The Andhra Chamber of Commerce (ACC) has described the Union Budget 2009-10,presented by Finance Minister Pranab Mukherejee today, as an inclusive budget focusing on farm, rural and infrastructure development sectors.

The Finance Minister has laid a grand road map for various reform measures which will ultimately result in sustained growth and uplift of BPL masses, ACC president K B Narasimha Prasad said in a press release here.

Though there were no pronounced changes in the Direct Tax structure, abolition of FBT at one stroke will be a great relief to industry, he said.

However, Prasad noted that increasing MAT by 50 percent i.e from 10% to 15% will hamper growth prospects of industry.

The budget provides a level playing field on certain services rendered by legal professionals on par with the other professionals.

Extension of 10A and 10B benefits. Interest subvention scheme for export and agricultural sectors for one more year are welcome measures, the release said.

"Announcements with regards to New Direct Tax Code in 45 days time, implementation of Goods and Services Tax from April 1,2010,removal of surcharge and marginal increase in basic exemption limit under personal income tax, abolition of Commodities Transaction Tax etc. are all measures in the right direction", it said.

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