FASII terms budget a dumb squid

Terming the union budget as a crushing disappointment to the Micro and Small Enterprises (MSEs), Federation of Association of Small Industries of India (FASII), has said the budget has nothing to offer to the industry on the taxation front. National president of FASII Badish Jindal said in this time of recession, the MSE hoped that measures such as excise duty cut, concessional interest would be announced but nothing of this sort has happened.

Terming the union budget as a crushing disappointment to the Micro and Small Enterprises (MSEs), Federation of Association of Small Industries of India (FASII), has said the budget has nothing to offer to the industry on the taxation front.

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National president of FASII Badish Jindal said in this time of recession, the MSE hoped that measures such as excise duty cut, concessional interest would be announced but nothing of this sort has happened.

Jindal said, “The budget has not provided much needed relief by enhancing the central excise exemption limit from Rs 1.5crore to MSEs and service tax exemption limit from Rs 10 lakhs annual turn over.”

He added, “MSEs were hopeful that the main irritant of 'delayed payments' to this sector by large industries, multinational companies, Public Sector Undertakings (PSU) and government departments would be addressed in this budget by slotting-in an appropriate provision in the Income Tax Act. The sector, however, got dismayed that nothing had been done on this count.”