Measures to Boost MSME announced

New Delhi Feb 2: Finance minister Arun Jaitley on Thursday has presented the budget.The FM has announced various measures to ensure to boost the Micro, Small and Medium Scale Industries MSME sector. The government has announced the following

Tax Benefits

FM has announced a reduction in corporate tax from 30 % to 25 % for companies who have turnaround below Rs 250 Cr. Jaitley has announced that " I am proposing to reduce the tax to 25% for companies with annual revenue of up to Rs50 crore.This will benefit the entire class of micro, small and medium enterprises which accounts for almost 99% of companies filing their tax returns"

He added that "This will benefit the entire class of micro, small and medium enterprises which accounts for almost 99% of companies filing their tax returns, and the revenue foregone about for 2018-19 will be of Rs7,000 crore."

The Government has also announced linking to GST and said that " bringing on board state-owned banks on Trade Electronic Receivable Discounting System (TReDS) platform and link it with the GST Network."

Jaitley has also announced measures to solve the NPAs of MSME and also upgraded the bonds from which loans would be available to the industries.

FM had also announced some measures for ease of doing business for MSMEs.