PANAJI
Welcoming the Budget 2021-22, Goa State Industry Association (GSIA) points out that it is a budget with focus on growth and all-inclusive welfare. GSIA president, Vishwanath Kochkar mentioned that the budget has laid focus on 4 pillars of development. Amongst these four pillars, emphasis is laid on PM Gati Shakti which is a transformational approach for economic growth and sustainable development driven by 7 engines “ Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistic Infrastructure. “The capital expenditure outlay has been up by 35.4 % to Rs 7.5 lakh crore which is around 2.9 % of GDP. The outlay under Scheme for Financial Assistance to States for Capital Investment has been enhanced by Rs 1 lakh crore,” stated Kochkar.
Commenting further Kochkar, also the director of Ultratech Automotive Pvt Ltd, added, “For the MSMEs, the ECLGS has been extended up to March 2023 with expanded guarantee cover of Rs 5 lakh crore. This will give a big boost to the sector and help to mitigate the adverse impact of the pandemic. Also revamping of CGTMSE Scheme with required infusion of funds will facilitate additional credit of Rs 2 lakh crore for micro and small enterprises and expand employment opportunities. Roll out of Raising and Accelerating MSME Performance Programme (RAMP) with outlay of Rs 6000 crore over 5 years will help the MSME sector to be more resilient, competitive and efficient.”
Welcoming that under Ease of Doing Business, 75000 compliances have been eliminated and 1486 Union Laws have been repealed to make it easier for business, Kochkar pointed out that MSME portal scope has been widened and Udyam, e-Shram, NCS and ASEEM portals are proposed to be interlinked.
“From the taxation point of view, a little more focus was expected on taxation policies for MSMEs. However, the continuation of 15 % tax for new manufacturing companies to continue till 31/3/2024 and reduction of corporate surcharge from 12 % to 7 % are welcome steps. The extension of the tax concession period by one more year for start-ups will encourage economic growth. Also, for correction of errors, the IT return can be updated within 2 years from the assessment year,” concluded GSIA president.
