The budget for fiscal (2006-07) was welcomed with relief by industry and business chamber as personal and corporate taxes were not levied.
Karnataka's Confederation of Indian Industry (CII) said higher allocations for infrastructure development, agriculture, healthcare and education, would boost growth.
Continuation of fringe benefit tax (FBT) with minor changes was not received well by Bangalore Chamber of Commerce and Industry (BCIC) and Federation of Karnataka Chambers of Commerce and Industry (FKCCI) as they considered it to be anti-industry.
Government schemes like National Rural Employment Guarantee and Bharat Nirman should reach beneficiaries to bridge the gap between the rich and the poor in the countryside, they opined.
Not considering tax relief for manufacturing sector in the form of excise duty, caused disappointment in industry.
Textile and food-processing industries stand to benefit from additional funds.
Customs duty has been brought down to 12.5 percent from 15 percent but increase in service tax from 10 to 12 percent will post reduced benefits to companies, aired Vinay Despande, member CII-Karnataka.
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