Tax announcements for MSME sector

New Delhi, Feb 1 (KNN) Tax announcements for MSME sector:

• Presumption tax rates for units with Rs 2 crore turnovers reduced to 6%. Boost for small businesses
• Revenue foregone on this amts to Rs 7200 cr.
• 5% tax cut on MSMEs with turnover of Rs 50 cr
• Tax for small companies having a turnover of less than ₹50 crore reduced to 20%
• This will make MSMEs more competitive as compared to larger companies
• 96% per cent of India’s companies will get the benefit
• Medium and small enterprises provide maximum employment but pay more taxes
• Profit linked-deductions for start-ups reduced to 3 years out of 7 years
• Revenue foregone on this amts to Rs 7200 cr.
• 5% tax cut on MSMEs with turnover of Rs 50 cr
• Tax for small companies having a turnover of less than ₹50 crore reduced to 20%
• This will make MSMEs more competitive as compared to larger companies
• 96% per cent of India’s companies will get the benefit
• Medium and small enterprises provide maximum employment but pay more taxes
• Profit linked-deductions for start-ups reduced to 3 years out of 7 years