BUD-WISER?

Implementation of GST has taken away much sheen from the Union Budget with regard to indirect taxes. Financial wizards and industry say that until recently, during the budget changes in indirect tax like excise duty at the level of union budget and VAT at the level of state budget held everyone’s attention. However, now since most of the decisions related to increase or decrease of GST is decided by the GST council, there is not much to look forward to on this front.

Nevertheless, salaried people and business persons are looking forward to reduction in tax rates with reference to income tax and corporate tax. “People should not expect any major changes in the tax rates of GST in the budget as these decisions are now jointly taken by Centre and state governments in the GST council,” said noted chartered accountant and financial expert Ritul Patwa while speaking to DNA.

Focus therefore is likely to be on the pending projects of the state related to infrastructure which are funded by Centre. Schemes like Pradhan Mantri Awas Yojana, rail infrastructure like CCTVs, a rail line in Tonk, electrification of various routes are expected to attract funds in the Union Budget by the state.

MARBLE INDUSTRY: A SATISFIED LOT

State’s marble and granite industry which is one of the major industry in the state got much needed relief in December itself. The GST rate was reduced to 18% from 28% by the GST council. Therefore, the marble businessmen are not demanding any major concession now.

However, they are hoping that the marble slurry powder is made tax free. “We have started using marble slurry powder. We should be made tax-free and want the state government to recommend this to the Central government,” said Suresh Tak, president of Kishangarh marble association.

PRECIOUS METALS: TINKERING IMPORT DUTY

Similar is the condition of the gemstone industry. The government levied 0.25% of GST which is being said to be the lowest rate in a very long time. So they are keeping their expectations low.

However the jewellers who deal in gold are regularly raising the demand of reduction in import duty on gold. Currently the import duty is 10% and GST on gold is 3 %. The jewellers claim that this has triggered gold smuggling. Therefore, they are expecting that import duty should be reduced in this sector. This will help in curbing illegal activities and also will help reduce the rates which are currently coming up with 13%.

“The import duty on gold and silver should be reduced to 4%, we have this expectation from the budget,” said Kailash Mittal from Jaipur Sarafa Traders Committee.

LOOKING FORWARD TO TOURISM CIRCUITS  

There are many ambitious projects being run in the state like PRASAD scheme, or development under Krishna Circuit Scheme which were declared in previous budgets. So this time around, the sector is expecting allocation of more budget and increase in the number of tourism circuits. A few weeks back, work started on the special tourism zone concept which was declared in the last budget for the state. There will be more financial support  for this, informed the travel and tourism sector experts.

PETROL TAKING TOLL

The people are expecting respite in petrol prices and are hoping for reduction in the excise duty. A few months back, excise duty was reduced by Rs2 per litre on diesel and petrol both. State levies VAT at 30% which along with excise duty and cess is making petrol costly for the masses.