BUDGET 2019 LIVE Updates: Expectations, Provisions and Narratives

Commenting on Budget 2019, famous Chartered Accountant Nrupesh Shah, the founder of Nrups Consultants LLP who is also the Executive Director: Symphony Ltd and Kalorex Group have said that the budget has missed golden opportunities. 

Also Read: Budget 2019 missed Golden Opportunity to boost job creation: CA Nrupesh Shah

Dharmik Patel, the founder of Startup SatvaRas has said that the Budget will boost Start-Ups in India. "As a health food start-up, SatvaRas welcomes steps taken by the government in this budget. It will help a current or upcoming start-up to grow rapidly because ease of investment proposed in this budget. 

Also Read: Budget 2019 will boost Startups In India: Dharmik Patel, A Startup Founder

Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd has welcomed the Union Budget 2019 for the Tile Industry.

Also Read: Hiking Customs Duty on Tiles & Ceramics in Budget 2019 is welcome: Kamlesh Patel

Manan Choksi Executive Director of Udgam School for Children has said that the budget is very innovative and out-of-the-box for the Education sector.

Also Read: Budget is very innovative and out of the box: Manan Choksi, ED, Udgam School

The Union Budget presented by the Finance Minister today in the Parliament is a revolutionary document listing much-needed priority to the business community and SME sector. The announcements made in the budget if put to implementation in a strategic manner with a defined time frame will certainly lead India to a 5 trillion economy-said the Confederation of All India Traders (CAIT) which represents 7 crore traders in the Country. The budget will promote more exports which will gain more share in global market space and consolidate Country's position at global level-added CAIT. 

Also Read: Traders Upbeat over Union Budget 2019

"The Union Budget 2019 is good and takes forward the plan that was laid out by the government during the Interim budget", said FICCI President Mr. Sandip Somany, while reacting to Modi government's annual Budget on Friday.

Commenting on the Budget 2019, Amol Naikawadi, JMD, Indus Health Plus has welcomed the budget for Healthcare Industry. 

Post-budget presentation, Nobel Peace Laureate Kailash Satyarthi tweeted, "Glad to note that total budget allocated for children has gone up by 16 percent. Allocation for child protection services has been doubled that will better address the vulnerabilities of the most marginalized children. I congratulate the Narendra Modi Government for Budget 2019.

Satyen Kothari, Founder & CEO, Cube Wealth, India's first '1 app, 1-minute" wealth creation service, has appreciated the provisions of Angle Tax and Cube Wealth in the Budget 2019. 

Also Read: Satyen Kothari welcomes Angel Tax and Infrastructure Projects in Budget 2019

Speaking about the budget, Gurcharan Singh, Co-Founder & Director, LogixGRID said, ''This budget was for the new India. The reforms and schemes will especially benefit the new age entrepreneurs and start-ups. Initiatives like Stand-up India scheme and an especially dedicated program for Start-ups on DD will provide the much-needed thrust to the start-up sector. The start-up program will solve a lot of issues related to the sector like funding, research, and development. Also, the Stand-up India scheme has successfully produced 300 entrepreneurs in the last 3 years and moving forward we are expecting the rate to go much higher". 

Also Read: Industry Leaders welcome the budget

Vinod Subramaniam, CEO, Logo Infosoft, a leader in the GST compliance and e-invoicing space has appreciated the provisions of the Budget 2019 for SMEs sector. 

"An utterly lackluster, nondescript, uninspiring & directionless Budget. Zero on Economic Revival. Zero on Rural Growth. Zero on Job Creation. Zero on Urban Rejuvenation. Can mundane jugglery of ‘acronyms’ pass off for vision for a ‘New India’?", said Senior Congress leader Randeep Singh Surjewala.

Reacting to the Modi 2.0 government's first post-election budget, Congress leader Jyotiraditya Scindia said, "Aren't we missing something here? No reference to the highly anticipated plan for job creation, no measures to help farmers combat price collapse & droughts I can see intent, but where is the content? This budget session was reduced to only a table-thumping gathering."

Former External Affairs Minister Sushma Swaraj tweeted Friday, "Heartiest Congratulations to Prime Minister and Finance Minister. This Budget will substantially contribute towards an unprecedented development of India particularly the empowerment of women and self-employment of our youth."

