What Budget 2017 means for Small Enterprises?
The MSME (Ministry of Micro Small and Medium Enterprises) sector accounts for about 20% of the country’s GDP. It is also the largest employment provider in the country. Most MSMEs are exempted from maintaining detailed audit records. But after demonetisation, that might change. In the last Union Budget, the government raised tax exemptions for small business units with a turnover of up to Rs 2 crore from the earlier Rs 1 crore. However, PM Narendra Modi has assured these MSMEs that there will be no harassment caused to them on the basis of their previous balance sheets.