MADURAI: Tamil Nadu Chamber of Commerce & Industry, Madurai expressed disappointment in the union budget presented on Wednesday. N Jagatheesan, president of the association, cited that this budget has not fulfilled any of the expectations of the sector.
His statement said the tax exemption given to those with an income limit of Rs 5 lakh to Rs 7 lakh is not enough as the trade and industry has already insisted that the current tax exemption limit of Rs 1 crore should be increased to Rs 2 crores.
Also, there is no GST relief for the trade and industry sector despite the chamber insisting to extend the GST tax levy of 18 per cent on air freight and five per cent on sea freight. However, allowing up to Rs 9 lakh in online money transfers and the allocation of Rs 20 lakh crore to pay off farmer loans are welcome.
The budget allotted 50 new airports across the country but how many for Tamil Nadu is not mentioned. No fund has been allocated for the metro rail project in Madurai and Coimbatore but the railway gets Rs 2.41 lakh crore. It is regrettable that there is no word about the development of Madurai Airport and Madurai AIIMS Hospital, the statement added.
The Agro Food Chamber of Commerce & Industry, Madurai expressed mixed views on the budget. S Rethinavelu, president of the association, appreciated the union government for making a proposal to set up three centres of excellence for artificial intelligence in top educational institutions and said it would largely help the agricultural sector where there is a decline in the workforce.
However, he showed concern that the budget neglected the GST issues faced by the trade and industry sector, which affects the agro-food chamber too.