The Group of Technology Companies (GTech) representing the IT/ITeS industry in Kerala has expressed the view that the Union Budget for 2012-13 has missed the opportunity to make bold economic reforms. “Political compulsions seem to have held the Finance Minister from making big ticket announcements. While the steps towards financial consolidation are appreciable, no corrective action on Minimum Alternative Tax (MAT) for Special Economic Zones (SEZ) has been taken.
Tax concession on Research and Development is definitely a step in the right direction and should benefit the IT industry,” says V.K. Mathews, chairman, GTech, and executive chairman, IBS Group, here on Friday. Anoop Ambika, secretary, GTech, said, “It is good to note that the current rates of corporate taxes have been maintained. The Finance Ministry seems to be mute on major issues troubling the IT industry.”
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