Budget 2020-21: Bihar MSMEs optimistic of getting tax exemption
Bhojpur, Jan 24 (KNN) Amid hustle and bustle for the upcoming budget, the Micro Small and Medium Enterprises (MSMSEs) in Bihar seems optimistic to get certain tax exemptions in the budget.
Union Finance Minister Nirmala Sitharaman will present the Union Budget 2020 on February 1, like other states when KNN India approached Bhojpur Chamber of Commerce and Industries (BCCI) regarding their expectations from the upcoming budget, it was learnt that BCCI is 'quite optimistic' of the upcoming budget.
Speaking to KNN India on Thursday, Vishwanath Prasad, Director, BCCI were of the view that upcoming budget will be in the interest of businessmen.
There are signs that this year’s budget to be in the interest of small and medium businesses, adding that ''Small businessmen are expected to get income tax exemption and concession in the loans from the banks in the budget.''
''It is expected that small businesses will get the loan at low rate of interests,'' he added.
Later, he also said that government has discussed about the providing facilities like insurance for the businessmen etc.
''The government will try to fulfill the earlier announcements in the interest of small and medium businesses,'' he avowed.
Currently, Micro, Small and Medium Enterprises (MSMEs) from various sectors are eying at the budget with a ray of hope that it might strengthen them to deal with the upcoming challenges which they are facing amid economic slowdown.
The government had also sought feedback/ suggestions of people from all sectors across India for the Budget following which the ideas, suggestions and requests are pouring in from industry to bring new reforms and to do away with the policies which are no longer relevant and increases “unease” of doing business in the country.