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Canara Plastic Manufacturers’ and Traders’ Association (CPMTA) has said that the tax cut of 5 per cent on income-tax rates on below ₹50 crore income in the Budget proposals for 2017-18 will help micro, small and medium enterprises (MSMEs).
BA Nazeer, president of CPMTA, said that most of the MSMEs are coming under this category. Reward for tax payers and crackdown on tax evaders are the need of the hour, he said.
The announcement of reduction in income-tax rates for small income category and increase in the turnover limit under presumptive tax scheme to ₹2 crore will bring big relief to a large number of assessees in the MSME category.
The government's support for education and health sector; and the huge outlay of expenditure on infrastructure, especially in rural areas, will trigger growth, he added.
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