GCCI welcomes union budget & hike in mining royalty
GOANEWS DESK, PANAJI | 10 July 2014 18:00 IST
Goa Chamber of Commerce and Industry has welcomed the union budget as well as special announcements for Goa, including changes in the MMDR Act and hike in mining royalty.
In a press statement issued by GCCI, its president Narayan alias Nana Bandekar has also said the E-Visa system would help in boosting tourism in the state, visited by around four lakh foreigners every year.
“This number will go up with E-Visas,” he stated.
The GCCI has also welcomed the central government for its announcements to set up IIT in Goa and assisting to build a convention centre, a long-pending demand of the tourist state.
“Change in definition of MSME to increase the threshold limit of investment in plant and machinery will benefit the MSME sector also in Goa,” he stated.
The press statement also stated as follows:
“He has aimed at dispelling the un-certainties in the Indian Tax System by clearly stating that there will be no retrospective changes in taxes. This will pave way for a lot of FDI inflow which is urgently needed to finance a lot of infrastructure and other projects including defence.”
“While he could not completely eliminate the adverse impact created by the the 2012 retroactive amendment to income tax laws, he has assured that the Government will be extremely cautious in invoking the law which has hurt the country's image as an investment destination.”
“We welcome the proposal that cases arising out of retro amendment 2012 in respect of indirect transfers and coming to the notice of assessing officers will be scrutinized by a high level committee of CBDT (Central Board of Direct Taxes) before any action is initiated in such cases.”
“Special emphasis has been laid on promoting financial savings in the household sector through increased tax breaks. The common man though will be disappointed with the marginal increase in basic exemption limit from Rs. 2 lakh to Rs 2.5 lakh.”
“Development of industrial corridors with emphasis on Smart Cities linked to transport connectivity and investment allowance of 15% for 3 years to manufacturing companies which invest more than Rs 25 crore in plant and machinery will spur growth in manufacturing.”
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