Andhra's aquaculture to get a boost: FAPCCI

Visakhapatnam: The impact of Union Budget proposals for 2023-24 came up for discussion at a meeting organised by Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) here.

CA Anil Kumar Bezawada from Hiregange and Associate and CA Gautam Parakh from Gautam Parakh Associates, taxation experts were the key speakers. Karunendra S Jasti, president, FAPCCI, in his welcome address said that it is a growth-oriented budget covering all sectors. The proposal for a new sub-scheme of the PM Matsya Sampada Yojana with a targeted investment of Rs 6,000 crore will enable the activities of fishermen, fish vendors and micro and small enterprises, improve value chain efficiencies and expand the market, he said.

He said this will surely encourage and boost the aquaculture industry in Andhra Pradesh. The big-ticket item is infrastructure development and increased spending in this sector. The specific reference to the proposal to spend a record Rs 22,138 crore on allocations aimed at the Micro, Small, and Medium Enterprises (MSMEs) Ministry in the budget 2023–24 will surely give a boost to employment in the country.

Dr Hema Yadavalli, member, managing committee, briefed the members about the FAPCCI's role in promoting trade and industry and presented an overview of the budget.

CA Gautam Parakh spoke about direct tax proposals. In the budget, the sum payable to MSME will be allowed as a deduction in the profit and loss account only on a payment basis. Furthermore, according to Section 15 of the MSME, payment terms cannot exceed 45 days or be less than 45 days. The conversion of gold into an electronic gold receipt and vice versa is not to be treated as a capital gain. A higher limit of Rs 3 crore for TDS on cash withdrawals is to be provided to cooperative societies.

CA Anil Kumar Bezawada presented his analysis on indirect tax proposals. The budgeted estimates for GST collection for 2023–24 are Rs 9.57 lakh crore. The indirect tax budget announcements for 2023 are primarily focused on sectors like export promotion, domestic manufacturing (Make in India), domestic value addition, green energy, and mobility.

He said the Finance Bill 2023–24 proposes to restrict the filling of GSTR1, GSTR 3B, GSTR 8, and GSTR 9 beyond three years from the due date by inserting the sub-sections.