MSME was expecting the reduction in tax rates at par with the corporates, the same was not given – M.K. Gupta

BUDGET OVERVIEW

M.K. Gupta, B. Com, FCA, DISA (ICAI)
This Budget has been categorised as the first Budget which has been announced
with keeping 25 years Blue Print in focus. This budget is very good, if we think
from Long term perspective for the economy as a whole. Allocation of Budget
for the infrastructural development, housing projects, reduction in Import
duties, digitalisation, digital university would lead to development of the
economy as a whole over a Long-term perspective. Govt; had managed to do it
by not presenting an election budget to attract votes. Various steps like, Issue of
Digital rupee by RBI, doing away with various compliances, Issuance of Epassports, Extension for new companies to setup manufacturing facilities, to file
an updated return, Corporate surcharge reduction from 12% to 7%, taxation of
Crypto currency will give a big boost to the economy,
On the other hand, India’s Salaried Class & Middle Class were hoping for relief
by enhancement in exemption limits, increase in standard deduction etc, but
the same has been kept un-changed. MSME was expecting the reduction in tax
rates at par with the corporates, the same was not given. Nothing in specific to
boost exports. In GST various measures to simplify were expected & not
announced

Mantosh Kumar & Associates
Chartered Accountants
M.K. Gupta, B. Com, FCA, DISA (ICAI)
B-34-7337/1, Mandir Wali Gali, Durgapuri
Haibowal Kalan, Ludhiana – 141001
91-98885-07436. WEBSITE: – https://mantoshkumarandassociates.com/
https://www.facebook.com/FCAMKGUPTA/
YouTube channel:- YouTube channel:-TAX EXPERT MK GUPTA TAX EXPERT MK GUPTA TAX EXPERT MK GUPTA