CICU reaction to Union Budget 2014-15

Ludhiana, July 11, 2014: Avtar Singh, President and Upkar Singh Ahuja, General Secretary, Chamber of Industrial and Commercial Undertakings (CICU), Ludhiana said that the BJP Government in its maiden budget has given step motherly treatment to Punjab industry as under:

•         Punjab being a border States has not been given any industrial incentive/s which are being enjoyed by the neighboring states for the last more than 10 years.

•         Cycle & cycle parts industry in Punjab which is already reeling under adverse economic scenario has neither been provided any incentive nor relief in excise duty. More over custom duty on cycle & cycle parts being imported from China has not been enhanced to save domestic market.

•         No Industrial Smart City, New Industrial Cluster & Bio-tech Cluster has been earmarked for Punjab.

•         Specific deadline date has not been laid down for implementation of Goods and Services Tax (GST).

However both of them have appreciated this budget due to following main reasons:

?  Manufacturing units can sell products in retail through e-commerce platform without additional charges.

?  Reduction in excise duty for specified food package industry from 10% to 6% and on footwear from 12% to 6%. Reduction in customs duty on LCDs, LEDs on TVs below 19 inches and color picture tubes exempted from customs duty.

?  Tax exemption limit for small and marginal tax payers up from Rs. 2.0 lakh to Rs. 2.5 lakh and for senior citizens from Rs. 2.5 lakh to Rs. 3.0 lakh. Investment limit under section 80C increased from Rs. 1.0 to Rs. 1.5 lakh

They have humbly requested, appealed and urged upon Sh. Arun Jatiley Hon’ble Finance Minister to provide fiscal incentives to Punjab industry for its survival.