(MENAFN- KNN India) Post budget reactions from tax experts & SMEs
New Delhi, 3 Feb (KNN) Union Finance Minister Nirmala Sitharaman presented the budget for 2020-21 on February 1. The budget includes tax deduction slab, merging of 'Make in India and 'Assemble in India and many other policies related to housing as well as MSMEs.
'An app-based invoice financing loans product to be launched which will obviate problem of delayed payments and cash flow mismatches for MSMEs. said Nirmala Sitharaman.
Many industry bodies, as well as experts, have shared their views on this budget which are as follows:
CMA B Mallikarjun Gupta - Chief Taxologist, Logo Infosoft
"The fake invoices being issued in GST Regime has become a big headache for the Government and to punish such errant taxpayers the budget proposes hefty penalty equivalent to the aggregate amount of fake invoices issued or transactions omitted. The budget also proposes to levy an equal amount of penalties on the person who has received or miss used to take the input tax credit. These stringent provisions will definitely weed out the black sheep from the system. GST is also being strengthened to bring in transparency and weed out the errant taxpayers by way of stringent penalties and at the same time simplifying the return filing process and implementing e-invoicing."
He further added that "It is really a welcome move by allowing the NBFCs to finance the invoices of MSMEs through TReDs, this will really help the cash-starved MSMEs for funds and most of them are in the unorganized sector, financing through the NBFCs will give easy access for funds."
Puneet & Yatin Jain, Directors Odhni
"The 2020 budget presented by the honourable Minister for Finance will set our economy on the right path in the new decade and for many decades to come if fully implemented. For instance, when you take a look at new initiative proposed by the FM termed the subordinate debt for Entrepreneurs, then the extension of debt restructuring from by another year from which more than 5 lakh of MSME benefited last year; you will see that the vision behind the budget is great for start-ups and therefore great for our budding labour force and economy.
'The objective of the administration to increase imports under Free Trade Agreements and the proposed increase in Customs Duty on some imported items such as footwear and furniture will boost local manufacturing and enhance our foreign exchange advantage" they said.
Amitansu Satpathy, Managing Director, Best Power Equipments
"The budget is overall encouraging for the industry. We expect a lot of initiatives announced by Hon. Finance Minister. Once implemented will definitely boost economic growth".
RXIL's CEO Mr. Ketan Gaikwad
'With the Budget doling out several announcements, one of the most prominent spaces have been the ease of doing business for MSMEs. he said.
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