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11/02/2017 02:58pm

West Bengal budget allocates Rs 50 cr for MSMEs; proposes to bring MSMEs under minimal VAT scheme ambit

image West Bengal budget allocates Rs 50 cr for MSMEs; proposes to bring MSMEs under minimal VAT scheme ambit

Kolkata, Feb 11 (KNN) The Bengal State Budget, which was unveiled on Friday, has allocated Rs 50 crore allocated for micro, small and medium enterprises (MSME) sector.

State Finance Minister Dr Amit Mitra presented the West Bengal state budget on Friday.

For 50,000 artisans who lost their jobs due to demonetisation, will be given an aid of Rs 50,000 each, according to the Budget proposal.

The Budget proposes to bring small and medium enterprises and manufacturing companies under the ambit of minimal VAT scheme.

The Budget proposes to reduce the Stamp duty to 2%, from 5%.

Further, Dr Mitra announced ceiling of primary slab of VAT will be increased from Rs 10 lakh to Rs 20 lakh.

Small traders and enterprises will no longer have to physically come to State Government offices to file hard copies of documents for VAT purposes, said Dr Mitra adding that VAT audit report will be abolished, benefitting 30,000 businesses.

All pending cases of VAT settlements will be disposed off by December 31, 2017, proposes the Budget.

The Budget targets claims 13.27 lakh employment opportunities were created during last fiscal. (KNN Bureau)

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