MSMEs will get relief in the Budget; their concerns would be looked into: Meghwal

New Delhi, Dec 15 (KNN) The micro, small and medium enterprises (MSMEs) will get relief in the upcoming Budget, assured Minister of State for Finance Arjun Ram Meghwal adding that the next budget will look into their concerns.

He was speaking at an event organized by Laghu Udyog Bharti.

According to a media report, the Minister further said, "I cannot reveal everything which will be part of the Budget, but interest rate will come down...it will definitely come down", the minister said. He also indicated there is a possibility of income tax rate cut in the upcoming Budget which is expected on February 1.

"There are two issues with income tax-- exemption limit, and another is slab. Both of them will be looked into," he said.

 On the Goods and Services Tax (GST), Meghwal said the government intends to implement it from April 1 as the Constitution does not permit delay in GST implementation.

The government notified GST on September 16 and the constitutional amendment itself says the current indirect tax system can continue for one year, after which the GST has to come, he said.

If it is not implemented by September 16 next year, both states and centre would lose their power to levy tax, he said.

"GST will be the first act in which it will be one country, one tax which will include Jammu and Kashmir also. J&K will also have to implement GST," he said.