Finance Minister Arun Jaitley will present the Union Budget 2019 today and it is expected that it will bring some good news for MSMEs. The budget will be interim and a few surprises are expected from it in terms of GST and demonetization. So, the Union budget 2019 is expected to impact the MSMEs as well.
Let’s take a look at the points that should be expected from the budget 2019:
Budget 2019 for MSMEs
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The budget 2019 is expected to bring relief for the SME sector (small and medium enterprises) in India. The SME sector is being focused by the government since the GST was rollout. So, it is expected that there will be some good news for them this time as well. Also, FM Arun Jaitley had recently remarked that the MSME sector is the backbone of Indian economy.
The RBI has also issued new debt restructuring guidelines for MSME on government demand. The rating agency, ICRA, has also estimated that loan to small business of an amount up to INR 10,000 crores will be structured. So, the budget 2019 might be cheering for the MSME sector.
Job Creation
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In addition to cheering the Indian MSME sector, the interim budget is also expected to create jobs. Since the MSME sector is a major job creator in India, with them being focused in the budget 2019, it is expected it will impact job creation positively. PM Modi has also recently said that all measures are being taken to boost employment in the country.
So, something which will further boost job creation in India is also expected from the budget.
GST
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In a recent interview, PM Modi had said that the government will bring some changes in the tax structure. He stated that there is some scope of improvement in the tax structure. This statement came after the GST council meeting in which the government had cut GST rates on 23 items.
It was also said that the 28% slab will be phased out expect on luxury and sin goods. Also, there are chances that one single standard rate will be brought at the place of 12% and 18%.
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