Business establishments with an annual turnover of more than Rs. 50 crore shall offer low-cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants

Swaraj India National President Yogendra Yadav has said that the budget has nothing for the farmers. "The budget 2019 lacks all the ambitions for farmers. It's zero budget for farmers. There is no mention of drought, no scheme to double the income of farmers, no extension for Kisan Samman Nidhi, nothing on MSP, no strategy to handle stray animals," said Yadav. 

In line with its Pradhan Mantri Gramin Digital Saksharta Abhiyan, the government has announced a Universal Obligation Fund under a PPP arrangement to be utilized for speeding up Bharat-Net.

Fully automated GST Refund module shall be implemented, multiple tax ledgers should be replaced by a single ledger and invoice details to be captured in a central system, says Sitharaman.

Public sector banks will use technology, enabling customer of one PSB to access service across all PSBs as well: FM

Scheme to be launched to invite global companies to transparent competitive bidding, to set up mega manufacturing plants in sunrise and advanced tech areas such as solar electric charging infra and computer servers, says FM

Faceless income tax assessment in electronic mode involving no human interface to be launched this year in a phased manner, to reduce taxpayer harassment: FM

Finance Minister Nirmala Sitharaman has proposed to impose additional excise duty on petrol and diesel by Re 1 per liter.

Sitharaman has said, "it is also proposed to increase customs duty on gold and other precious metals from 10 percent to 12.5 percent."

A new series of coins of denominations 1 rupee 2 rupee 5 rupee 10 rupee and 20 rupee will be made available for public shortly

The finance minister stated that the National Education Policy 2019 has been made with a view to completely overhaul of the education system.   “There wasn’t a single Indian institution ranked in World Institution Ranking 5 years back. We have now 3 intuitions in top 200 institution bracket, including 2 IITs” Finance minister asserted.

She also pressed that India has the potential to become a hub of higher education, therefore the government would promote Higher Study in India and encourage the entry of foreign students in India, which would in-turn benefit the Indian economy. 

She said “we want to upgrade quality of teaching in the country”. To become a true hub for higher education innovation and research, Budget 2019 proposes to allocate 400 crores to the world-class institutions initiative. This would, in turn, help the top educational institutes including the IITs and other universities to focus on effective research. 

Finance Minister Nirmala Sitharaman announced that the government will be investing 100 lakh crore rupees in the infrastructure over the next five years.

There are no changes ​in personal income tax rates but surcharge for those earning Rs 2-5 crores and more than Rs 5 crores is proposed to be increased by 3 percent and 7 percent respectively.

Sitharaman has proposed that customers should not be charged for digital payments.

Import of defense equipment, not manufactured in India, is being exempted from basic customs duty: FM.

To discourage the practice of making business payments in cash, Sitharaman has proposed to levy TDS of 2 percent on cash withdrawal exceeding Rs 1 crore in a year from a bank account.

Additional Rs 1.5 lakh deduction in income tax on home loans​​ under affordable housing has been announced by Sitharaman.

Finance Minister Nirmala Sitharaman Friday said the government will build 17 iconic sites to encourage the arrival of tourists in India. In the first Budget of the Modi government in its second term, Sitharaman said in March 2018, the government had approved opening diplomatic missions in Africa and five already opened and four more will be opened this fiscal.

She said the financial gains from cleaning of the banking system are clearly visible and that NPA reduced by over Rs 1 lakh crore last year. There was record recovery of Rs 4 lakh crore due to the Insolvency and Bankruptcy Code (IBC), even as she added that PSU banks will get Rs 70,000 crore capital to boost credit flows.

Smooth consolidation of banks was carried out and six public sector banks brought out of prompt corrective action (PCA) framework. Sitharaman said the government will bring out a remedy against cash being deposited without knowledge of bank account holders.

She asserted that financially sound NBFCs should continue to get funds from banks and mutual funds. The requirement of Debenture Reservation Reserve will be done away with for NBFCs. The finance minister also said the RBI will get regulation authority of housing finance sector.

The startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium. A mechanism of e-verification will be put in place and with this, the funds raised by startups will not require any tax scrutiny.

PAN card not mandatory for filing Income Tax Returns (ITRs), now Aadhar card can be used to serve the purpose.

