Demonetization have had a great impact on the overall country especially to the SMEs which has been reeling under the pressure of the cash-free move as a result of which around 86 per cent of the currency has been...
The Commerce and Industry Minister of India, Smt. Nirmala Sitharaman welcomed the Union Budget 2017-18 on a happy note to the SMEs and the Make in India initiative by the Central Government. The Union Budget that was presented by...
The small and medium scale enterprises (SMEs) are highly volatile in nature and thus are at a higher risk value. As the work force tends to be leaner and weaker in these industries, the Human Resource (HR) department needs...
The decrease of income tax by 5 percent to the SMEs and the startups can be viewed as the good beginning of the year for the Small and Medium Enterprises (SMEs) which had been reeling under the sheer pressure...
The Union Budget 2017-18 has come as a great relief to the Indian startups. As the ruling government has advanced its ongoing initiative to encourage and strengthen the startups, the Finance Minister, Mr. Arun Jaitley, has proposed to extend...
Presenting the General Budget 2017-18 in Parliament, the Union Minister for Finance and Corporate Affairs Shri Arun Jaitley had said that the income tax for smaller companies with annual turnover upto Rs. 50 crore is reduced to 25% in...
The Quality Council of India (QCI) has claimed that it aims to certify as many as 22,000 MSMEs this year under the “ZED Scheme” which has been initiated by the Prime Minister Narendra Modi.
The Chairman of QCI Adil Zainulbhai...
Government under MSME has approved a package for providing support to the SMEs (Small and Micro Enterprises) across the country. This package would entail the augmentation of the corpus under the Credit Guarantee Fund for the SME ventures. This...
KVIC claimed that it has revived as many as 143 Khadi units, which were dysfunctional by using the grants from the MSME (Ministry of Micro Small and Medium Enterprises) and steps have been taken to start production of goods...
The upcoming budget 2017‑18 is much awaited by the SMEs, especially the startups. The government is likely to announce a loop of initiatives in order to provide support to the Indian SMEs and the startups. The initiatives might include broadening the tax‑free routine from 3 years to 5 years and to accelerate the procedural clearances.
This much‑awaited move is set to be launched in the Budget 2017‑18 and will come exactly a year after the launch of the program “Start‑Up India” by PM Narendra Modi. As per the initiative of the Start‑Up India, PM Narendra Modi had stated various provisions for the emerging businesses including the 3‑year tax‑free operation of the startup businesses in the country. However, this move faced multiple criticisms as the three‑year period was not feasible to yield the desired profits by the startups to pay the taxes. Therefore, with the five‑year tax exemption, the startup businesses are seeing a ray of hope with this year’s annual budget.
In addition to this, the government is also planning to make the founders quit or exit the companies in an easy manner as it would try to respond to the concerns about shutting down a particular company in a better way. There might also be announcements of effective and innovative measures to encourage the participation of the startups in the government purchases which are under the current situation quite rigid on the basis of turnover and experience.
Earlier, the startups have sought some relief from the government on income tax issues wherein the classification of the income of the businesses influenced the taxes imposed on them. This year, with the annual budget 2017‑18, the startups are looking forward to better reforms and flexible government policies under the Start‑Up Move of the Indian Government.
