CIA submits MSME revival guide to Finance Minister News Today

  • | Tuesday | 23rd February, 2021

Chennai: The Consortium of Indian Associations (CIA) recently submitted a list of suggestions to revive the MSME sector to the Finance Minister at the budget consultative meeting. Some of the ideas included seeking the National Small Industries Corporation (NSIC) to implement a PDS like ration card system to micro enterprises for supply of essential raw materials at fair price and in small quantities atleast at Industrial estates/ parks to start with and make them available on credit basis. A longstanding demand of the sector the Parliamentary Standing Committee on Finance has also recommended that tax on Long Term Capital Gains be abolished for all investments in MSME units. The group has also asked for the 'sale price' to be competitive and lowered and exempt GST for all enterprises coming under Micro (upto Rs five crore turnover) till March 2022. It will also save micro enterprise owners from going to third party agencies for filing and documentations and allow them to concentrate more on business.

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