« Budget Extravaganza » Open DEMAT Account in 24 hrs  All outstanding personal tax demand notices up to Rs 25,000 withdrawn till FY 2014-15 in Budget 2024  Budget 2024: Why there is an urgent need to hike Section 80C deduction ceiling for income tax benefits  Budget 2024: Long term capital gains tax and the holding period for different assets explained  No increase likely in income tax rebate in interim budget: FinMin official  Income tax expectations for Budget 2024: Focus on medical insurance and capital gains tax  Whole world looking at India s budget with hope  Pre-budget expectations for salaried individuals on tax relief Budget 2023  Centre expected to introduce new income tax slabs in Budget 2023: Report  Budget 2023: Pre-budget expectations for salaried individuals on tax relief   Will non-extension of tax benefits for affordable housing impact sales Budget 2022  Budget 2022 allows 2 more years to file ITR; Know the whopping cost of delay in filing «  Railway stocks derail ahead of the budget; Wagon makers in... Budget 2012: Finance minister's team should present... » Budget annoucements will revive Assam's economy: CII March, 13th 2012 Industry body CII has welcomed the Assam government's Budget announcement to reduce the rate of tax under VAT and offer other concessions saying this will revive the state's economy and bring in more investments. "Positive indications for the long term have been announced on issues such as VAT rates, sectoral sops, etc. The Budget's special incentives will help revive the economy by stimulating investment," Confederation of Indian Industries North East chapter co-chair Abhijit Barooah said. He said the state level tax concession and other benefits to the industries as per the Industrial and Investment policy and special incentives to industries having mega status will attract industries to the state. Presenting the state Budget in the Assam Assembly this morning, Chief Minister Tarun Gogoi had announced reduction in the rate of tax under VAT from 13.5 per cent to five per cent for items including alcohol, honey, glucose and coal tar. Special incentives to industries having mega status were also given to promote employment generation and benefits to consumers. "The tourism sector would also get a major fillip with major concessions offered," Barooah said. In order to encourage tourism which has "great scope in the state", Gogoi had announced exemption of luxury tax upto five per cent from room tariff of less than Rs 1,000. The CII also welcomed the proposal of setting 21 new polytechnics in the state. "The proposal to increase the intake capacity in the ITIs from 23,600 seats to 1,03,000 seats in the 12th Five Year plan period coupled with the proposal to set up a single window Skill Development and Employment Generation Authority will help in mitigating the demand supply gap for skilled manpower," Barooah said.