What does the Private Sector Want from Budget

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What does the Private Sector Want from Budget

May 25: The private sector stakeholders believe that the government’s revenue collection will be higher if the tax rate is lower. The gray economy has increased due to the increase in customs duty, excise duty and VAT. This problem will be solved if customs and VAT are adjusted to be equal to India's GST, said the private sector businessmen.

“When all transactions come under the scope of customs, it will increase the revenue,” they said.

They were of the view that some amount of social security fund should be spent on industrial infrastructure development and expansion.

A law that restricts businessmen does not create a viable environment for industries and commerce to flourish.

“The government's job is to increase revenue, not to arrest businessmen,” said one of the businessmen. According to him, a policy of amending such laws should be adopted.

“It is not possible for industries that require raw materials in small quantities to bring them in large quantities. Therefore, such raw materials from commercial establishments should also have low customs duty. As liquidity is easing now, the current capital loan limit should be removed,” he further said.

The businessmen and traders believe that if the limit of 25 percent of current capital loan is removed, businesses will improve.

They also complained that Indian tourists are not treated well at the border.

“Many tourists come to Nepal from India. Harassment of Indian tourists at the border does not increase the number of tourists. There should be a system of parity and facilitation of the Indian currency.”




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