CODISSIA highlights MSMEs’ issues to Finance Minister

M.V. Ramesh Babu, President, CODISSIA participated in the Post-Budget Discussion held on Monday at Chennai, with Indian Finance Minister Nirmala Sitharaman.

He submitted a memorandum covering various MSME issues for the consideration of the Finance Minister for favourable action.

CODISSIA’s memorandum had requests to resolves issues in Banking & Financial areas, revise certain norms and rates in GST, revise certain portions of Income Tax, control the abnormal rise in raw material prices, appeal to speed up the ongoing flyover projects and request for new infra projects, additional railway connectivity for Coimbatore and more domestic air connections from Coimbatore to Delhi, Mumbai, Pune, Ahmedabad, Kolkata and few airports in the North-East of India.

The Association requested the government to consider introducing new loan schemes for start-up companies, and also fix the Margin money for micro and small scale companies at 10% for availing loan facilities and the documentation should be simplified for the same.  Also, the loan processing fee has to be waived off.

Regarding GST, CODISSIA appealed that the GST rates for Cement and Automobiles should be brought down to 18%, and the Government should implement three slab GST rates (5%, 10% and 15%) which is at present in six slabs.

It appealed to maintain the rate of income tax for partnership firms at 20%., and the maximum rate of tax for Individuals i.e. for the income above Rs.10 Lakhs, the rate of tax should be revised to 20%.

The association wanted the government to Government to initiate steps to control the raw material prices immediately. It requested that a ban should be imposed on the export of all raw materials like Iron Ore, Steel, Paper, Plastics, Cotton etc. and only value-added products should be exported instead of raw materials.