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Sunday, 31 January 2021

Live Budget 2021 Union Budget for Gujarat

 Live Budget 2021 Union Budget for Gujarat

Small and medium units, which play a significant role in the state's economy, are expecting big announcements as the Union Budget approaches.

  • Seniors will benefit
  • Demand for amendment in GST slab
  • "Small entrepreneurs get the right package"

After facing many difficulties in the Corona era, thousands of vapi industries are sitting on the first budget of the central government… In this budget vapi industries are demanding reforms in the slabs of GST. At the same time, the package for small and medium enterprises has been announced by the government. Similarly, this time budget has also demanded more relief to small and medium enterprises.

The textile industry, which is the largest employer in the state after agriculture and construction, expects major relief in the Union Budget under the theme of Self-Relieved India. Gujarat has a strong position in ginning, spinning, weaving and textile processing and cannot compete with countries like Bangladesh in terms of readymade garments. If the government imposes duties on apparel imports from Bangladesh, industries in the state will develop rapidly. Industry leaders say that if the government announces tax relief for the common man, it will increase people's purchasing power and increase sales of textiles.

Seniors will benefit

Finance Minister Nirmala Sitharaman brought a new tax system last year. However, very few people have chosen this option. This is because there is no exemption in NPS except 50,000. The rules can be changed to make the new tax system more attractive. To provide relief to the people, this may include tax exemption on provident fund (PF) and holiday travel concession i.e. LTC.

Expect tax relief in budget

The Corona epidemic has had a devastating effect on the salaried class. Tax experts believe that the government should raise the investment limit to 80 (c) to increase salaried class savings. In addition, people with income above Rs 5 lakh should benefit from the implementation of the new tax regime to replace slabs of 20 percent. Tax experts demand that professionals or individual taxpayers, like corporate companies, should be covered at 22 percent.

GCCI hopes for the Union Budget

The GCCI expects major announcements. GCCI should give benefit of 22 percent tax structure to partnership companies and LLP as well as corporate companies. It is also demanded that important plans for infrastructure development and easy banking finance be made available to MSME companies. Has demanded

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Hope small entrepreneurs take budget

Industry associations, which represent around 2.50 lakh industries in the state, have demanded that the government pose a major problem for MSME units when banks come up with a scheme for finance easing. MSMEs are also demanding that the government provide subsidy for acquisition of such technology when international technology is required to manufacture world-class products in India under the Self-Reliable India Campaign.