Budget 2017- Pro Micro, Small and Medium Enterprises (MSME)

In light of the recent shock of demonetisation, the Indian government’s push to move India into a more digital, a more compliant, and subsequently a more vibrant economy was clear from the budget. With MSMEs being hit the hardest with demonetisation – the budget announced on Feb 1st laid out some good incentives to encourage growth across the MSME sector with an explicit remark that the largest employment opportunities in India lie within this sector. The Finance Minister outlined the following initiatives that were targeted towards driving growth in the MSME sector and to drive digitization among the MSMEs. Reduction of Corporate Tax The income tax for companies having a turnover up to 50 Crores has been reduced to 25 […]