CPMTA welcomes Union Budget 2017-18

10:55 AM, Thursday, February 2nd, 2017

BA NazeerMangaluru: Huge outlay of government expenditure on infrastructure especially in rural area will definitely trigger growth which has been badly affected by demonetization, said Canara Plastic Manufacturers and Traders Association (CPMTA) reacting to the union budget 2017-18 presented in Loka Sabha by Union Finance Minister Arun Jaitely on Wednesday.

“Tax reduction of 5% on income tax rates on below 50 crores income will help The Ministry of Micro, Small and Medium Enterprises (MSME) as most of the units are coming under corporate category. It should be extended to all the assessees. Reduction in personal income tax rates is commendable. Reward for tax payers and crackdown on tax evaders is the need of the hour,” said CPMTA President BA Nazeer.

Measures for clean India economy through various incentives for cash less economy is a step in the right direction. The announcement of reduction in Income tax rates for small income category and increase the turnover limit under presumptive tax scheme to Rupees two crores will bring big relief to a large number of assesses in the MSME category. Government support for infrastructure development, education and health sector is commendable which will spur growth. GST should be implemented from July 01, 2017 as promised by the Union Finance Minister.

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