JAIPUR: A day after the Union Budget, industry bodies in the state held sessions to brainstorm the impact of the proposals on businesses, economy, employment and human development.
While tax relief proposed in the budget became the major talking point of the debates, experts said the increase in the limit is just an exercise to compensate the rising inflation.
Speaking at an event of industry body Assocham-Rajasthan, Rajiv Arora, chairman of Rajasthan Small Industries Corporation, said instead of increasing taxes, the government should widen the tax base.
Arora said, “The tax relief is actually not a relief if we factor in the price rise (inflation). Second, the taxpayers’ base is very low. The government should make a strategy to bring in more people into the tax net. Prices of all things have gone up. Industry is also not in the best of health. That’s why instead of increasing taxes, the government should widen the tax base and give tangible relief.”
Talking about employment, Ajay Data, chairman of Assocham-Rajasthan, said the ascent on infrastructure building, be it airports, railways and roads, will create jobs in the economy.
“The budget has rightly given priority to infrastructure investment. Capital expenditure for the coming financial year has shot up by 33% to Rs 10 lakh crore. This will create jobs,” added Data.
At another seminar organized by FICCI Rajasthan, experts from various fields analyzed the budget announcements and their impact.
Maulik Doshi, the deputy managing director of Global Transfer Pricing and International Tax at Nexdigm SKP India, said, “There is a definite push in the Union Budget towards making the new tax regime lucrative by introducing standard deduction, extension of rebate and exemption limit and rationalisation of rates.”
Saket Patawari, executive director, Indirect Tax, Nexdigm SKP India, said the Union Budget has increased the monetary threshold for launching prosecution from Rs 1 crore to Rs 2 crore with some riders. Describing it as a a good move, he said that it would lead to a reduction in the the number of cases, he added.
While tax relief proposed in the budget became the major talking point of the debates, experts said the increase in the limit is just an exercise to compensate the rising inflation.
Speaking at an event of industry body Assocham-Rajasthan, Rajiv Arora, chairman of Rajasthan Small Industries Corporation, said instead of increasing taxes, the government should widen the tax base.
Arora said, “The tax relief is actually not a relief if we factor in the price rise (inflation). Second, the taxpayers’ base is very low. The government should make a strategy to bring in more people into the tax net. Prices of all things have gone up. Industry is also not in the best of health. That’s why instead of increasing taxes, the government should widen the tax base and give tangible relief.”
Talking about employment, Ajay Data, chairman of Assocham-Rajasthan, said the ascent on infrastructure building, be it airports, railways and roads, will create jobs in the economy.
“The budget has rightly given priority to infrastructure investment. Capital expenditure for the coming financial year has shot up by 33% to Rs 10 lakh crore. This will create jobs,” added Data.
At another seminar organized by FICCI Rajasthan, experts from various fields analyzed the budget announcements and their impact.
Maulik Doshi, the deputy managing director of Global Transfer Pricing and International Tax at Nexdigm SKP India, said, “There is a definite push in the Union Budget towards making the new tax regime lucrative by introducing standard deduction, extension of rebate and exemption limit and rationalisation of rates.”
Saket Patawari, executive director, Indirect Tax, Nexdigm SKP India, said the Union Budget has increased the monetary threshold for launching prosecution from Rs 1 crore to Rs 2 crore with some riders. Describing it as a a good move, he said that it would lead to a reduction in the the number of cases, he added.
