• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Realasset Realasset
moneycontrol.com

Home » News » Budget News

Mar 17, 2012, 02.58 PM | Source: Moneycontrol.com

Budget Reactions: GST

By Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com

Like this story, share it with millions of investors on M3

Budget Reactions: GST

By Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com

Post Your Comments

Share Cancel

Dinesh Agarwal, Founder & CEO, IndiaMART.com
By Mr. Dinesh Agarwal, Founder & CEO, IndiaMART.com

“We welcome the Union Budget 2012-13 presented by the Hon’ble Finance Minister (FM) today.

While the FM called for speedy reforms today, the Budget did not indicate much in that direction. The key highlight, however, was ‘GST’ which is now expected to be operational by August 2012. We hope that this timeline is met as it would certainly help address the multiple taxation issue faced by the MSMEs currently. We had also expected some effective mentions to simplify taxation and also consolidate multiple departments to allow better compliance by MSMEs. This still remains to be looked at by the government.

Another positive for MSMEs in this budget was allocation of Rs 5,000 cr to SIDBI for venture fund which would enhance equity availability to MSMEs. Exemption of capital gains tax from sale of property when proceeds are used for investment in SME would also help augment funds for SMEs to a certain extent.

The fillip to handloom, powerloom and leather clusters is seen as a positive move for growth of small enterprises in these sectors.

With the manufacturing sector facing deficit in skilled manpower, the FM’s proposal to provide weighted deduction for expenditure on skill development will help bridge some gap.

Also, the move to raise the turnover limit for compulsory tax audit for SMEs to Rs. 1 crore from Rs. 60 lakh would also bring relief to many SMEs.

We believe that there was a scope for bolder announcements for MSMEs which could have brought a sea-change in their productivity and growth by eliminating the challenges faced by them.”

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Budget Reactions: GST

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login