ASSOCHAM’s hopes from the first union budget
ASSOCHAM (The Associated Chambers of Commerce and Industry of India) has presented its demands before the introduction of the first Union budget under Narendra Modi-led government. They want an early roll out of GST (Goods and Services Tax), revival of SEZ (Special economic zones) a stable tax regime, slashing of tax rates and tax incentives for creation of Indian brands.
In a pre-budget consultation meeting with the Revenue Secretary Rajiv Takru in New Delhi, the industry chamber shared its suggestions which will in turn revive the economic growth and bring life to the ailing manufacturing sector.
ASSOCHAM demands that the tax policies should be eased to stimulate economic growth, curb inflation and create a friendly environment for the investors especially who want to invest in the manufacturing and infrastructure sectors which generate large-scale employment. In house R & D (Research and Development) should be promoted and tax incentives should be given to the companies who are determined to create Indian brands. If the Minimum Alternate Tax (MAT) and Dividend Distribution Tax (DDT) are withdrawn, and the SEZ policies are altered to induce growth then the SEZs can be revived immediately. ASSOCHAM thinks that the first Union budget by the new government will be industry and investor friendly and create more employment for the youth of the country.
Source- The Financial Express
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Yes, the tax policies should be eased to stimulate economic growth. There should be policy or incentive schemes for affordable housings in India. There are a lot of expectations from the current budget.
A stable tax regime and tax incentives are the expectations from the union budget.