New Delhi: Finance Minister Arun Jaitley on Thursday announced that tax burden on Micro, Small and Medium Enterprises (MSMEs) will be reduced and that the government will fund 12% of wages for new employee of EPF.
This is the Narendra Modi government’s first post-GST and last pre-poll Budget and is expected to provide Income Tax and Corporate tax relief along with farm sops.
Jaitley’s fifth Union Budget is arguably his toughest yet as he seeks to address farm distress, create jobs and boost growth while sticking to fiscal prudence and negotiating a tricky GST twist. This Budget is being keenly watched to see what Arun Jaitley does to boost growth in Asia's third largest economy.
Here are the key highlights of what the FM said:
1. Rs. 3,794 crore to MSME last year for mass formalisation.
2. Govt will soon announce measures to address non-performing assets of MSMEs.
3. Tax burden on MSME will also be reduced
4. Rs. 3 lakh crore for lending under Mudra to be allocated in FY 19
5. Creation of job opportunities has been at the core of policy making
6. Govt will fund 12% of wages for new employee of EPF