West Bengal state budget is a people-oriented budget targetting at SME and rural mass, but misses on industry specific announcement, according to the chambers of commerce.
"This is people oriented budget but not sure about big industry. VAT exemption, tax reform, amensty scheme are good effort to support the small and medium enterprises," Bengal Chamber president designate Ambarish Dasgupta said.
BCCI member and DIC India chief corporate officer T B Chatterjee said,"This budget is silient on large industry specific needs like land and subsidy. Large industry is necessary for growth of SMEs. About 70 per cent of SMEs depend on large industry."
CII welcomed the proposal to increase the threshold from Rs 5 crore to Rs 10 crore for VAT audit relief development of MSMEs and small dealers.
ICC in a statement said, "the Budget does not propose any additional taxation for the coming year. But, has actually reduced the burden of stamp duty and raised the exemption limit for VAT. Over the last 3 years the State has been able to double the plan expenditure which was a record increase, ICC press release observed. The Budget has proposed to set up 22 new Townships in the State for which an allotment of Rs.3420 crores have been made.
