Anil Agrawal, Whole Time Director of Sanwaria Agro Oils
Positives of Union Budget 2012-13
Ø Reduction in withholding tax is positive for all industries including our industry because the cost of fund getting from abroad will be lesser, if we compare with the local prevailing higher rate of interest.
Ø Reduction in security transaction tax is positive, as cost of hedging on the commodity exchange will be lesser to all the manufacturers.
Ø Provision for subsidies and expenditure is not increased significantly which is positive.
Ø Extension of 15% tax on dividend from foreign companies.
Negatives of Union Budget 2012-13
Ø Non revising of tariff value of import of edible oil
Ø Non increasing of the import duty on edible oil
Ø No significant relief to Corporate/Companies and Capital Market
Ø No mention about GM crop or GM food labeling in the Budget
Ø Marginal raise in Income Tax exemption limit.