Karachi traders term budget as 'people-friendly'

KARACHI - The trader fraternity of Karachi overall has termed the budget 2010-11 as people friendly while yet they are unsatisfied about the value added tax issue. According to the famous business tycoon Siraj Qasim Taili, the budget was presented very carefully in a very good style by Dr Abdul Hafeez Shaikh and is people-friendly but the VAT issue is yet to be resolved. He said that government will have to decrease its expenses to overcome the current crisis and its running in right direction. Overall its a people friendly budget as a lots of relieves have been given but the government didnt clear the GST reforms and the VAT imposition and had given the time of about three months he added. Siraj Qasim said that the situation will become clearer on October 1st and there is no difference between General Sales Tax and VAT. He hoped that the government is taking steps to resolve the VAT issue by constituting with trader fraternity as it has converted it into GST reforms. While talking with The Nation the Advisor to the CM on Investment Zubair Motiwala said that the budget 2010-11 is a relief providing budget but it is not clear that how the govt will bring the revenue for all of these relieves given in the budget. The budget is for getting relief and I dont know how the govt will generate revenues for all these relives, he added. Mahmood Hamid member KCCI said that if the government tried to implement the VAT with any other name so the countrywide protests will be held. He said that the VAT issue is not clear and there is no difference between VAT and GST both are same terms. This is the same direction of the budget as it was in the past and if the government tried to implement the VAT by force so the countrywide protests will be held on the large scale, he added. Another member of the managing committee of the KCCI Anis Bhesania told The Nation that the budget is a people friendly but some terms are not yet clear like the VAT issue. He said that its a matter of concern that VAT is taken from outside while the GST from inside and how will the government generate so much revenues for providing the relief. The real budget will come forward when it will be imposed practically by the government, he added.