxpayers and increase in standard deduction by Rs 10000 will also provide extra benefit for the salaried class. The extension of tax relief u/s 80 IBA up to March 31, 2020 is a positive announcement for real estate industry.

CMA Anil B Verma:

Interim Budget 2019 is inclusive and progressive for middle class, poor and farmers with a focus on agriculture, rural development, education, health, infrastructure development, and digitisation of villages across. It proposes continues support to rural and farmers with MSP of 1.50 times of cost of production for agricultural products as well as direct income support of Rs 6,000 annually to small farmers.

Pratap Motwani, Secretary of The Wholesale Grain and Seeds Merchants Assn:

Budget has been designed for the welfare of general public and farmers of the country. Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmers in three installment to be directly transferred their banks accounts is a welcome step. This initiatives is likely to be benefitted to 12 crore small and marginal farmers.

Anil Nair, President of CREDAI, Nagpur Metro:

The Union Budget 2019-20 has given some relief to the real estate industry which has been grappling with low demand. The Budget will benefit the affordable housing segment. The I-T exemption will save over Rs 28,000 annually for a person with income of Rs 6 lakh. With two earning members in the house, the annual savings are likely to increase by Rs 56,000 annually. This will benefit the affordable housing sector.

Capt C M Randhir, President of MIA:. I-T returns processing in just 24 hours is a welcome step. Customds Duty will be abolished from 36 capital goods.

Full tax rebate upto Rs 5 lakh annual income after all deductions. Standard deduction from Rs 40,000 to Rs 50,000. Exemption on tax on second self occupied house. One lakh digital villages in next 5 years will help in digitilisation.

Ashwin Mehadia, President of All India Consumer Welfare Association, Nagpur:

The total electronic and transparent IT assessment process in next 2 years to curb corruption is a positive step. Three nationalise banks viz. BoI, BoM and OBC are out of PCA which will increase avenues for MSME sector to get financial assistance. Recovery of Rs. 3 Lakh Crores under Insolvency and Bankruptcy Code (IBC)

Shivpratap Singh, Secretary of The Nagpur Kirana Merchants Association:

Rs 6000 p.a. in bank accounts of small farmer having land upto two hectares will being some sigh of relief to them. Minimum pension of Rs 3,000 for worker having salary up to Rs 15000 is a good initiative.

The Interim Budget presented by Finance Minister Piyush Goyal has set a vision for economic growth. The only thing which we have to see is whether the measures announced in the Budget are implemented in right perspective.

Arun Khobragade, Chairman Food Processing Cell of VIA: Creation of Department of Fisheries is much needed administrative reform.  Vidarbha with its numerous lakes and ponds can benefit substantially from this ‘Blue Reform.’ Introducing ‘Pradhan Mantri Shram-Yogi Maandhan’ is much needed social security for the unorganised sector worker to lead a peaceful retired life.  Overall the Interim Budget 2019 spells right intent with the 10-point vision and does speak about the ‘New India’ but as in the past- its efficacy lies in the implementation.

Nikhil Kusumgar of Kusumgar Group: As it was Interim Budget, no major changes were expected. Increasing tax slab upto Rs 5 lakh is good move. Cow is worshipped like god in India, so starting National Gokul Mission is a good initiative. FM Piyush Goyal has focused on farmers and infrastructure this time and giving pension to workers of Rs 3,000 per month after 60 years of age is a good step to secure them future at a very low cost of Rs 100 per month. Overall the Budget is good.

CA Naresh Jakhotia: Overall it is a balanced Budget with nothing negative in it. Offering capital gain exemption towards purchase of two house as well as exemption second house from the purview of notional taxation is welcome move. Extension of one year more period of approval for 100 per cent profit deduction towards affordable housing scheme will encourage housing sector.