The Hindustan Chamber of Commerce (HCC) welcomed the futuristic Union Budget 2021 presented by the Union Finance Minister, Mrs. Nirmala Sitharaman, by giving emphasis to infrastructure and health.
In a press statement, Mr. Sathyanarayan R. Dave, President, said with great relief that there are no new taxes levied. Reduction of Customs Duty for Copper and Steel Scraps will help MSMEs and reduction of Customs Duty for Import of Steel will give relief to the steel industry. The use of digitatization leading to reduction of Tax Audit Limit to 10 crores is a welcome measure. Non-resident individuals with entrepreneurial potential are now enable to set up one person company with no paid up capital and turnover restrictions, reducing registration timeline from 182 to 120 days. New Corridor to boost Road infrastructure is a welcome measure. Single National Securities code will ease compliance.
Mr. Dave also said that Mega Investment Textile Parks to provide employment opportunities is very positive. Minimum Wages to all categories of workers: ESI to all, women permitted to work in all shifts; and compliance by Employer to be reduced is encouraging. Apprenticeship Act Amendment is expected to help for more employment.
He further said that Rationalizing functioning of Tribunals will help for quick decisions. National Nursing and Midwives Commission will give more employment opportunities for Indians in abroad. Conciliation Mechanism for contractual Disputes will resolve most of the disputes for through this method instead of approaching Courts. Bringing down the reopening assessment period to 3 years is a welcome measure. Exemptions of TDS for dividend payment would simplify procedures. Exemption for filing of Income Tax Returns by Senior Citizens over 75 years is a great relief.