HCC hails Union Budget, says good for India, Industry, Individual

HCC hails Union Budget, says good for India, Industry, Individual

Agency News

Chennai, Feb 1 : Hindustan Chamber of Commerce (HCC) today welcomed the Union Budget announced by the Finance Minister which aims at Aspirational India, for Economic Development and caring society. In a statement here, HCC President P G Sadguru Das said it is a Budget which is good for India, Industry and Individual.

The taxpayer charter to be incorporated in the Income Tax Act may improve trust among assessees and compliance. Removal of Dividend Distribution Tax is welcome. Shifting the same to stakeholders keeping in mind only the foreign investors was not so welcome, he said, adding, hope they do not bring a TDS on this, which only earlier made it a cumbersome process to claim refunds.

Stating that MSME was given a boost to get out of their financial woes, he said the HCC hopes that it works. Subordinated debt schemes for MSME entrepreneurs and credit guarantee for NBFCs were good initiatives; threshold for tax audit for MSMEs increased to Rs five crore was a welcome measure. He also welcomed removal of criminal liability in Companies Act and other Financial sector Acts, besides the projects announced for infrastructure and creating employment and increasing the deposit insurance was a relief to many depositors especially senior citizens.

Welcoming the concessions for Startups, he said the tax rate reduction without exemption may look attractive but has to be worked out. Hence the impact could be less on this count. Aadhaar based GST returns verification and simplified GST refund processing are good moves. (UNI)