In the virtual pre-budget meeting held with the Finance Minister, the industry also suggested to make GST more rational.
Pre-Budget Meetings: Indian industry has urged Finance Minister Nirmala Sitharaman to take more favorable steps in the next budget, including new fiscal stimulus, to accelerate the pace of economic growth. This demand has been made in the midst of adverse effects on the economy due to the corona virus epidemic. In a virtual pre-budget meeting held with Finance Minister Nirmala Sitharaman, the industry also suggested a reduction in the personal income tax rate, incentives for the housing sector and rationalization of GST (Goods and Services Tax).
Industry boards also advocated increased investment in infrastructure sector, privatization of public sector companies and more tax incentives for R&D activities. The industry body Ficci said in its recommendations on the budget, “The economy is fast on track and there is a need to maintain this momentum.” This fast has been possible due to the quick and timely steps taken by the government. Measures to boost economic growth should be given priority in next year’s budget and fiscal matters should be looked after. The need for fiscal stimulus still remains.
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CII President Uday Kotak said, “Government expenditure should be on priority basis in three areas Infrastructure, Health Sector and Sustainability. Two issues should be addressed in the budget. It includes promoting a private investment and supporting employment generation. ”Kotak also pointed out the urgent need to improve the financial sector. He said that achieving the target of $ 5,000 billion economy is very much dependent on the strength of the financial sector and the government has to hold its stake in public sector banks, excluding 3-4 big banks like State Bank of India, Bank of Baroda and Union Bank. In the next 12 months, the market route should be brought below 50 percent.
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Industry Board Assocham suggested a reduction in tax rates. He suggested reduction in personal income tax keeping in view the reduction in company tax and increase in surcharge on individual taxpayers.
Source: www.financialexpress.com