The Finance Ministry has warned the industries not to expect any major sops in the coming budget that is to be presented by the new government due to the economic pressure that is present globally. The finance ministry officials also conveyed the govt’s disappointment to the industry for not passing the benefit of the service tax cuts and excise cuts to the consumers.
The fiscal deficit for 2009-10 is pegged at Rs 3,32,835 crore, 5.5 per cent of the GDP. As industrial production fell, the revenue was impacted in the last fiscal. The direct tax kitty fell to Rs 3.38 lakh crore in 2008-09 compared to the truncated target of Rs 3.45 lakh crore. The govt has slashed 4% points from excise duty and 2% points from service tax in two stimulus packs to limit the impact of the global economy.
As a consumer what is your say for this? The Govt or the Industries is responsible for not passing the discounts to the consumers? Voice out your opinion It really matters.