Karnataka Chamber Hails Budget for MSME and Tax Reforms

The Karnataka Chamber of Commerce and Industry commends the Union Budget by Finance Minister Nirmala Sitharaman, noting its favorable measures for the middle class, MSMEs, and agriculture. The budget eliminates Tax Collection at Source, redefines MSME parameters, and grants customs duty exemptions, enhancing prospects for manufacturing and health sectors.

The Federation of Karnataka Chamber of Commerce and Industry has expressed approval of the Union Budget unveiled by Finance Minister Nirmala Sitharaman, with the chamber's president calling it 'pretty good.'

FGKCCI President M G Balakrishna highlighted the government's decision to remove Tax Collection at Source, a clear response to earlier demands. He praised the budget for providing tax exemptions for incomes up to Rs 12 lakh annually, aiding the middle class, and for redefining MSME criteria based on turnover and investment.

The budget's positive influence extends to manufacturing and health sectors, as specific imported materials and drugs are now exempted from customs duty. Additionally, agriculture benefits from tax exemptions on loans and equipment, underlining the comprehensive nature of the budget's impact.