PANAJI
The Budget FY 23 has been growth-oriented, with an impetus on capital expenditure to fuel economic growth and employment generation. The FM must also be commended for maintaining the fiscal deficit at 6.9 % of GDP in FY 22. GDP growth for FY 22 expected at 9.2 % was the highest for any large economy, stated Ralph De Sousa, president, Goa Chamber of Commerce and Industry (GCCI).
Commenting that the hospitality sector firms are yet to regain their pre-pandemic level of business, and the extension of ECLGS scheme is a welcome move, the GCCI president mentioned about the formal announcement on launch of India’s CBDC, the Digital Rupee, during 2022-23 as a much awaited and positive move. The SEZ Act to be replaced with the new legislation is a much-needed announcement, he said.
“No bad news is good news as far as the individual tax slabs are concerned. There have been no new taxes or cesses to support the vaccination program. On the contrary, there has been a reduction in certain surcharge taxes of AOPs, corporates and long-term capital gains. Start-ups and manufacturing units have been given a boost with an extension of tax benefits for another year. The new form for voluntary disclosure and payment of taxes exhibits the trust the government proposes in the taxpayers. We look forward to the E-passports, 5G Rollout in FY 2022-23. PLI extension to 14 sectors for Atmanirbhar Bharat will create 6 million jobs and increased fund allocation shall boost the MSME,” stated GCCI president.
GCCI vice president Srinivas Dempo lauded the finance minister for listing four priorities of the Modi government “ PM Gati Shakti, inclusive development, energy transition and climate action and financing of investments. Stating that the business community welcomes the initiative taken for Ease of Doing Business and the bold step to repeal 1486 laws, Dempo added, “One more important step was transparency in release of payments by government departments. Rationalisation of taxes and record GST collections are some of the other highs of this Budget.”
Former GCCI president Manoj Caculo thanked the FM for not presenting a populist budget considering the upcoming elections and taxing the industry. “There has been no such move by the government,’ said Caculo. Commenting that ease of living which is the next step of Ease of Doing business is the right path for the nation, he said, “Electric vehicles battery swapping policy to be brought out with interoperability standards was a good step but the details need to be studied.”
Atul Jadhav, president of Confederation of Indian Industry (CII), also the managing director of New Era Shipping Ltd was happy that no new taxes have been introduced. Jadhav welcomed the extension of the ECLGS scheme and addition of Rs 50,000 crore to the same.
Nilesh Shah, chairman of TTAG also was positive on the budget. “The road infra from Gati Shakti will boost tourism along with Vande Bharat trains and Parvat Mala Scheme aimed at rope ways in the NE region,” said Shah.
CA Gaurav Kenkre- vice-president of Institute of Chartered Accountants Goa said, “This budget has increased Capex funding than any previous budget which will boost the economy. The GST collection increase signifies economic recovery, more enforcement and efficient data analysis.”
Rohan Bhandare, chairman of GCCC Taxation Committee opined that the introduction of Digital Rupee using blockchain technology gives a strong message that India is ready for any technology adoption. “The government has gone a step ahead to take the taxpayer into confidence in the process of tax declaration by opening up the options for updating tax returns within two years is a positive mark in this budget,” said Bhandare.
Ralph De Sousa (GCCI president), Srinivas Dempo (GCCI vice-president), Manoj Caculo (GCCI past president), Pratima Dhond (GCCI vice-president), Atul Jadhav (CII president), Nilesh Shah (TTAG chairman), Gaurav Kenkre (ICI vice-chairman), Amin Ladakh (chairman - Goa Management Association), Chandrakant Gawas and Rohan Bhandare (chairman GCCI Tax Comm), Orland Rodgrigues (GCCI Agri Comm), Prashant Barve (AGTPA), Dean Menezes, Dr Sangam Kurade, Ashutosh Kharangate, Joseph D Souza were some of the prominent attendees for the live session on Budget at GCCI hall.
