Complementing the Hon’ble Union Finance Minister, Smt Nirmala Sitharaman on her 8th budget placed in the parliament on Saturday, 1st February, 2025.
Shri Amit Saraogi, President of Merchants’ Chamber of Commerce & Industry feels that the present budget is fine budget benefiting the entire Middle Class. While it has given a lot of stress on Manufacturing, MSMEs, Agriculture & allied sector, Investment and Export which have a multiplier effect on the economy, including job creation.
This year Union Budget mainly focuses on Investing in People, Economy and Innovation.
Shri Saraogi said, “Increase in the slab rates of the thresholds limit with tax rebates for those income 12 lakh per annum is very welcome move.”
President of MCCI also pointed out that simplification of TDS & TCS provisions are in the right direction to promote ease of doing business. Decriminalization of non-compliances of TCS provisions is in consonance with the similar TDS provisions which are initiation of faith in the industry.
Lastly, Shri Saraogi praised that the extension of registration of charitable trust from 5 years to 10 years and updated returns from 2 years to 4 years is again in the direction of simplification of taxation and we hope Hon’ble Faineance Minister would continue the process of simplification of Tax law in the ensuing of New Income Tax Bill to be placed next week.
