Industry experts hail corporate tax cut move in union budget

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Session on budget 2019 highlights organized by Indian Chamber of Commerce
Bhubaneswar: Industry veterans hail the corporate tax cut move by union finance minister Nirmala Sitaraman in her maiden budget that presented in the parliament yesterday. They welcome some of the initiatives that were announced in the budget like liquidity support to the public sector banks, initiatives for real estate sector and also pension for small traders move.
In a post –budget discussion organized by Indian Chamber of Commerce (ICC), in Hotel Presidency, convenor of Finance and Taxation committee of the chamber A K Sabat, Mentor-Agri and food processing committee Pradipta Mohanty, Ex director general of UCCI Rajen Padhi and Co-chairman of ICC Odisha State Council J B Pany analysed the key highlights of budget 2019-20. They discussed about direct and indirect taxation initiatives and its implication on industry and other sectors and other sector specific updates.
Experts participated in this post budget discussion said that, “PSB recapitalization of Rs 70,000 crore; For purchase of high-rated pooled assets of financially sound NBFCs amounting to a total of Rs 1 lakh crore, Govt will provide a one-time six-month partial credit guarantee to PSBs for first loss up to 10% like initiatives will address the liquidity problem of the economy.”
They told that MSME, Real Estate Sector, Labour Market and Electric Vehicle sector get major boost in this year budget. They also down their thumbs for additional duty on petrol and diesel. Also dislike the move for not making any changes in the Income tax slab which will affect the demand in economy.

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