Ludhiana, Feb. 2 -- City industrialists on Saturday welcomed the revision of tax slabs, allowing for tax reforms for income up to Rs.12 lakh, in the Union Budget. The Budget was presented by Union finance minister Nirmala Sitharaman on Saturday.

The Federation of Industrial and Commercial Organization (FICO) appreciated revision in definition of Ministry of Micro, Small and Medium Enterprises (MSME). Industry leaders, however, expressed disappointment over the lack of tax rationalisation and other long-standing demands. Tax rationalisation is aimed at simplifying the tax structures.

FICO chairperson KK Seth emphasized that industry has been demanding rationalised tax structure for a long time. He pointed out that private and public limi...