AP derives benefit from waiver of old corporate tax cases

Several good sides to the Budget vis-a-vis its impact on AP has been cited. As the Union finance minister announced waiver of court cases pertaining to corporate tax between 1962 and 2014, AP would get maximum benefit as a good number of cases pertaining to micro units were pending in courts.

AP had established a large number of micro units long ago but there was no digitisation of court cases related to corporate tax in the past. The nullification of these cases gives a major relief to those who were running around the courts to attend hearings.

As the Budget proposed five new aqua parks, AP is expected to benefit as its share in aqua exports is around 65 per cent. One or two such parks are expected to be set up in AP. This would give a major boost to the aqua industry in the state and help improve the income from it.

Also, AP is promoting skill development in a big way for the benefit of the youngsters. The Budget proposals for several incentives come handy to the state’s skill development sector.

The plan to earmark Rs1 lakh crore for research and development of small scale industries is also expected to give major boost to this sector in AP. A large number of people who set up the small scale industries will derive benefit from this, by taking up developmental and expansion works and this would add to their as also the state’s share of revenue.

The Centre seems to be adopting the AP style of education system with regard to adoption of the International Baccalaureate Curriculum, by introducing the 10+2+4 model of study. AP signed an MoU with IB recently to introduce IB syllabus in Classes I to XII from 2025-26.

The Confederation of Indian Industry’s AP Chapter chairman Lakshmi Prasad said, “AP derives benefits in several sectors from the interim central budget and we are expecting more incentives in industries and export sector in the next regular budget.”

IMIS Pharma managing director, V. Nagalakshmi, lauded the Centre’s initiatives like cervical cancer vaccination for girls to prevent cervical, as also steps for maternal and child health care, and upgradation of anganwadi centres under ’Saksham Anganwadi and Poshan 2.0.’

State BJP’ chief spokesperson Lanka Dinakar said, “The Budget is development-oriented and several welfare schemes are proposed.”

AP Federation of Chamber of Commerce and Industry president V. Bhaskara Rao said, “We are disappointed as the budget did not allocate funds for revival of Visakha Steel Plant and for the setting up of a railway zone.”