Budget
2019: As the finance minister Nirmala Sitharaman stands to present the
Union Budget 2019 on the floor of the house, there are some expectations
that the captains of commerce would be eagerly waiting to be met on
July 5.
As per the industry insiders, there is a demand for change in
income tax slab to increase demand and consumer spendings that leads to
the revival of the economy. Apart from that, there is a demand for
lowering of the corporate tax so that the corporates will have some sigh
of relief in the wake of lowering demand.Speaking on the budget expectations 2019, B Thyagrajan. Managing Director at Blue Star said, “The country is facing sluggishness on the economic front and it needs an urgent address from the Union Finance Minister Nirmala Sitharaman. What she first do is to change the income tax slab for an individual so that his or her consumer spending rises in the wake of scaling demand and hence we can expect some revival into the sluggishly moving national economy. Apart from that, the government can lower the corporate tax which is quite high and hence demand is not peaking even in the peak season of the product.”
Earlier, while talking to the Zee Business TV, CII president Vikram Kirloskar had also demanded the lowering of Corporate tax to the tune of around 18-20 per cent which is currently at 28 per cent. Kirloskar also demanded the simplification of the corporate tax and urged the government to get rid of the exemption regime in the Union Budget 2019.
Source: zeebiz