Ministry of MSME seeks suggestions from associations for pre-budget proposal 2021-22

New Delhi, Nov 9 (KNN) Ministry of Micro, Small and Medium Enterprises (MSME) has sought suggestions from MSME associations on tax related issues for pre-budget proposal 2021-22.

According to a communication sent to leading associations by Ministry of MSME, “Proposals are invited from Micro, Small & Medium Enterprises (MSME) Associations on changes desired by them, in direct as well as indirect taxes. It may be noted the GST related changes are not examined as a part of annul budget exercise.”

It further said “The proposals may be sent separately for direct and indirect taxes. Similarly, the proposals on General issues/ product specific issues should outline justification for the proposed change/modification sought and should be supported by relevant data pertaining to number of micro and small enterprises to be benefited, revenue implication, likely impact on output, employment, exports and analytical information on price index, whenever applicable.”

Every year, ministry formulates Pre-Budget proposals regarding modifications in the indirect taxes and direct taxes for consideration of Ministry of Finance for inclusion in the Union Budget.

Ministry has asked MSME associations to submit their suggestions for modifications in the direct and indirect tax rate structure in pre-budget proposals 2021-22 by 12:00 PM, 11 Nov, 2020.

“It may kindly be noted that GST related changes are not examined as part of Annual Budget exercise.” letter added.