Govt to cut tax burden for SME growth

In an effort to reduce the taxation burden on small and mid size businesses in India and push their growth further, the government in its latest move has come out promising minimum taxation on the SME sector.

At a recent event organized by PHD Chamber of Commerce and Industry on the ‘Road Map for the new Government’, the newly elected Members of Parliament (MPs) promised industry that their collective efforts will lead to elimination of host of unpleasant taxes and raise voices to empower industry in nation building.

Mahesh Giri, MP stated that newly elected MPs will raise issues and lobby for elimination of uncalled taxation that has been in existence in the statute for decades.

“A business does not earn anything after 34 different taxes levied on him currently. The tax an entrepreneur evades is his earning. If he will not evade those taxes then he will not be able to earn anything. Our priority is to to undo these taxes and strengthen Indian businesses,” said Giri.

“PM Modi has asked Nitin Gadkari to examine the tax structure that cause hardship to industry so that it is not subjected to multiple-taxation both direct and indirect taxes. The new government would ensure that these 34 taxes which apply to industry in general under the prevailing regime are pruned substantially,” Giri added.

The other that MPs participated at the event were Dr. Udit Raj, Mahesh Sharma and Bharatendra Singh.

Raj, on the other hand committed to remove red tape from Delhi’s industries department to facilitate and ensure faster taking off of pending projects for MSMEs in the NCR region.

“A lot of work has to be done to remove corruption and red tape in the industrial corridors. Then only we will be able to push through the pending government especially in Delhi NCR for MSMEs,” he said.

“The attitude of the government required changed. We always had the spirit and courage to grow only of the government had earlier allowed us to do it. Now we have a pro-business PM who wishes to make a difference,” said Singh.

“Industry would find friends in Modi whose regime would lay out a road map for industry to negotiate on it smoothly and profitably,” added Singh.