The Union Budget 2012-13 presented by finance minister Pranab Mukherjee on Friday has had mixed reviews from the industry and experts from Chandigarh.
Vijay K Thadani, chairman CII northern region said, "This budget is not going to stimulate growth in the economy.The most disappointing aspect is that the FM has not specified a clear timeline for goods and services tax implementation. FM has adopted a policy of fiscal revenue consolidation through taxation and disinvestment is not up to the mark. Growth is still going to elude us."
"The increase in excise duty from 10% to 12% was just not expected. It is an inflationary step. With the increase, SMEs (small and medium enterprises) in Chandigarh will be hit hard, as the price of raw materials will rise further and the general inflation is already quite high. Overall the budget is not bold enough for the growth of economy," said Naveen Manglani, president, Chamber of Chandigarh Industries
"Direct tax expectations are low but service tax expectations are really high. Moreover, CenVAT benefit has also been taken away," said Chitranjan Aggarwal, Chartered Accountant and CII Chandigarh Member.