Interest subvention for up to Rs 2.5 lakh on buying electric vehicle proposed by Sitharaman. Additional income tax deduction of Rs 1.5 lakh on the interest paid on loans for EVs were also announced.

Government has already moved GST council to lower the GST rate on electric vehicles (EV) from 12 percent to 5 percent.

One time 6-month partial credit guarantee to be given to PSU banks for purchase of high-rated pooled assets of financially sound NBFCs amounting to Rs 1 lakh cr in 2019-20: Finance Minister Nirmala Sitharaman.

"Interchangeability of PAN and Aadhaar card to be allowed for ease and convenience to taxpayers. ITR can be filed without PAN by quoting Aadhaar," said FM. 

To discourage business payment in cash, the government announces 2 percent tax on cash withdrawal over 1 crore per annum.

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Self Help Group SHG member having Jan Dhan Account will be able to have Rs. 5000/- overdraft facility. Under MUDRA scheme one woman from SHG can avail the advantage of 1 lakh rupees loan.

Sitharaman has announced that Companies with an annual turnover of up to Rs 400 crore will be subjected to corporate tax of 25 percent. Companies with a turnover of up to Rs 250 crore were eligible for this slab earlier.

Immediate Aadhar card for NRI without waiting for the period of 180 days for the people with an Indian passport. 

Sitharaman has announced that direct tax revenue has been increased from Rs 6.38 lakh crore to Rs 11.37 lakh crore from 2013-14 to 2018-19.

Popularize and encouraging sports developments for all levels under the scheme of khelo India

Those earning up to Rs 5 lakh per annum will not be required to pay any income tax said FM. 

The budget 2019 proposes to establish a National Research Foundation to fund, to coordinate and to promote research in the country

Finance Minister Nirmala Sitharaman on Friday said that every single rural family will have electricity and a clean cooking facility by 2022. "By 2022, the 75th year of independence, I assure that every single rural family except those who are unwilling to take the connection will have electricity and a clean cooking facility," she said while presenting the Budget for 2019-20 in Lok Sabha.

"At the center of everything, we keep the village, poor and farmer. Prime Minister's two mega initiatives Pradhan Mantri Ujjwala Yojana and Saubhagya Yojna (Pradhan Mantri Sahaj Bijli Har Ghar Yojana ) has transformed the life of every rural family dramatically improving their ease of living." Sitharaman said that the government keeps 'Antodaya' (development of all) at the center of all its programs.

New Space India Limited (NSIL) has been incorporated to tap benefits of the Indian Space Research Organisation (ISRO), says FM Nirmala Sitharaman.

Finance Minister Nirmala Sitharaman on Friday said the government aims to develop 75,000 skilled entrepreneurs in agro-rural industries. Sitharaman, while presenting the Union Budget 2019-20 in the Parliament, said 80 livelihood business incubators and 20 technology business incubators will be set up in 2019-20 under ASPIRE - A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship - towards achieving the employment target.

The Finance Minister also asserted that 'Ease of Doing Business' and 'Ease of Life' should be applicable for farmers too. ASPIRE was launched by the Narendra Modi government in its the first tenure to set up a network of technology centers and incubation centers to accelerate entrepreneurship and also to promote startups for innovation in agro-industry.

Budget 2019 live updates: Electricity, cooking gas for every rural household by 2022, says FM Nirmala Sitharaman. "We have decided to open Indian embassies and high commissions where India does not have diplomatic missions yet. We have approved 18 new diplomatic missions in Africa," said FM. 

She further added, "Propose to consider issuing Aadhaar to NRIs with Indian passports after their arrival in India without the mandatory wait of 180 days,".  

Sitharaman has announced that Annual Global Investors' Meet will be organized in India, using National Investment and Infrastructure Fund (NIIF) as the anchor to get key sets of global players to come and invest in India.

Modi government 2.0, in its first annual Budget post-LS elections, announces digital repository to preserve tribal heritage.

The government will provide overdraft of Rs 5,000 to each woman account holder of Jan Dhan account and Rs 1 lakh loan as well said the Finance Minister. 

FM Sitharaman announces 18 new diplomatic missions in Africa, with 4 new embassies aimed by next year.

