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2012-10-29

SMEs in MP get tax relief

The Madhya Pradesh Government has announced a slew of incentives for the micro, small and medium enterprises (MSMEs), including abolition of “export tax”. The announcement came from Chief Minister Shivraj Singh Chouhan at the third Global Investors Meet i

The Madhya Pradesh Government has announced a slew of incentives for the micro, small and medium enterprises (MSMEs), including abolition of “export tax”. The announcement came from Chief Minister Shivraj Singh Chouhan at the third Global Investors Meet in Indore.

“Export tax levied by the civic bodies on the products of MSMEs will be abolished, and these units will be provided land from the state government’s 20,000-hectare land bank,” the minister said while inaugurating the event.

“MSMEs having annual turnover between Rs 12 lakh and Rs 30 lakh would get exemption from the tax that will boost their export,” he added.

A sum of Rs 900 crore would be spent on land bank and cluster development, he said.

He further said, “Round-the-clock power would be supplied to MSME units not only in urban areas, but also in rural areas. Funds will be provided for technology upgradation and skill development. Buyer-seller meets would be organised at local level to woo MSMEs in rural areas.”

ITIs would be upgraded with the help of business chambers and bureaucratic hurdles encountered while setting up MSMEs would be removed, he added.

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