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: Abolition of Fringe Benefit Tax (FBT) is a welcome step as such a measure has been the bare need of the day.
The finance minister has extended the benefit of weighted income tax deduction for R&D expenditure to all industries across. It is fine, however, considering that the pharma industry needs to invest enormous money on research activity in order to face global challenges, an incentive in form of soft loans( at 2% interest ) or a special fund to provide soft loans for research expenditure was very much required in a big way in order to push R&D activity; and a provision should have been made for the same.
Increase in minimum alternate tax (MAT) from 11.3% to 16.9% will create adverse impact on many companies.The FM has proposed lowering of customs duty from 10 to 5% on imports of important drugs and vaccines, but it is not sufficient. The budget proposals do not include any pragmatic reforms, and the proposals are neutral and below expectations.
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