New Delhi: Corporate India on Monday welcomed the focus on reviving economic growth to 9% as also the indications for bold tax reforms, but expressed regret that the minimum alternate tax was raised and security transaction tax was let to continue.
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“I am happy on behalf of the whole industry that fringe benefit tax has been abolished, but I am a little bit unhappy about MAT,” top industrialist Rahul Bajaj said.
The MAT rate was hiked to 15% from 10%.
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“Health care sector has been ignored. We had been expecting a boost for the health care infrastructure, but nothing has been said. Budget was mute. We are disappointed,” Shivinder Mohan Singh of Fortis said.
The stock market tanked 700 points mid-way during Mukherjee’s budget speech, but recovered partially at 01:15 pm.
The industry also welcomed restoration of seven year tax break on natural gas production, saying it will help attract foreign bidders for NELP-VIII.
“This was always there. It is not a new benefit. We are very happy about the clarification as it ends the ambiguity,” said P M S Prasad, president and CEO (oil & gas), RIL.