Sitharaman has said that Rs 80,250 crore will be dedicated to building 1,25,000 km of roads in the next 5 years.

1,25,000 KM of roads will be upgraded under Pradhan Gram Sadak Yojana under Phase III at an estimated cost of Rs 80,250crore: FM

100 new clusters will be set up in 2019-20 to enable 50,000 artisans to come into the economic value chain: FM 

Sitharaman has said, "I have asked SEBI to consider raising the current threshold of 25 percent to 35 percent."

We will invest widely in agriculture infrastructure; support private entrepreneurship in value addition in agriculture: FM

FM praises farmers for making India self-sufficient in pulses. Hopes success in oilseeds as well. FM

Budget 2019

95 percent of Urban India is Open Defecation Free (ODF) while the whole country will be ODF by October 2, 2019, says Finance Minister Nirmala Sitharaman.

We will work for high-quality meaningful research and teaching said FM.

Not even a single institute and University of India was in top 200 of the world but due to government’s policies in the last five years, two IITs and ISc Bangalore are in the top 200. The budget for education to be increased by three times will be increased about three times. She also announced that the draft legislation on the Higher Education Commission of India will be presented.

Sitharaman said that "earlier we spoke about one nation, one card. Now, we propose one nation, one grid as to ensure power availability to all the states at affordable rates."

Govt proposes Pradhan Mantri Matsya Sampada Yojana to address the critical infrastructure gap in the fisheries sector.

Govt proposes setting up 1.95 crore houses under Pradhan Mantri Awas Yojna (Rural): FM.

Sitharaman has said that the government will examine opening up of FDI in aviation, media, animation, AVGC, and insurance in consultation with stakeholders.

Govt proposes setting up 1.95 crore houses under Pradhan Mantri Awas Yojna (Rural): FM.

Two crore rural Indians digitally literate says Finance Minister Nirmala Sitharaman and calls for bridging the rural-urban digital divide.

Sitharaman has proposed to merge NRI portfolio scheme route with foreign portfolio investment route to boost NRI investments in capital markets.

The time taken to complete construction of houses under PMAY cut to 114 days from 314 days in 2015-16 due to use of DBT platform, technology: FM.

Indian Union Finance Minister Nirmala Sitharaman, who is the first full-time woman Finance Minister of India, claimed to demolish one more British colonial tradition of budget presentation in India. This is being seen in the continuance of decolonizing the British traditions in Budget presentation by former Indian Prime Minister Atal Bihari Vajpayee.

Also Read: Budget 2019: Decolonising British Traditions - Atal’s time to Modi’s Bag

While discussing rural India and agriculture during her first presentation of Union BudgetNirmala Sitharaman says the government keeps villages, poor and farmers at center stage in every program.

To deepen the corporate tri-party repo market in corporate debt securities, the government will work with RBI and SEBI to enable stock exchanges to allow AA rated bonds as collateral.

Local sourcing norms will be relaxed ​​​for FDI in single-brand retailing, Sitharaman has said.

While presenting the Union Budget, Nirmala Sitharaman assures clean cooking facility and electricity connection to each rural family by the year 2022.

New KYC has been proposed for foreign investors.

Modi 2.0 government's first post-election budget gives a big boost to the Indian space industry, focuses on the commercialization of space products.

Nirmala Sitharaman has announced that 100 percent FDI will be permitted for insurance intermediary.

Sitharaman has proposed Social Stock Exchange under SEBI.

Sitharaman has said that, "it is important to ensure a hassle-free experience to foreign portfolio investors. We plan to streamline KYC to make it more investor-friendly."

Sitharaman has said that heavy investment in infrastructure, digital economy and job creation will be the focus of government to achieve USD 5 trillion economy.

Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place: FM

Sitharaman has said, upfront incentive will be offered on purchase of Electric Vehicles.

Sitharaman has said that the government will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself.

Pension benefits will be offered to 3 crore shopowners with an annual turnover of less than Rs 1.5 crore under a new scheme called Pradhan Mantri Man Dhan Scheme.

A comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity. The government envisions using rivers for cargo transport, this will also decongest roads and railways, says Sitharaman.

Finance Minister Nirmala Sitharaman Friday said the NDA government had set the ball rolling for a 'New India' in its first term and programs will be accelerated and red tape reduced going forward. The recent elections were charged with brimming hope for a bright and stable India, she said while presenting the first Budget of the Modi government in its second term.

