Kolkata, 6 February :Hailing the Union Government for giving more focus towards addressing the problems of India’s agriculture and rural sector to help bring them out from last three years negative growth, a panel of experts and economists here have said the Centre’s proposal to make every district an Export Hub is a well thought out plan to bounce back the economic growth.
Participating in a panel discussion on ‘Central Budget Proposals 2020-21’ here last night, organised by the century old Bharat Chamber of Commerce(BCC), a panel of distinguished speakers comprising Sunil Mitra, former Finance and Revenue Secretary, Nirmal Poddar, Senior Advocate, Supreme Court of India and Eminent Taxation Expert and Vijay Chhangani, Director, Indirect Tax, Ernst and Young,shared their observations on the growth perspectives of trade and industry in the budget .
Speaking on the ‘Vivad se Vishwas’ or Settlement of Disputed Taxes Scheme both Mitra and Poddar felt that though the scheme lacked clarity on factors such as the definition of ‘Disputed Tax’, the payment procedure and the Authority or Appellate Tribunal should have been made rather satisfactorily.
According to Mitra,this year’s Budget had a ‘progressive outlook’ without the imposition of new tax burdens whcih he said was a step in the right direction.
Referring to its limitations Poddar pointed out that assessees would now have to compute their income twice – once in the old tax regime and another by applying the concessional rates of tax as announced in the Budget. ‘This may increase the cost and work burden for individuals and may also create confusion’, he said.
Earlier in his Welcome Address, BCC President Ramesh Kumar Saraogi observed that several announcements made in the Budget were aimed at encouraging growth in the manufacturing sector. In this regard, he also said that relief provided in matters of credit to exporters and Custom Duty modulations would make the exporters more competitive.
“The proposal for establishing the Quantum Technology Mission to reap the benefits of Artificial Intelligence and Machine Learning were also timely decision in our journey towards all round growth of Industry, he added.