Budget falls short of expectations, says India Inc The budget has failed to meet the expectations of India Inc. The abolition of the FBT was broadly welcomed but the hike in MAT and the extension of the STPI benefits by just one year disappointed many.
PC Kapoor of Bharati Shipyard "I am disappointed with the budget. The shipping & shipbuilding industry generates a lot of revenues & employment. But it finds no mention of the sector in the budget."
Pawan Goenka, president of automotive business, M&M "I am hugely disappointed by no change in excise differential for vehicles. I am also disappointed that excise surcharge of Rs 15,000 not rolled back." More...
Budget Highlights on Taxes and Prices
Service tax levied on law firm
Custom duty on gold re-imposed
Customs duty to be reduced on drugs for heart treatment
No new tax on edible oil imports
4 per cent excise duty on cotton products restored
Customs duty on bio-diesel reduced
Life saving devices on heart contidion exempted from custom duty
Small business exempt from advance tax
The first budget of the UPA govt is a big 'thank you' Budget speech completed. Finance Bill-II 2009 introduced. Customs duty on bio-diesel reduced. Silver to cost more. Tax to be levied on Law Firms. Textile units to receive tax holiday. LCD TVs to cost less. Custom duty on LCD TVs cut from 10% to 5%. Set-Top Boxes to cost more. Customs duty of 5% on set-top boxes. To extend tax holiday for commercial production of mineral oil and natural gas. Enhance budgetary support by Rs 40,000 cr. Fringe Benefit Tax abolished. Commodity Transaction Tax abolished. Personal income tax exemption hiked by Rs 10,000. No surcharge of 10% on personal income tax More...
Budget backs infrastructure, farmers
The Government on Monday outlined measures to speed infrastructure development and unveiled increased spending for farmers and the poor in its first Budget since Prime Minister Manmohan Singh's Government was reelected by a resounding margin in May.
Finance Minister Pranab Mukherjee, sticking to the theme of 'inclusive growth' espoused by the Congress party-led Government, unveiled breaks for exporters hard-hit by the global downturn and direct subsidies for farmers.
He also urged a return to fiscal responsibility targets as soon as possible..
"The first challenge is to return the GDP growth rate of 9 percent per annum at the earliest," Mukherjee said. "The second challenge is to deepen and broaden the agenda for inclusive development." More...
BJP dubs Budget as unimpressive The BJP has dubbed the General Budget as timid, tepid and unimpressive while the Congress hailed Finance Minister Pranab Mukherjee for doing an "excellent job".
"I do not see any great message in the budget. It is timid, tepid and unimpressive," senior BJP leader and former Finance Minister Yashwant Sinha said.. Congress spokesman Manish Tewari said, "The Budget is a very judicious mix of short term stimulus, medium term prudence and long term structural reforms. More...
Budget to minimise recession impact Prime Minister Manmohan Singh on Monday said the Union Budget 2009-10 is aimed at minimising the "impact of the global recession" and achieving 8 to 9 per cent growth in the medium term.
Describing the budget as rural-development-oriented, Singh said its focus was to ensure that short-term requirements of the economy as well as medium-term goals were achieved.
"The Finance Minister has done an admirable job," the Prime Minister said minutes after the Union Budget for 2009-10 was presented in the Lok Sabha by Finance Minister Pranab Mukherjee.
Singh said right now the major concern was to minimize the "impact of global recession" on the Indian More...
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