Earlier in the day, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20. The Modi government in its first term stood out as a performing government, Sitharaman said, adding "voters stamped their approval on a performing government in general elections".

A modern tenancy law will be finalized and given to the states, says Sitharaman.

While presenting the Union Budget for FY 2019-20, the financial minister Nirmala Sitharaman discusses the vision for the decade. She says the Indian economy has reached 2.7 trillion US dollars from 1.85 trillion dollars in five years. Therefore we can reach 5 trillion dollars in the next few years.

Sitharaman emphasizes on the role of schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure.

Sitharaman has announced that the Indian government is planning to create Manufacturing, Repair and Operate industry.

We need to invest in infra, digital economy and jobcreation in small and medium enterprises: FM

Sitharaman has emphasized on capabilities of industries in creating new jobs and wealth in economy.

Finance Minister Nirmala Sitharaman presenting financial year budget. 

The finance minister Nirmala Sitharaman presents the Union Budget 2019 where she assures that India will reach the mark of 3 trillion dollar economy this year.

The Indian economy will grow to become a 3 trillion dollar economy this year itself: FM @nsitharaman https://t.co/iK5EWIia1b #BudgetForNewIndia #Budget2019 — PIB India (@PIB_India) July 5, 2019

Sitharaman has said that Bharatmala will help develop roads and highways, while Sagarmala will enhance port connectivity.

Neeti Aayog a rolling ball for new India. 

The Indian rupee Friday fell 19 paise to trade at 68.70 against the US dollar, ahead of Budget 2019.

Finance Minister Nirmala Sitharaman has said that India's growth is in tune with the growth of industries and government policies will ensure that.

Finance Minister Nirmala Sitharaman Friday became only the second woman in the history of independent India to present the Union Budget. Sitharaman, 59, presented the Modi 2.0 government's maiden budget in the Lok Sabha.

Prior to the presentation, the Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20. She handed over a copy of the Union Budget to President Ram Nath Kovind before her maiden budget speech.

Breaking away from the brown Budget briefcase, Sitharaman held a red parcel like a bag with a keyhole on the emblem. Former Prime Minister Indira Gandhi was the first and only women till now to have presented the Union Budget.

The Union Cabinet on Friday approved the first UnionBudget of the Narendra Modi government, which will be presented by Finance Minister Nirmala Sitharaman in Lok Sabha. It will also be the maiden budget for Sitharaman, who becomes the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Sitharaman will present the full-year budget for the year ending March 2020. This will be the 89th Union budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.

Finance Minister Nirmala Sitharaman Presenting Budget 2019-20 

PM Narendra Modi-led Union cabinet approves Budget 2019 and will be shortly presented by Finance Minister Nirmala Sitharaman in the Lok Sabha.

Devin Narang, Member of Ficci India, expects a reduction in corporate tax rate and measures to boost rural areas in Budget 2019.

Finance Minister Nirmala Sitharaman will present budget 2019-20.

Indian Union Finance Minister on Friday claimed to demolish one more British Colonial tradition in India.

Also Read: Nirmala Sitharaman claims Decolonising British traditions, drops the briefcase

Finance Minister Nirmala Sitharaman keeping budget in four-fold red cloth instead of a briefcase; symbolizes Indian tradition

Union Finance Minister Nirmala Sitharaman and junior Finance Minister Anurag Thakur reached the Parliament for the presentation of the Budget 2019. The copies of the budget have also reached the Parliament. 

Mehul Mohanka, VC, West Bengal State Council & MD, Tega Industries, has said that he would like to see more measures around Make in India campaign in Budget 2019.

Ahead of Budget 2019 announcement, Rajasthan Chief Minister Ashok Gehlot said on Friday that as the NDA government presents its first Budget in its second term, hope that there would be concrete measures to deal with looming job crisis, farm distress and ways to boost investment.

"People employed in unorganized sectors, who suffered during demonetization are looking towards measures to ease their suffering. Our hope is, the Budget should be people friendly, with concrete measures to provide relief to the common men and to boost the growth of the economy, " he further added.

The Sensex registered a rise of 119 points. The Sensex has also registered a steep rise on the day the results were declared for Lok Sabha 2019. 

