- Raju Apsara
It is unfortunate that in the budget for the financial year 2021-22 presented by the Union Finance Minister, there was no proposal to help the business community.
The budget expected some proposals to support the business community, which is paying lakhs of crores of rupees in indirect taxes and direct taxes to the government without receiving any compensation. In particular, there should have been suggestions for a wake-up call for this region, which is reeling from the Covid pandemic. That did not happen and, moreover, the GST. By law, the tax paid by a merchant on the purchase of a good is also written off by the department denying the input tax credit if the seller who made the sale does not file a return. These kinds of carnage will only push the business community into more misery.
The reduction in customs duty on gold is welcome. It is hoped that this will help reduce the influx of illicit gold. Raising the customs duty on cut stones will help domestic production.
During the budget discussion, it can be hoped that the government will submit positive proposals to the business community in general
The writer is Kerala Vyapari Vyavasayi Ekopana Samithy Kerala state general secretary