GCCI welcomes union budget & hike in mining royalty

GOANEWS DESK, PANAJI | 10 July 2014 18:00 IST

Goa Chamber of Commerce and Industry has welcomed the union budget as well as special announcements for Goa, including changes in the MMDR Act and hike in mining royalty.

In a press statement issued by GCCI, its president Narayan alias Nana Bandekar has also said the E-Visa system would help in boosting tourism in the state, visited by around four lakh foreigners every year.

“This number will go up with E-Visas,” he stated.

The GCCI has also welcomed the central government for its announcements to set up IIT in Goa and assisting to build a convention centre, a long-pending demand of the tourist state.

“Change  in definition  of MSME  to increase the threshold  limit  of  investment  in plant  and machinery will benefit  the  MSME  sector also  in  Goa,” he stated. 

The press statement also stated as follows:

“He has aimed at dispelling the un-certainties in the Indian Tax System by clearly stating that there will be no retrospective changes in taxes. This  will pave way  for a lot of FDI inflow  which is  urgently needed to  finance  a lot  of  infrastructure  and  other  projects  including  defence.”

“While he could not completely eliminate  the adverse  impact created  by the   the  2012 retroactive amendment to income tax laws, he has assured  that the Government will be extremely cautious in invoking the law which has hurt the country's image as an investment destination.”


“We welcome the   proposal that cases arising out of retro amendment 2012 in respect of indirect transfers and coming to the notice of assessing officers will be scrutinized by a high level committee of CBDT (Central Board of Direct Taxes) before any action is initiated in such cases.”

 “Special emphasis has been laid on promoting financial savings in the household sector through increased tax breaks.  The common man though will be disappointed with the marginal increase in basic exemption limit from Rs. 2 lakh to Rs 2.5 lakh.”   

“Development of industrial corridors with emphasis on Smart Cities linked to transport connectivity and investment allowance   of 15% for 3 years to manufacturing companies which invest more than Rs 25 crore in plant and machinery will spur growth   in manufacturing.”


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Mining Royalty Should Go In The Hands Of The Villagers Through Swaraj Act. Mining Royalty For All Goans. Affected Or Not Affected By Mining. Dependent Or Not Depend On Mining. Mining Royalty For All Goans.

- Jose Rod, Goa | 11 th July 2014 14:09


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