The Finance Minister Nirmala Sitharaman handed over a copy of the Budget to the President of India Ram Nath Kovind. 

According to the economic survey 2019, service sector witnessed a growth rate of 7.5 percent in 2018-2019. The dominating area of the country economy, service sector faced a shrinkage in the month of June at (49.6) compared to May value was (50.2) due to weak sales and unfavorable high taxation. The latest data from the economic survey indicated growth measures but there are several points, which came down in the service sector economy. Eyes are on finance Minister Nirmala Sithraman now to announce steps in the budget to recover growth.

Though India’s social spending sector has always been low compared to other countries. This time it is likely to occupy a major part of Finance Minister Nirmala Sitharaman first budget. In the recent election, the Bharatiya Janata Party had promised to provide basic needs to people such as toilets, housing, cooking gas and electricity. The party thinks that these are the stepping-stones to better health of people, thus, better India. There is also talk about bringing in a national fund and a self-employment scheme for elderly people, adequate budgetary allocation for gender justice and increased allocation for pregnant women or infants. The last year social spending sector budget, including health and other skill development, had a ratio of 6.6 percent of Gross Domestic Product (GDP).

The agriculture sector plays a very crucial role in India's economy but has not been given enough attention. The sector, in a way, makes the backbone of India as it employs nearly 50% of the country's workforce and also accounts for 16% of India's Gross Domestic Product.

The Budget Estimate for agriculture for FY 2019-20 announced in Feb was Rs 1,40,764 crores, an increase of 144% from the interim budget for 2018-19 which stood at Rs 57,600 crores. The highlight of the interim budget was the scheme of giving Rs 6,000 to farmers with less than 2 hectares of land. There were some complaints too that the amount of Rs 500 a month is too small.

The hike of 144% set a challenge for the upcoming party into power. Now that the same party is in power all eyes are set on agriculture budget so as to if the government can walk the talk.

Besides the usual demand for single-window clearance and industry status for real estate projects, what should ideally be included in the budget are further tax sops to homebuyers as well as investors. 

Real Estate's top 6 Expectations from Modi 2.0's First Budget

https://www.devdiscourse.com/article/business/586369-real-estates-top-6-expectations-from-modi-20s-first-budget 

There are hopes that Finance Minister Nirmala Sitharaman will be more responsive regarding the defense budget for this fiscal year as she herself was heading the defense ministry in the previous Modi government. Therefore she must be well aware of the needs and challenges of the defense forces.

The interim defense budget for the fiscal year 2019-20 announced in Feb 2019 was Rs 3, 18,931.22 crores (excluding pensions), an increase of 7.93% from the Budget Estimates for FY 2018-19. But when the depreciation of rupee is factored in it was actually a decrease but was sold as a hike anyway.

The researches show that the defense expenditure of 2.5% to 3% of the GDP has a positive impact on the growth rate of the country if the emphasis is on indigenous production. Parliament’s Standing Committee on Defence has also stressed that the defense expenditure should be progressively increased to 3% of the GDP. Whereas this allocation of around 3.19 lakh crores was less than 1.5 % of India’s projected GDP for the year- lowest since the 1962 war with China.

According to R Chandrashekhar, former President of the industry body NASSCOM (National Association of Software and Services Companies), the ongoing digital transformation taking place globally is making India's information technology (IT) industry stronger, a trend that would continue its growth momentum at least in the foreseeable future.

https://www.devdiscourse.com/article/national/586152-budget-2019-expectations-for-the-tech-sector 

In his budget expectations send to Devdiscourse, Kamlesh Patel, Chairperson and Managing Director (CMD) of one of the major tile manufacturing firms in India - Asian Granito India, has demanded the government to lower down GST rate on tiles from existing 18 per cent to 12 per cent.

Also Read: Tile industry leader appeal the Govt to reduce GST on tiles in budget

Sandeep Sabbarwal, Group CEO, Sohan Lal Commodity Management Pvt. Ltd has demanded the Finance Minister to rationalise GST on Agri warehousing industry. He contends that due to lack of GST on output services the 18% GST actually becomes a cost on balance sheet.

Also Read: Budget expectations of Agri warehousing, Agri logistics, and Agri NBFCs sectors