Extending credit facilities and introduction of presumptive tax/turnover tax will benefit industry for a better performance.
Due to paucity of time, the UPA government will drop the traditional scrutiny of the Budget by the Parliamentary standing committees. Instead, Pranab Mukherjee is in touch with BJP and the CPM, while Pawan Kumar Bansal and Anand Sharma have been asked to liaise with the smaller parties to ensure the Budget moves smoothly through Parliament.
Continue the lower excise duty on various commodities, as similar to FY 09-10, says the glass industry.
Kerala registered a 14.1 per cent increase in commercial tax collection for the year 2009-10 with total receipts rising to Rs 13,194 crore (Rs 131.94 billion) as against Rs 11,564 crore (Rs 115.64 billion) in 2008-09.
The report said not only was the government's $500 billion infrastructure programme on the back burner, but the spread between private and public sector borrowing costs had widened, which is bad news for private investment spending. CLSA said tax revenues were crashing. It forecast that the public sector deficit, already 11 per cent of the GDP this fiscal year, would rise to 14 per cent in FY09/10.
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