Union Budget 2018, not much for MSMEs in basket, Punjab MSMEs raise

New Delhi, Feb 3 (KNN) Union Budget 2018 has failed to meet the expectations of Medium Small and Micro Enterprises (MSMEs) as this budget hasn’t brought much in the basket as they expected and completely ignored the industrialist, MSMEs in Punjab raised.

Talking to KNN, Badish Jindal President of Federation of Punjab Small Industries Association (FOPSIA) said “this budget will hinder the growth of economy as it is the non friendly industrialist Budget.

"Nothing for the industry in the Budget, as we were expecting" he said.

Calling it completely a negative budget he further stated that we were expecting some enhancement in income tax limit and relaxation in direct taxation and GST.

Corporate tax cut will just benefit 0.002% of the MSME. Instead of giving anything to MSMEs they imposed burden on them, Jindal informed.

The Union Budget 2018 on Thursday extended sops to MSMEs, as part of the government’s efforts to bring businesses under the formal economy’s fold.

Finance minister Arun Jaitley proposed to cut the corporate tax rate to 25% for companies with annual revenue of up to Rs250 crore. The budget also earmarked Rs3 trillion for 2018-19 under the Pradhan Mantri Mudra Yojana or Mudra scheme.

In addition, Jaitley allocated Rs3,794 crore for credit support, capital and interest subsidy to MSMEs. (KNN/YV)