Budget Reaction - Mr. Harkirat Singh, MD, Woodland

"The all-round approach in the Budget is evident from Government's focus on several issues including the revival of the rural economy, investments in agriculture, bringing in digital literacy, promoting entrepreneurship, skill training and the much needed allocation for an infrastructure boost.

While the FM has made many visionary announcements, we are disappointed with the lack of mention or clarity on the GST. Implementing the Goods and Services Tax (GST), however, remains one of the promises that the government still has to deliver.

Also, the proposed excise duty on readymade garments over Rs. 1000 of 2% (withoutITC) or 12.5% (with ITC) on branded readymade garments will not only deter the industry growth, but also make the end product more expensive, thereby burning a hole in the consumer pocket."

Source : Equity Bulls

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