SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 26 Sep, 2014  

Ganesh Kumar Gupta Budget – Growth-oriented & in the right direction: G K Gupta

Textile Fashion002
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 08 Jul, 2009
The Union Budget for 2009-10 is progressive, growth-oriented and in the right direction, said Ganesh Kumar Gupta, Chairman of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC).

The Budget has exempted Service tax on "Commission paid to foreign agents" and "Transport of goods through road," which according to Gupta is a big relief for the exporters.

He also welcomed the decision to abolish the Fringe Benefit Tax (FBT) on business tours abroad, which he said was one of the long-standing demands of the exporting community.

Other initiatives, such as the extension of the interest rate subvention of 2% on pre-shipment credit from September 30, 2009 to March 31, 2010 and the extension of the adjustment assistance scheme to provide enhanced ECGC cover at 95% up to March 31, 2010 would provide the necessary relief to the exporters, who are badly hit by the global slowdown.

On the increase in the allocation for Market Development Assistance Scheme to Rs. 124 crore, the Chairman of SRTEPC said: “Although this is a welcome step, the amount is grossly inadequate considering the requirements.”

Though there are many initiatives in the Budget that are positive and in the right direction, the budget, according to G. K. Gupta, has not fully addressed the concerns of the exporters and has, therefore, fallen short of their expectations.

The budget has not reinstated the benefit of deduction under section 80 HHC to the textile sector. The budget has also not issued any clarification with regard to the Profit on Sale of DEPB for deduction under Section 80HHC of the Income Tax – a matter, which is pending in various courts, Gupta said.

The Chairman of SRTEPC also expressed his disappointment that there was no provision in the budget to compensate the exporters for derivative losses suffered by the exporters due to volatile foreign exchange markets.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter