Chandigarh: The industrialists of Punjab are disgruntled with the Union Budget-2012 presented by Finance Minister Pranab Mukherjee.

On Friday, Mukherjee laid stress on the implementation of Goods Service Tax (GST) by August but for the corporate sector it seems to be a herculean task.

“From last two years the deadline for GST has been extended. It appears Government is in no mood to launch the most ambitious tax reform," In -charge of the northern chamber Sharad Agarwal said.
   
What has raised hopes for the Micro, Small and Medium Enterprise (MSME) in the state is the allocation of Rs 5000 crore funds to boost the growth of small scale industries. Raising question on the proper utilisation of funds and its benefits, Agarwal said, “Undoubtedly Pranab has taken correct decision to promote growth of small scale industries, but it has to be seen whether the benefit of the schemes will reach the people concerned or not”.

Meanwhile, the Hosiery sector of Ludhiana demanded removal of excise duty on garments. Providing some relief to readymade garment manufacturers, Finance Minister raised the abatement available for levy of taxes on retail price of some branded garments and textile made-ups.

According to Tax Advisor Ashwini Kumar Gupta there is nothing special in the budget for industrial sector of Punjab besides the extension of time limit for technology upgradation by one year.

JPN/Bureau