Kanpur: The city’s leather industry is a little disappointed with the budget presented by the Union finance minister in Parliament on Saturday.
Commenting that leather industry also needs an uplift, former chairman of Council for Leather Export (CLE) Mukhtarul Amin said that increase in import duty would benefit the domestic industry, but on the other hand, the enhanced duty on components in the leather industry would hurt the industry which was already crawling due to some decisions taken by the state government.
He said though this was just a proposal and would be discussed in the house, but a delegation of the leather industry would meet the Union finance minister and request her to reduce the duty on components so that the industry can be run properly.
General secretary, Leather Industries Welfare Association, Asad Iraqi, said that the industry was expecting some relief, especially due to its present condition. “The budget is a great disappointment for the leather industry”, he said.
The budget experts, however, evoked mixed reactions. Bhagwan Jagwani, director, Allen House Colleges said the budget has given an indication of growth and vision in India because the finance minister tried to cover the maximum fields in her budget.
Govind Maheshwari and Rajesh Bajpai, both chartered accountants, stated that they were hoping an increase in the home loan sector limit but that was missing. “The budget has withdrawn the mandatory provision of an audit by a chartered accountant for companies having a turnover of Rs 5 crore or more. It is good for businessmen but against the chartered accountants”, they said. They have however praised the initiative of minimum governance and extension of disposal scheme of income tax matters of Rs 4 crore or more.
Anuradha Varshney, chairperson, Flow, Kanpur Chapter while welcoming the budget stated that it was in the interest of women associated with the Agri sector, middle-income group employment, and industry.
President, Kanpur Income Tax Bar Association, Deep Kumar Mishra, said that planned investment in Agri, rail, milk production and fishery, 100 new airports, data centre park etc would push the country towards development. Baby Rani Agarwal, principal of Mahila Degree College said though the budget was good there was a need for more tax reforms. The taxpayers should have been given some more facilities, she said.
In a debate on budget held at the Allen House, the banking experts welcomed the enhanced guarantee of the finance minister on investors’ deposits from Rs 1 to 5 lakh and said it was a right measure to secure the deposits of the people.
Announcement regarding reduction in income tax rates would bring a smile on faces of middle-income groups, said a tax expert
Commenting that leather industry also needs an uplift, former chairman of Council for Leather Export (CLE) Mukhtarul Amin said that increase in import duty would benefit the domestic industry, but on the other hand, the enhanced duty on components in the leather industry would hurt the industry which was already crawling due to some decisions taken by the state government.
He said though this was just a proposal and would be discussed in the house, but a delegation of the leather industry would meet the Union finance minister and request her to reduce the duty on components so that the industry can be run properly.
General secretary, Leather Industries Welfare Association, Asad Iraqi, said that the industry was expecting some relief, especially due to its present condition. “The budget is a great disappointment for the leather industry”, he said.
The budget experts, however, evoked mixed reactions. Bhagwan Jagwani, director, Allen House Colleges said the budget has given an indication of growth and vision in India because the finance minister tried to cover the maximum fields in her budget.
Govind Maheshwari and Rajesh Bajpai, both chartered accountants, stated that they were hoping an increase in the home loan sector limit but that was missing. “The budget has withdrawn the mandatory provision of an audit by a chartered accountant for companies having a turnover of Rs 5 crore or more. It is good for businessmen but against the chartered accountants”, they said. They have however praised the initiative of minimum governance and extension of disposal scheme of income tax matters of Rs 4 crore or more.
Anuradha Varshney, chairperson, Flow, Kanpur Chapter while welcoming the budget stated that it was in the interest of women associated with the Agri sector, middle-income group employment, and industry.
President, Kanpur Income Tax Bar Association, Deep Kumar Mishra, said that planned investment in Agri, rail, milk production and fishery, 100 new airports, data centre park etc would push the country towards development. Baby Rani Agarwal, principal of Mahila Degree College said though the budget was good there was a need for more tax reforms. The taxpayers should have been given some more facilities, she said.
In a debate on budget held at the Allen House, the banking experts welcomed the enhanced guarantee of the finance minister on investors’ deposits from Rs 1 to 5 lakh and said it was a right measure to secure the deposits of the people.
Announcement regarding reduction in income tax rates would bring a smile on faces of middle-income groups, said a tax expert
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