Union Budget Reactions from Restaurateurs in Mumbai
"Heartening to see the budget recognizing MSME sector as engine of entrepreneurship and job-creation. There are several positives including the focus on GST and reduction of corp. tax to 25% which should encourage MSMEs. A few areas that we hope the government pushes for through the year: follow-through on shops and establishment model law, incentives for digital payments and better access to credit for services-based MSMEs. Overall, happy that the government is walking the talk and focusing on basics rather than going for large, publicity-driven schemes that never go anywhere." as quoted by Rucheyta Bhatia Owner of Poetry Love and Cheesecake, Bandra West.
"The Union Budget 2017 definitely provides the common man, what was anticipated of it, i.e. a common man's budget. It increases disposable income of the middle class that can provide a spur to the slowing down economic growth. Halving the tax to five per cent up to the income of Rs 5 lakh eases the recent pains of demonetisation."
"At the same time, small and medium enterprises are aided by reducing the corporate tax rate to 25 per cent from the current 30 per cent for annual turnover up to Rs 50 crore." says Nishek Jain - Owner of 29 Restaurant, Kemps Corner.
"A very good move on part of government as corporates will save on taxes and this would definitely help in reaping in more investments which in turn helps in creating environment to generate employment opportunities. In my opinion as our Finance Minister had said we are largely non-tax compliant country with this reduction of 5% in corporate tax coupled with 5% reduction in individual tax slab number of taxpayers will increase and at a later stage we can expect a higher benefit. It is a welcome step to curb black money and move towards cashless economy.It is a courageous decision which will definitely help to widen tax net and encourage people to come forward and pay taxes.This budget has aimed at reviving our economy by providing benefits to rural India, infrastructure sector and Small and medium enterprises . Apart from this with the benefits of reducing tax rates if number of tax payers increase in individual and corporate categories this target can be achieved" says Saloni Rupani, Partner at Dishkiyaaon, Bandra Kurla Complex.