Msp to be transferred to farmers' bank accounts, cut-polished diamond business to benefit 500 crore annually due to reduction in custom duty by 2.5%

 

Income tax payers and industrialists appear to be unhappy with the budget presented by Union Finance Minister Nirmala Sitharaman on Tuesday. The district's 1.90 lakh taxpayers are disappointed with the non-change in the income tax slab. Similarly, industrialists have termed the provision of 6,000 crore in 5 years for micro-small-medium-entrepreneurs (MSME) industries as inadequate.

The transfer of minimum support price (MSP) directly to bank accounts in the budget provision is a relief for 74,000 farmers in the district. The budget has announced reduction of custom duty on gems from 7.5% to 5% along with cut-polish diamonds. The district has an annual turnover of 5,000 crore rupees of gems along with cut-polish diamonds.

Reduction in custom duty will increase gems business by 10%

According to traders, the reduction in duty will increase the business by 10 percent. At present, women who buy gold jewellery also buy 40 per cent of diamonds and gems. There are two traders in the city of cut-polish diamonds and gems in the city.

Discount on footwear will benefit 3,000 businessmen

Leather- Footwear will be cheaper and customers will benefit as the sales increase. From January 1, gst on shoes was increased from 5 per cent to 12 per cent. Earlier, there was 5% GST up to 1,000 and 18% on above. At the same time, due to the high GST rates, every company had made the shoes expensive. At the same time, due to the cheapness of footwear, the business of around 3,000 shoe traders of the district will also be happy.

Incentives were not given in the budget for the industry suffering from Corona

Industrialists running 20,000 MSME units in the district had high hopes from this budget. At the same time, no incentive was given in the budget for the industry suffering from Corona. In view of the elections, the focus has definitely been on the farmers. In view of the present condition of MSMEs, the competition from abroad should have reduced the bank interest rates. It is disappointing for the senior citizen to not get government help in old age to the taxpayer who has paid tax all his life.

Salary-bearing standard deduction limit not increased

The standard deduction limit of salaried employees has not been increased. The students were demanding that it be increased from 50,000 to 1 lakh. Similarly, the limit of tax exemption under 80C has also not been increased.

1859 Anganwadi centres will use solar energy

The Finance Minister has made a provision in the Budget to use solar energy in 2 lakh Anganwadi Centres. Talking about the district, there are 1859 Anganwadi Centres. in which it will be used.