Web Exclusive | February 2017
Budget Reaction | GEM Enviro Management
“Overall it’s a good budget with no major changes. Though the textile sector has not been specifically mentioned but following aspects will favour the sector:
1. Reduction in corporate tax rate from 30 per cent to 25 per cent for companies where turnover is less than Rs 50 crore is expected to enable the MSME companies in textile sector. This will help them allocate their resources in expansion and growth and is therefore a welcome step in that perspective.
2. Reduction in personal tax rate in the slab Rs 2.5 lakh to Rs 3.0 lakh will increase the disposal income of individuals which will empower them with better assets. This in turn will increase their purchasing power and lead to increased consumption and procurement of goods and apparels.
3. No tax hikes again is a relief for the industry.”
- Sachin Sharma, CEO, GEM Enviro Management