INSUBCONTINENT EXCLUSIVE:
Industry body PHD Chamber of Commerce has actually looked for hassle-free credit centers for MSMEsSteps ought to be taken in the upcoming
union budget plan to ensure problem-free credit accessibility to market, particularly for micro, small and medium business (MSMEs) and lower
the expenses of working, stated Pradeep Multani, president, PHD chamber of commerce and market (PHDCCI)
Mr Multani suggested that the reforms need to be undertaken to strengthen the MSME sector given its considerable contribution to the
economic and social development of the country.The market body's president recommended extension in the timeline of the emergency
situation credit line guarantee scheme (ECLGS) for another year till March 31, 2023
On the tax front, Mr Multani suggested a decrease in tax on MSME firms working as Proprietorship/ Collaborations as it will benefit the
For such organizations, it is suggested that the maximum tax slab be brought down to 25 per cent, he said.Mr Multani said that for the new
units, the effective rate of tax is around 17 percent
So we recommend allowing the entities to take benefit of Area 115 BAB the time limit enabled to begin producing by a brand-new system might
be extended by March 31, 2025
To provide terrific momentum to exports, PHD chamber recommended that export earnings need to be made tax-free for MSMEs for three years and
earnings of large enterprises from incremental exports (Y-o-Y) be made tax-free
This will help in partly compensating the additional cost of logistics and other bottlenecks which Indian exporters face.He further stated
that relevant fundamental customized task (BCD) needs to be reduced by 50 percent on basic materials for manufacturers, increase the public
investments in agriculture facilities from the present level of 6 per cent of the overall gross capital formation to at least 10 per cent in
the next 3 years with an enhancement of 1.5 percentage points every year
This will also minimize the agri-wastages from more than 25 percent to less than 10 per cent in the coming times.Talking about the direct
taxes Mr Multani recommended increasing the tax base by motivating individuals to pay the taxes with profitable tax-paying advantages such
as providing a limit of pension (after their retirement above the age of 60 years) for those who pay taxes continuously and truthfully
This will increase the tax base in the nation.
