The budget evoked mixed response from the traders, opined ShriAshwinMehadia, President of Nag Vidarbha Chamber of Commerce, apex body of around 13 lakhs traders of Vidarbha Region
On one hand, Mr. Mehadia appreciated that no new taxes have been levied on the traders community but on other hand, he said traders community were expecting few reliefs under direct and indirect taxation from Hon’ble Finance Minister.
Gold Rate
07 May 2025
He has welcomed the move of FM for the MSME sector wherein benefit of Credit Linked Guarantee Scheme is extended upto 31.3.2023 for hospitality sector and additional budged outlay of Rs. 50000 crores are provided. Similar benefit should have been extended for other sectors under MSME as well.
Traders had demanded par rate of income tax for corporates and partnership firms (including LLPs). At present corporate rate of income tax is 25% whereas partnerships are being taxed at 30%. Such demand is not being addressed in this budget.
Traders welcome the come of revising income tax returns upto 2 years. However, similar provision should have been brought under GST laws as well.
Mr. Mehadia was satisfied with the proposed amendments under Customs Act which will benefit domestic businessmen and traders. Enhancement of coverage of Export Credit Guarantee Scheme and proposal for setting up of new SEZs/amendment is existing SEZs is also a welcome move, opined Mr. AshiwinMehadia.
