CICU condemns interim budget’ 2014-15


Ludhiana, February 17, 2014: Avtar Singh, President and Upkar Singh Ahuja, General Secretary, Chamber of Industrial and Commercial Undertakings (CICU), Ludhiana in a statement released today condemned the Interim Budget’ 2014-15 presented by the  Union Finance Minister in the Parliament.
In a statement here today, they cited the following reasons for condemning the interim budget:
   This Budget is very disappointing as MSME Sector has been completely ignored.  This Sector was expecting relief in excise duty with Turnover Limit up to Rs.3.00 crore to beat the challenge and maintain growth trajectory in the present hostile economic scenario.
  Imposition of 5% surcharge on Corporate sector with turnover or Rs.10.00 crore is highly un-called for, which will adversely impact  competition  in Global markets.
  Infusing Rs.11200 crore in PSU Banks next fiscal is total wastage of honest tax-payers’ money.  The Banks should implement self-sustainable model to increase their work efficiency for boosting profits.  
  Punjab being a Border State has not been provided any financial assistance whereas Rs.1200 crore additional assistance to North-Eastern States is to be released before the end of 2014.This discrimination is highly un realistic.
  No relief has been provided in the Income Tax Rates which are comparatively higher.    
Still, they have also appreciated this budget on certain points, which are as under:
  Excise Duty cut on Small Cars, Motorcycles and Commercial Vehicles from 12% to 8%, on SUVs from 30% to 24% and Large and Mid-segment Cars from 27-24% to 24-20%.
   Slashing Excise Duty on Capital Goods and Consumer durables from 12% to 10%.  
  The restructured Excise Duty will encourage and boost Auto and other Manufacturing Sectors in increasing production and growth in the present economic scenario.//ludhiana news online, ludhiana news in English, ludhiana news, ludhiana current news, ludhiana news live, Ludhiana breaking news, Ludhiana headlines, Ludhiana latest news, punjab news, india news, punjab news live, punjab news online, punjab news, punjab news headlines, punjab breaking news, india news, punjab news,

Monday, February 17, 2014