Gujarat: Wish for cut in corporate tax remains unfulfilledhttps://indianexpress.com/article/india/gujarat-wish-for-cut-in-corporate-tax-remains-unfulfilled/

Gujarat: Wish for cut in corporate tax remains unfulfilled

Finance Minister Arun Jaitley’s proposal to accord industry status to affordable housing and abolition of Foreign Investment Promotion Board (FIPB) were lauded by industry insiders.

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New Delhi: An official showing the copy of Union Budget 2017-18 at Parliament after its presentation in the Lok Sabha in New Delhi on Wednesday. PTI Photo

Industry titans from Gujarat on Wednesday said that the Union Budget was on “expected lines” with focus on infrastructure, rural economy, employment generation and digitisation, but expressed disappointment over corporate tax not being reduced.

Kamlesh Patel, CMD, Asian Granito India Ltd, said, “Reducing corporate tax by 5 per cent, from 30 per cent to 25 per cent, will give major relief to unogranised small scale players in Morbi-cluster. Allocation of Rs 23,000 crore for Pradhan Mantri Awaas Yojana and target of completing 1 crore houses by 2019 will boost the tiles industry… Disappointed that corporate tax was not reduced.”

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Finance Minister Arun Jaitley’s proposal to accord industry status to affordable housing and abolition of Foreign Investment Promotion Board (FIPB) were lauded by industry insiders.

Ahmedabad-based realtor Deep Vadodaria, COO of Nila Infrastructures, said, “Combined with the announcement of PM Narendra Modi on New Year’s Eve to reduce the interest rate on certain loans, I foresee these catalying a sea-change in dynamics of the construction industry, especially the real-estate.”