West Bengal's major industry bodies Friday welcomed the state budget saying the proposals on tax revision, especially Value Added Tax, would facilitate the growth of small scale industries.
"The state budget has further introduced a slew of measures to simplify and reform the taxation system which would stimulate the business and revenue generation for the government," saidMerchant Chamber of Commerce president Arun Kumar Saraf.
Earlier in the day, Finance Minister Amit Mitra presented presented a Rs.138,370.01 crore budget in the state assembly, with an estimated deficit of Rs.4 crore.
Industry body ICC said the budget would boost holistic economic growth in the state.
"The budget has proposed to set up 22 new townships in the state for which an allotment of Rs.3,420 crores have been made. Seven more IT parks will be set up shortly, while eight others are already nearing completion," the association said in a statement.
ICC said Mitra has been able to make substantial allotments of with Rs.1,295 crore towards electrification in the state, Rs.647 crore for technical education, Rs.450 crore for north Bengal's development, Rs.138 crore for food processing, Rs.653 crore for industry and commerce and Rs.1,484 crore for infrastructure development.
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The Bengal Chamber of Commerce, however, expressed concern about the state's approach to the large scale industries.
"The budget primarily stresses on the development of MSMEs and small businesses. It, however, is not transparent how the Budget plans to approach the large industry even if the finance minister had announced a whopping industrial investment proposal of Rs.3 lakh crore," said itrs director general P.Roy.
Industrialist Sanjay Budhia of the Patton Group said the budget has "successfully adopted multiple strategies to handle many burning issues simultaneously".
"By announcing major tax reforms such as increase in Vat threshold, amnesty scheme for registration, settlement of dispute scheme, Vat audit relief to MSME, speedy tax refund, easy profession tax registration, the government has simplified the tax regime which will boost industry in the state," he said.
JIS Group MD Taranjit Singh said: "As a whole, (the) budget will encourage middle and lower middle class, business houses and will pose a silver lining for development of education and as well as (the) state."