During these unprecedented challenging times when the entire world is battling with Pandemic, this is a balanced & growth oriented budget, notwithstanding the higher fiscal deficit which is targeted to be brought down to over 4% by 2026 . The major emphasis laid on Health care & Infrastructure sectors is need of the hour. Doubling of MSME allocation to Rs 15,700 crore will surely help the medium and small enterprises. On direct tax side, though the individual tax payers are disappointed, ease in compliance is welcome move.
The announcement regarding one-person companies with no restriction on paid-up capital and turnover and proposal to place a revised custom duty structure free of any distortions are also steps in right direction.
We genuinely hope that newly introduced Agriculture, Infrastructure & Development Cess, the details of which are awaited, will not result in any adverse impact for the industry.