West Bengal Budget should provide job opportunities – Jain
The Finance Minister has announced a very liberal scheme for settlement of disputes to provide relief to tax payers from the pending litigations under the West Bengal Sales Tax Act, 1994, West Bengal Value Added Tax Act, 2003, Central Sales Tax Act, 1956, etc. It is a welcome step. Earlier in the year 2020 also State Government had brought out a scheme for Settlement of Dispute (SoD) which had resulted in settlement of 28,697 cases. More than 25,000 cases are still lying pending for settlement in Tribunals and Courts. Tax Advocate Narayan Jain said that under the new Scheme all the disputed tax like arrear tax, interest, penalty or late fee pending before any authority on the 10th February,2023 will be settled if application is made on or before the 31st day of May, 2023. It is expected that prescribed percentage of disputed tax will have to be paid and one will get waiver of interest, penalty or late fee.
Another welcome measure is extension of stamp duty rebate for home buyers till 30th September, 2023. The stamp duty valuation or circle rate will be reduced by 10 per cent and stamp duty payable will be 2 per cent less than normal. Jain has also welcomed this extension.
The budget has also proposed the measures for employment to youth by announcing loan of Rs. 5 Lakh for youth between the age of 18 to 25. However the amount of Rs. 5 Lakh may not be adequate for setting up even a small industry. It should be reviewed and made realistic.
The funds allocated for various social welfare schemes should reach the beneficiary. The allocation for Environment is only Rs. 101 Crore, for Housing Rs. 271 Crore, Industry, Commerce enterprises is 1397 Crore, Tourism Rs.491 Crore, Transport Rs.2030 Crore, Information Technology & Electronics Rs.202 Crore, Micro Small & Medium Industry is Rs. 1218 Crore. These need to be revised upwards. In Calcutta pollution level is alarming and almost next to Delhi. The Government need to take appropriate steps for providing job opportunity, as this is a serious problem that even educated youth are unable to get jobs in our State.